Wichita eagle., 1886-10-08
9ail9 eagle
GAMBLING CHANGERS.
RURAL POPULATION OF THE WEST
ENGULFED IN THE WHIRLPOOL.

c"NSes ~ uN WT1lncHOOIs
Lost in the Grain Maelstrom.Bettin,
on the Future Price of Corn or Wheat
In the Provision Pit-Too Much Conf
dencc in Their Judgment-Wiped Out
without actual observation one can hardl,
realize the amount Of grain gambling done il
the country. Every village and city in th'
northwest has a grain office-sometime.
three or four-that receives dispatches while
the big board is in session. These dispatches
cost from $40 to $50 per month. Under the
rules of tho board and telegraph company
the firm must not communicate the markets
to any one In fact, the Spectators OF a
town all "chip in" to pay for them, and they
all know lust how she is going.
Lea me introduce you who have not been
initiated into the office of one of these firms
at 1880 a. H. 1t looks as though the r2aJ Jor-
ity of the weil-to-do farmers of the surround
ing country were patrons Of that grain firm.
The other dealers have dropped in moment
or sent a clerk. The men about town who
have money to invest are well represented.
You viii wonder what is going on; but no.
tice the yellow message sheet that passes
from hand to hand and listen to the ;,sides.
Ycu will hear more about the certainty OF
wheatS going up than you supposed an ex-
porter knew about it. Don't get scared and
lay in six months supply Of flour, for it
probably viii be cheaper. The country spec
ulator is most always a bull, and the way to
get his horns in is to put prices down.
IT LOOKS so INNOCENT.
This description applies to every town Of
2,OO0 inhabitants throughout the west In
the larger cities there is branch office Of
some commission firm or bucket shop where
they handle more money than nine out Of ten
OF the legitimate business firms Is it gam
bling: Yes, in its worst form, because it
looks SO innocent to the new beginner Moth
ing is bought or sold nor is there any pre-
tense of buying or selling between the trans
actors. They simply bet Oh the future price
of thecorn or wheat which they nominaily
buy or sell. The old and most ALWAYS
'busted" speculator explains to his victim
how by the system of margins he can control
thousands of bushels Of grain with a few hun
dred dollars Then he offers to take him into
deal 1t is sure thing, and the profits, as
seen through his magnifying imagination.
are immense. The g,Idgcon takes the bait
and puts up the money. as he don't know
much about the business, his partner, does
the trading IL most cases his money is all
that goes into the deal, and if they win he
never knows it.
Meantime he has been studying the methods
Of grain gambling. This successful invest
ment upon his Judgment" makes him the
sinartest man in town in his own estimation
The worst Of it is that it is not like case Of
the measles-hc never gets over it.
will relate a few typical instances Their
portraits will be recognized in almost every
hamlet in tho land. \ man who ewned one
OF the best farms in Illinois has lost over
100000 within the last fifteen years Yet no
knows that he can get it all back, and moro
too, If lie can only raise The money to invest
Such is the hallucination Of this game that
few ever quit with dollar Nor do they, like
Joaquin Miller learn q lesson from their ex-
periencc with the boards.
In one western city of / GOO inhabitants and
its surrounding territory more than 100000
is known to have been lost in grain specula-
ton in the last twenty five years. Only one
grain firm in this city that has not failed in
this time. Still the men who lost q large
portion of this have faith in their "iudg-
meRt.'
IN THE PROVISION PIT.
A well-known stock shipper of Iowa has
lost three fortunes in tho provision pit; never
theless, he knew pork was too cheap at S13
per barrel this spring, to his sorrow. Most all
OF the country grain merchants fail because
they are drawn into this maelstrom To be
owing debts contracted In dealing in options,
and doing business under another mans name,
has ceased to be even spoken of in the grain
trade. 1t is looked upon as something to be
expected. The country always loses Why?
Every country dealer is a firm believer in
higher prices for all produce. Ii he sells any
thing it is only for q scalp" and he intends
to invest his last dollar on the long side when
the market goes a triae lower. He is always
trying 70 get in on the BOTTOM but is loath to
sell at the top. No one knows his methods
better than the manipulators of the markets.
When the price of anything on the list is as
low as the state Of trade warrants, they put it
from three to five cents lower, and freeze the
countrymen out
The chronic failing of most spectators is
to spread themselves over more than they can
carry. They have SO much confidence in
their Judgment that they either buy or sell
a large lot land only margin it one or two
cents. A slight fiuctuation wipes them out" ?"
Every "hig bulge in the market fills Chi
cago with outside spectators, flushed with
success. They look upon the board of trade
puiiuiiS s'S u iiisiiiSou IItlaleSl especially LOT
their reception Within two weeks nine out
of ten are hanging around the bucket shops,
and inside of a month they borrow money to
get home. Individually, they are not so
lamblike ~ to deserve pity. An old commits
sion man. who, withal, is quite philosopher,
tells me that it surprises him to see how much
apparently green young men know about the
methods OF speculation. They are thoroughly
posted in puts, calls and "straddles,' and
need no urging to invest their money. That
these young fellows mako defaulters is no
wonder.-Pekin lIlls.) Cor. New York Sun.
A Remarkable EnElishman.
A bright little Englishman, who has been
getting his first impressions OF the land Of tho
brave and the homo Of t,ls FREQ from 3 fort