The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-08-16

times they follow the lead of big men or act on
their Judgment Sometimes these followers
make and sometimes they get beautifully left
Many people always trading on the belief
that the crop is to be short or very heavy at
home or abroad. It's a standing proverb on
Change that the country Is long Producers
and those nearest related to them naturally
think their property is worth good price and
will bring it. They eagerly eaten any little item
that supports their view, while ignoring these
that do not Country operators are thus apt to
take the bull side, and they frequently get left
Let heavy shower fall during harvest in little
wheat raising county in Minnesota and forthwith
orders to buy wheat will pour in from that sec
ton. All the grain dabblers there at once jump
to the conclusion that the wheat crop is ruined
Some of them are wise enough to take the profit
if the market should advance on such informa-
tion but as a rule they are inclined to wait con-
fident that wheat must sell higher, and thus
often lose the temporary advantage the report
gave them. Men will frequently talk
of the big money they have
made in wheat but when you come to cross
question you find they have not taken their
profits but let their deals stand open in the hone
fellows wait till their profits and margins are
both lost Then they blame their brokers.
Truman B. Handy, of Cincinnati, was sort of a
bull-luck operator. He never could have carried
his wheat corner in 1881 to a successful issue if
the weather had not favored him from first to
last. He was an inveterate speculator and died
a poor man, though reputed at one time to be a
millionaire.
There are men who operate the year round
big small crop. One think of learns
that the crop is short beyond doubt He at
once makes up his mind that the bull side of the
market is the side for him, and he sticks to it
to the end of the year. if he holds out so long.
1t makes no difference what circumstances may
arise to Offset the shortness of the crop, he
remains firm in his belief that the article is good
property and is bound to advance in the end
"A good deal of money is knocked out of the
market by the scalping process That is the
leading feature of the speculative business on
Change now. Most of it is done by men on the
foor--the room traders They calculate to vary
the market by bulling and bearing it, or vice
versa. enough every day to enable them to seize
a fraction of cent Big traders and little ones
engage in this work The turn is made quickly,
and the lazy fellows are quite apt to get left. [
remember Love said one day after trading hours
were over he had seal ped over one million bush
els and when he came to even up he found he
was ahead just $12 80. Sometimes the scalper
find themselves behind. If a syndicate is
schening to squeeze the market those who have
sold short may find themselves in hole and
may be called upon to pay dearly to get out. Few
operators actually aim to create a corner. The
risk is too great A very few men the board
object on moral grounds. A man is often forced
into running corner by the surroundings. Tho
shorts cversell the market, and
the man who has been buying heavily
suddenly finds himself loaded up and
obliged to see the deal through as matter
of self protection. This is the origin of most
corners. The short sellers really to blame
and for this reason get little sympathy from
members of the Board when they play the baby
act and repudiate their trades, trade in
wheat, for instance, for future delivery is simply
a contract between two parties, one to deliver
and the other to receive a certain quantity within
a specified time. 1t is held sacred by the Board
and voluntary Reputation is not looked upon as
being honorable
Grain receivers if they have the capital to
do large business, make money. | believe
some of them call themselves the strictly legiti-
mate traders The grain shipping in vessels is
in the hands of few firms. Lots of men make
handsome livings by shipping carload lots of
grain to all parts of the country, The brokers
generally do WELL if they do anything at ALL and
let speculation alone. The big houses spend
thousands of dollars a year for the earliest in
formation, all of which is placed at the disposal
of their customers. The expenses of these
houses are appalhngly large, yet their reward is
liberal. Take it all together. | think careful
diligent, shrewd man is quite likely to get
rich on Change anywhere else. Preachers
and others talk about our being gamblers. The
truth is our business is just as legal and square
as that of any merchant professional man in
the land Many men on this Board are devous
church members