Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1883-07-27
!" What is the difference IN american,

CIV nat Is the uinerence In American
-"All N the world In this country
there is practically no pig-iron in store
and no warehousing system. Conse-
ouently marginal sale to-day on the
floor of the exchange, say 1000 tons of
No. pig for October delivery, was pure
ly a transaction in token No actual de-
livery was contemplated. The whole
thing was simply bet. The seller bet
the buyer that the price would be lower
in October, and the buyer bet that it
would be higher. When the specified
time arrives the loser will pay the diff
ference between July and October quo
tation, less, of course, the brokers COM
mission"
That" said my friend, sis one diff
ference.
There are others?"
Yes; another difficulty with this sort
of speculation in the United States is that
it can not be made for export. Compe-
tition in foreign countries is difficult
when Scotch pig-iron can pay duty at
an American port of seven dollars a ton
and still compete in this market with
the domestic product. The result of
| this condition is evident
What will the effect on the market
of large dealings in these margins be?"
''Well, If the outside public goes in
very largely on this sort of thing the i'm
mediate result will probably be rise In
the market and an increase in actual
production"
What will be the ultimate RESULT"
| The demand will soon prove ficti-
tious. You see, only so much iron can
be actually used. The tailor and milli-
ner will soon begin to unload their sham
purchases, and then will follow sud-
den fall in quotations, consequent upon
its surplus stock, and the effect upon
the furnaces will be disastrous. All the
| time, however, the brokers will have
been swelling their pockets with double
ended commissions upon paper sales
and purchases, and they can laugh at
enforced 'blow-outs. "
':When did you become interested in
this thing?'' asked.
''Only short time ago, and deter
mined to investigate the history of the
New York Metal Exchange, which ]
think the public will be interested in. y
Does iron vary much in price?"
Very widely at times" was the re-
ply. Last week it advanced S150 per
ton. Between August, 1879, and Feb
ruary, 1880, it advanced one hundred
per cent, and the next three months
receded forty per cent"
1.-The necessity of stricter classified
ton of pig-iron will be necessary" con-
tinued my broker friend. "before any
systematic gambling can be INDUCED
in. 1t will be necessary to know, when
a man makes contract to deliver No.
pig at a certain price, just what
No. l pig is"
what do seats in this exchange sell
for?' was asked.
"Seats in the new exchange are gen.
orally sold for 800. The presentsprice
raises week by week from $3.50 tc
$40. Bulling the stock of the ex-
change itself seems, so far, to have beer
the most active pursuit of its members.
Firms of solid standing declare thai
there has not been so far, to theil
knowledge, single actual transaction
on Change in any kind of metal. The
entire business has been in paper
futures, but members of the exchange
will tell you with great gusto that il
will yet prove great business. IN. y
Cor. Chicago Tribune.