Indian chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1882-1902, 1883-07-27
VOL. |. NO. l5.

issued. somewhat resembling, In their
uses. a warehouse receipt fof whisky Ia
siom or a pipeline receipt for Islro.
leum. Moreover tlis gFalles and cla,sl-
iiealions of Scotch plg.lron are much
more cAaoi and uniform than la this
country. A warrant stands there for
something specific. II mans BOO tons
Of pig - Of which 800 TINS are u No.
and POI ton. Of No. , grade, but the
brands of irnn-ihai Is, abe iren mada
by the different furnaces which are
listed rs No I aud No. 'j'-afs
definitely known and do not vary widely
In value. Again. iron IN Scotland i
made for export, - that II prices arc
stimulated by speculation and a sudden
break leaves great surplus on the mar
ket Il can be shipped plrullug prices aud
sent beyond the sea. y
"What Is the difference IN American
"All in the world. In tsis country
there Is practically no pig-iron in store
and no warchousing system. Conse-
quently a marginal sale to-day on the
iloor Of the exchange, say 900 tons OF
No pig for October delivery, was pure
ly a tf1snsartionin token. No actual de-
livery was contemplated. The whole
thing was simply bet The seller bat
the buyer that the price would be lower
In October, and Tho buyer bet that il
would be higher. When the specified
time arrives the loser will pay tue af
ference between July and October qIiS-
tatlon, less, Of course, the broker COM
mission. -
-"Thai,n said my friend, 'ds one diff
ference
"There are others"
"Yes; another difficulty with this sort
of speculation in the United States is that
il 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 ton
and still compete in this market with
the domestic product The result OF
this condition Is evident y
"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 inn
mediate result will probably be a rise in
the market and an increase in actual
production.
"What will be the ultimate result9"
"The demand will soon prove ficti-
tious. You see, only so much iron cah
be actually used The tailor and mllli-
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 theirpockets with double
ended commissions upon paper sales
and purchases, and they can laugh at
enforced 'bl0w-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. "
"Does iron vary much in price?'
every widely at times, was the re-
ply. Last week it advanced Sl.50 per
ton. Between August, 1879, and Feb
ruary, 1880, it advanced one hundred
per cent, and the next three months
receded forty per cent.
The necessity Of stricter classifics
ton of pig-iron will be necessary, y con-
tinued my broker friend, "before any
systematic gambling can be INDUCED
in. 1t will be necessary to know, when
a man makes a contract to deliver No.
1 pig at certain price, just what
No. | pig is"
"What do seats in this exchange sell
for9o was asked.
"Seats in the new exchange are gon-
orally sold for 500 The present price
ra ses week by week from $3.50 to
$40. Bulling the stock Of the eX-
change itself seems, so far to have been
the most active pursuit Of its members.
Firms of solid standing declare that
there has not been 50 far, to their
a 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. ~ L.
Cor, Chicago Tribune.