The Palatka daily news. (Palatka, Fla.) 1884-1888, 1886-10-22

The cUlored population have enIoyed
the camp meeting. Al who can find
time and money 90 down ami get filed
up with - de pure an uptarnished Ii
gion. PUTNAM. JR.
lost in the Grain Notwithstanding
on the Future rlIcc Of Corn or wheat.
Ia tho Provision Tii--oo Much Conf
dcncc in -hcir Judgpent-wIpcd Out.
without actual observation one can hardly
rcalj1t tI" amount OF grain gambling done in
the country. Every village and city IN tho
nortlWst Eas grain o.iirc-Somctimes
three or tour-tha- receives dispatches while
tho iis board is "a s-a ion. These dispatches
cost from SO 90 40 pe- month Under the
rules uf the board anj telegraph company
the firm must NOT communicate the markets
10 any ono. n fact, the spectators of a
town all chip il" 20 pay for them, and they
all know just how she is going
Let me introduce YOU who have not been
initiated into the Office Of orc of these firms
ut 1880 q. N. Ii looks rs though the major
Ity Of the weil-tO-du farmers CT the surround
ing country were patrons Of tina: grain firm.
The other dealers have dropped in moment
or sout a clerk Tho men about town who
have money To invest are well represented.
You VIII wonder what is going on; bat no
tire the yellow message sheet that passes
from hand - hard and listen TO the asidcs
You VIII hear more about the certainty OF
whca's going up than you supposed an ex-
porter know about it. Don't ct scared and
lay IN six months supply OF -four, for it
probably VIII be cheaper. The country spec
ulatOr is most always a bull, and the way 70
get his horns in is 10 put prices down.
II LOOKS SO INNOCENT.
This description applies To every town Of
1000 inhabitants throughout the west In
the larger cities there IS a branch Office of
some commission firm or bucket shop where
they handle moro money than nine out of ten
Of the Legitimate business firms. IL 1t gam
bling: NCE, il It's worst form, because it
looks 50 lu0ocCrt 20 the new beginner Moth
ing Is bought or sold nor is there any pre-
tense OF buying O. selling between the trans
actors. They simply LOT OIL the future price
of the corn cr wheat which they nOminally
buy or sell. Tho old and most always
busted Spectator explains 20 his victim
how by tie system OF margins he can control
thousands 81 bushels of Grain with a few hun
Grcd dollars. Then he offers to take him into
deal IL Is a sure thing, and the profits, "a
seen through lis maGE.Iyiag imagination,
arc Immense. The gujgcon takes the bait
and puts up the money. As he don't know
much about the business, his ~partnev' docs
the trading. In most cases his money Is all
that goes into the dcalt and ii they win lie
never knows i.
Meantime lac has been studying the methods
Of grain gambling. This successful invest
mcnt upon his Judgment makes him the
snlartcst man in town in his own estimation.
Tho worst Of i as tlat il is not lii-c a case Of
tho mcasles-hc never gets over il.
j viii relate q few typical instances. Their
portraits VIII be recognized in cIrlost every
hamlet in the land \ man who owned one
Of the best farms in Illinois has lost over
SlO1,OOJ within the last fifteen years. Yet he
knows that he can 6cs it all back, and more
too, if lie can only raise The money TO invest.
Such is the haIluCinGtion Cf this game that
few ever quit with n dollar. Nor do they, like
joaquin Miller. learn o lesson from their ex-
pcricnce with the boards
In ono western city OF 900 inhabitants and
its surrounding territory moro than 100000
Is known 70 have been lost in grain spccula-
ton in tie last twenty-five years. Only one
grain firm in this city that hos not failed i'm
this time. san the men who lost a large
portion of this have faith in their "iud--
ment"
N THE PROVISION FIT
weii-lnown stock shipper Of Iowa has
lost three fortunes il the provision pit; never
thclcss, he knew pork was too cheap at SIS
per barrel this spring, to his sorrow. Most all
of tho country grain merchants fail because /
they are drawn into this maelstrom- To he /
owing debts contracted in dealing in options, !
ard doing business under another mans name.
has ceased to be even spoken Of in the grain
trade. Il is looked upon rs something to be |
The country always loses. Why. !
Every country dealer * q firm believer in |
higher prices for all produce. Ii he sells any |
thing il is only fur a 'scaIn." and he intends /
to invest his last dollar on the long side when
the market goes tr!1r lower. He Is ALWAYS /
trying TO get in on the bottom. but is loath to |
sell az the top. No one knows his methods |
better than the rlaIipuIators of the markets. |
When the price Cf anything on the list IS as /
low as the state Of trade wcrTauts, they put IL |
from three 10 five cents lower, and freeze the /
cut.
The chronic failing Of most spectators is |
70 spread themselves over more than they can /
carry. They have - much confidence in \
their judgment that they either buy or sell .
a large lot, and only margin it one or two .
cents. \ slight Euctuati0n wipes them out 4
Every ~tig bulge il the market fills Chi /
caGo with outside spectators, flushed with .
success. They look upon the board of trade
building Is mansion prepared especially for
their reception. Within two weeks nine out
Of ten are hanging around the bucket shops,
and inside Of = month they borrow money to
get home. Individually, they are not so
lamblille as to deserve pity. An old commits
sion man, who, withal, Is quite philosopher,
tells me that il surprises him to see how much
green young men know about the
nethods Of speculation They are thoroughly
posted in puts" calls and sstraddlcs.n and
need no urging 70 invest their money. That
these young fellows make defaulters IS no
UIlsl Cor. New York Sun.