The daily herald. [volume] (Honolulu, Hawaiian Islands) 1886-1887, 1886-12-17
GAMBLING CHANGERS.
RURAL POPULATION OF THE WEST
ENcULFED IN THE WHIRLPOOL.

Lost In tho Grain Masistrom-Betting
on tho Future Price Of Corn or wheat.
In the Provision Pit--Too Much Conf
dence In Their Judgmcnt-wipcd Out.
Without actual observation one can hardly
realize the amount OF grain gambling done in
the country Every village and city in the
northwest has q 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 the 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 "just how she is going"
Let me introduce you who have not been
initiated into the Office of one of these firms
at 1890 a. m. It looks as though the major
ity of the well-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 10 invest are well represented.
You will wonder what is going on; but no
tice the yellow message sheet that passes
from hand TO hand and listen TO the asides
You will hear more about the certainty Of
wheats going up than you supposed an OK.
porter knew about It, Don't get scared and
lay in six months supply of -four, for it
probably will be cheaper. The country spec
ulator is most always bull, and the way TO
get his horns in is TO put prices down.
1T LOOKS so INNOCENT.
This description applies TO every town of
1000 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
- t1sr.1 A..l T
blingf 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 on the future price
of the corn or wheat which they nominally
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 few hun
dred dollars. Then he offers to take him into
a deal. IL is a sure thing and the profits, as
seen through his magnifying imagination,
are immense The gudgeon takes the bait
and puts up the money. AS he don't know
much about the business, his partner docs
the trading. In 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
mont upon his Judgment makes him the
smartest man in town in his own estimation
The worst of it is that 1t is not like a case of
the measles-he never gets over il.
will relate few typical instances. Their
portraits will be recognized in almost every
hamlet in tho land. A man who owned one
of the best farms in illinois has lost over
100000 within the last fifteen years. Yet he
knows that he can get it all back, and more
too, II he can only raise the money to invest.
Such Is the hnllucination of this game that
few over quit with dollar Nor do they, like
Joaquin Miller, learn a lesson iron, their ex-
peiience with the boards.
In one western city of 1000 inhabitants and
its surrounding territory more than S500,000
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
rhis time. Still the men who lost large
portion Of this have faith in their "iudg-
ment."
IN THE PROVISION PIT.
wcll-lnown stock shipper of Iowa has
lost three fortunes in the 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. It is looked upon as something TO be
expected. The country always loses. Wliyi
Every country dealer is a firm believer in
higher prices for all produce If he sells any
thing it is only for Scalp and he intends
to invest his last dollar ON the long side when
the market goes tribe lower. He is always
trying to got In on the bottom, but is loath to
sell at the top. No one Knows his methods
better than the manipulatois 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, and only margin 1t one or two
cents. A slight fluctuation "wipes them out {"
Every "big bulge" in the market fills Chi
cago with outside spectators, flushed with
success. They look upon the board of trade
building as a 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 80
lamblike as 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 make defaulters is no
wonder.-Peltin Qlls.) Cor. New York Sun
A Remarkable Englishman.
A bright little Englishman, who has been