The Abilene reflector. [volume] (Abilene, Kan.) 1883-1888, 1886-12-09

lures asking that the board declare it
q commercial offense to deal in these
privileges and provide a penalty heavy
enough to act as preventive to such
| trading by its members. 1t Is thought
that sufficient number have seen the
evil effects of the thing SIS at present
conducted to enable the reformers to
roll up working majority n favor OF
| the new rule.
There can be no question that the
privilege business is a nuisance as well
as breach of State law. 1t IS not a
whit better than the methods o. the
bucket-shop in Its character, beng the
sheercst kind of gambling, and its
effect On the general business of the
board IS very far from salutary. 1t not
infreluently controls the entire course
of the markets for wheat and corn, and
by this means places outsiders at Il dis
advantage, the existence of which they
have not been slow to learn. The
thing is simply species of gigantic
book-making, as it would be called on
the English turf, in VIII ch few men
rake in q great number of dollars
each evening in payment for the
privilege of insisting that they
Shall buy or sell the next day at
a stipulated price. If the market does
not move in favor of the man who has
the privilege he loses the money paid
for it. If it goes in his favor he is then
at the mercy of the book-maker, who
can repudiate or not, as he pleases, be-
cause the whole transaction is illegal IN
the eve of the board as we'll as under
the State enactment against it, and it
lacks even the code of honor which
compels payment of losses incurred on
the British turf. But the board in its
corporate capacity has hitherto winked
at the enormity, as the list of operators
includes some of its biggest men. Of
course, while it does so the board can
not consistently take ground against
Tie equally pernic;Ous methods of the
bucket-shop style of trading.
The business practices of the board
need publication. They now contain
very far too much of the gambling ele-
ment for the COOL of the institut on
itself or of the word outs de. The
board still handles. through COMPARE
lively few of its members, large part
of the produce business of the West,
but this has been Partially neglected as
4 whole, and the interests of the rcceiv-
ing and shipping departments some
times made subordinate to those of the
mere Speculative branch of the deal.
The former did not suffer SO much until
the latter was seized upon merciles>ly
by set of men who proceeded on the
theory that the carrying Charge are
Their legitimate prey, and that any thing
standing in the way of that has no
rights VIII Oh they are boun to respect.
The prosecution of their policy has en-
richet themselves, but has made all the
rest poor. and come near leaving the
board as a whole to be stranded on the
shore of neglect by the rest OF the world.
espec ally us that policy has furnished a
very cOgent argument IN favor of bucket
shop trading by those who are speculat-
lively inclined. The situation has be-
come so bad that there is now an urgent
demand for reform. Whether or not
such reform as is demanded would re-
suit IN bringing back the lost patronage
and prestige is difficult to say. But it
is well worth trying for, as without
radical Improvement there will soon be
room for the word '.Ichabod" among
the freScoes of the Board of Trade hall
in this city Chicago Tribune.