The sun. [volume] (New York [N.Y.]) 1833-1916, 1882-04-30
GAMBLING DEALS In GRAIN
A PRODUCE MERCHANT WHO WOULD
PUNISH THE GAMBLERS.

Fifty Mems Separate Profits. Besides the
Cost of Production, Sometimes to be Paid
by the Commemorative Can the Law Do
The Senate Committee on "Corners" and
Futures examined. yesterday two witnesses
from the Produce Exchange who were Of quite
diverse opinions about the effect upon the
community of gambling transactions in grain.
and about the possibility Of correcting existing
evils by legislation.
Isaac H. Reed the FIRST witness. requested
the privilege Of making an explanation. 1
was asked on previous examination" he said.
II the seller who sold what he did not possess
was not responsible for the consequences.
answered that he Is responsible for his own
acts in getting into corner. In regard to legis-
lative action do not see how the Legislature
can interfere with our legitimate trade for this
trade in futures is legitimate. There is an
other reason: II farmer who Is raising large
crop desires to take advantage OF current high
prices. do not see why he should not be per-
mitted to make n contract to deliver at speci-
fled price when he has harvested his crop. On
the other hand. some persons may think the
market will be lower. and do not see why they
should not be permitted to make an option. II
cotton is low dealers in manufactured goods
wish to buy all they can in anticipation Of
higher prices. 1t is the intelligence Of the mer
chant that makes AZ, him speculate and anticipate
:" But" inquired Dr. Boyd. lis not the case
OF the farmer quite different from that OF the
True. replied Mr.. Reed; the farmer is a
bona tide dealer; but l do not think the Legs-
| lature should interfere. There are abuses. as
| there are in all things"
| What are the abuses to which you refer p
Cornering one article and monopolizinG 1t
| to prevent other people getting II except au a
very high price Whoever sells what he has not
gotis Spectator; but all business is more or
what would be the effect Of legislation
limiting specuations Of this kind?
| " 1t would decrease the volume OF business
unless 1t could be evaded 1t might prevent
| the commission business that is now largely
done. Very often legitimate dealers. in ,conse-
Of present stock and buy for future delivery;
TIC. prevent that would be. a very unfair thing:"
Front street. was decidedly OF the opinion that
| gambling In grain is injurious to Legitimate
to the consumer. and such damage to the
| community as to demand immediate legisa-
ton to restrict dealing in the necessaries OF
Partridge was. fortified with voluminous sta;
tistics, a petition TO Congress which he had
| and dealers and other documents bearing on
| the subject. He declared that gambling in
grain is disastrous to commerce
Mr.. Partridge presented to the committee q
statistical table showing the cash sales, of grain
as compared with the gambling sales 81. since /,
cash transactions were not. greatly in the mi
nority The total sales Of wheat for cash,
real D transactions. lave BEEN AZ s7 600 BUSH
els since August: 1879. while the gambling sales
Weve %es the
J tions- Those he said were the figures for New
York alone. and the discrepancy was quite al
| great, IL not greater. in other grain markets.
especially in the West He estimated the option
trade Of Chicago at double that Of New York;
table showing the fluctuations in the prices oil
the necessarics of life. taking wheat as an illus.
wrecked the 'e legitimate traders. who We're
swamped by the speculators He said that
hands q iity samberS each Se OF whom must Be-
paid by the consumer. He believed that the
price OF grain was SO cents bushel over the
less since that He thought neither the mile.
nor the farmer got the benefit OF the ADVANCED Gee
price. but that the increase went into the
Mr.. Partridge also called the attention OF the
stoppase Of grain forwaTding,; the idle ships,
canal boats. and ra roads. and the decrease OF
exports. He was qske whether the decrease OF
| exports OF grain did not tend to make grain
cheaper in this country than il would be If we
exported more and replied that he thought
How do you, think. the Legislature could
remedy the evil 2" inquired Senator Browning
BY Law mpos9ag pe3gaty upon a9Ebody
he was not PREPARED with the precise form of a
Would not such legislation affect CONNER
cial interests injuriously ?" asked Senator
browning. . -,
No. beneAciaIly," replied Mr.. Partridge
ing it punishable with fine and Imprisonment
to gamble in the products Of the country which
the people depend upon for living; 1t Is this
gambling in food that leads TO strikes all over
the country; but the workingmen don't know
it.. They ought to strike down the spectators
do not think the. corner i'll wheat or pork af
fected the price Of fresh meat
Mr.. Partridge presented the committee with
q further variety of statistics and documents
bearing upon the question. and promised u
furnish some sngg estions OF a law to meet the
cxigency. Senators Boyd and Browning
thanked him for his Indignation.