The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-08-07

To illustrate: Suppose Brown bought
September wheat at $l.O3 previous to the
Operation" of the box above explained.
Wheat appears on the card at $103H as
diagramed He would therefore make q
of a cent on each bushel his contract
called Tor. The number OF bushels to be
purchased by any person can only be limited
by the amount OF capital invested by the
firm operating the box Blank contracts to
buy and "sell'' gram of any kind will be
furnished at the place where the business is
conducted, and after they are filled out the
levers are applied and the result stands out
before all. The upper part OF the box above
the parallel lines is called the ''up" side, and
the lower the down" side of 1.-The market"
Had Brown sold wheat he would have
lost q of a cent on each bushel sold
In the event of wheat appearing on both
the up and down" sides, the diff
ference between the figures is sub
tracted, and the margins either lost or gained
according to the contract made. A specua-
tor can be bull" or a bear" as he may
choose. He is bound to find quick action for
his money Should the card representing
the kind of grain he is dealing in not appear
at the first few turns or operations of the
levers, ne has only to wait few minutes, the
cards are in the box, and will appear soon
enough to satisfy the most impatient specu-
lator. No one will have to wait as long as he
does for the board OF trade figures. Nor can
there be any manipulation of the quota
tons" 1t is impossible to cheat by shutting
or manipulating the cards. and the box can
not he worked" by the operator so as to
fleece the buyer or seller. When one man
buys" wheat, another may sell, and one
will offset the other when the quotations"
are exposed in the box. The names of the
grains to be dealt in and the figures are
printed on both ends of each card, so that
they will come out right side up, no matter
how they are put together.
The person desiring to speculate in this
way will be charged an eighth of one per
cent. for the service performed-the same
rate charged by the bucket shops. Margins
can be put up for amounts of grain as low as
100 bushels but the inventors of the scheme
have not as yet fixed upon any limit one
way or the other; that will be governed by
the development of the business as it pro-
gresses A prominent board of trade man
has been instrumental in perfecting the
scheme having taken it from an imperfect
state. The Spectator in grain who has
watched the market during the sessions of
the regular and open boards of trade, and
then got left" can try what mere chance
will do, and the speculative novice needs no
previous knowledge of the technicalites and
workings of the great board OF trade and the
auxiliary bucket shops to enable him TO make
IA deal" all he has got to do is to put up his
margins. and buy" or SELL" as he deems
best. He cannot be subjected to the manip-
ulations of the market; the whole business of
specializing in fictitious values is resolved
into chance.
The gentlemen owning the device for show
ing the fluctuations of the market argue that
the quotations are influenced mainly by the
large operators in the great grain marts, and
the prices are largely fictitious that specula-
uon in cereals is not carried on according to
the natural laws of trade and commerce
Hence their device produces purely fictitious
values, and no unfair advantage can be taken
of the investor.
room is being fitted up in good style,
where the great body of speculator can easily
reach it, and within few days the regular
yet simple device will be thrown open for
public inspection. That it will furnish food
for argument there is no room for doubt 1t
is not game Contracts are drawn the same
as on the boards of trade, and a clerical force
is engaged i'll settling margins and attending
TO the general business of the board. No
name has been given the invention as yet,
but the keen operators of Board of Trade
alley will soon christen the new scheme and
speculate upon its merits.