Springfield globe-republic. (Springfield, Ohio) 1884-1887, 1886-09-29
GAMBLING GRANGERS.
RURAL POPULATION OF THE WEST
ENGUlFED IN THE WHIRLPOOL.

RURAL POPULATION OF THE WEST
ENGULFED IN THE WHIRLPOOL.
Lost In the Grain Maelstrom-Betting
on :he Fu.ure Price of Corn or Wheat.
In the Provision Pit-Too Much Conf
denee in Their Judgment-Wiped 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 grain ofiice-sometimes
three or four-that receives dispatches while
the big board IS in session. These dispatches
cost from $40 to SO per month. Under the
rules of the board and telegraph company
/ the firm must not communicate the markets
10 any one. In fact, the spectators Of u
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 tho Office Of one o. these firms
at 1879 a. III, IL looks as though the ma jor-
| ity of the wellto-do far mers of the surround
| ing country were patrons of that grain firm.
The other dealers have dropped in a moment
or sent a clerk The men about town who
/ have money to 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 ex-
porter knew about It. Don't get scared and
lay in six months supply of -four, for it
probably will lie cheaper. The country spec
ulator is most always a bull, and the way to
get his horns in is to put prices down.
1T LOOKS so INNOCENT.
This description applies 70 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 more money than nine out of ten
of the legitimate business firms. Is 1t gam
bhngi Yes, in its worst form, because it
looks 80 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 ho can control
thousands Of bushels of grain with few hun
dred dollars. Then he offers to take him into
deaf. 1t is sure thing, and the profits as
seen through his magnifying imagination,
are immense. The gudgcon takes the bait
and puts up the money. As he don't know
much about the business, his partner" does
the trading. In most cases his money is all
that goes int the deal, and 4 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
smartest man in town in his own estimation
The worst Of it is that it is not ik1 case of
the measles-he never gets over it
l will relate few typical instances Their
portraits will be recognized in almost every
hamlet in tho hnd. A man who owned one
of the best farms in Illinois has lost over
100000 within the last fifteen years. Yet he
knows that hs can get it all back, and more
too, if he can only raise the money TO invest
Such is the ha!lucination of this game that
few ever quit with a dollar Nor do they, like
joaquin Miller, learn lesson from their ex-
perience with the boards
In one western city of 4, 900 inhabitants and
its surrounding territory more than s5OJ,OO0
is known to have been lost in grain speculaA
ton in the last ts'epty 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 4judg-
ment"
IN THE PROVISION PIT.
A well known stock shipper Of Iowa has
lost three fortunes i'll the provision pit; never
theless, he knew pork was too cheap at SlS
per barrel this spring, to his sorrow Most all
Of the country grain merchants fail because
they are drawn into this maelstr6m 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 sonething to be
expected. The country always loses. Hhyi !
Every country dealer is a firm believer in
higher prices for all produce If he sells any
thing 1t IL only for scalp and he intends
TO invest his last dollar on the long side when
tho market goes a trife lower He is ALWAYS
trying TO get in on the bottom, but is loath to
sell at the top. No one knows his methods
better than the manipulctOrs of the markets.
When the price Of anything on the list Is as
low as the state of trade warrants, they put il |
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 it one or two |
cents. A slis hit 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
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 u month they borrow money to |
get home Individually, they are not so
lamblike as to deserve pity. An old commits
sion man, who, withal, is quite philosopher,
tells me that it surprises him tc 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 defaultsrs is NJ
wonder.-Pekin Qllsl Cor New York Sun.