Kansas agitator. [volume] (Garnett, Kan.) 1890-1905, 1892-02-25
GAMBLING IN WIND.
Il Chicago IsOart! of Tiade Man DenOun 80.
the SPECTATORS.

We present the views OF an operator
who has been on the Chicago board for
twenty-four years. AS rule the mem
bers of the board of trade defend -op-
ton" dealing. but this gentleman attacks
it quite savagely and his reasoning and
statements will have all the more. weight
coming from q man ION the inside" as it
were:
CHICAGO. Jan 26. To the Editor: Abel
lsh the trading pits" ON our exchanges
and the business OF the grain dealer
would be largely benefited; the prices re-
ceived by the producer would be from 10
to 25 per cent. higher on the average, FOX
the reason that in years of comparative
scarcity the producer would realize the
full value of enhanced prices, while in
the years of great abundance he could Of
ford to sell at low prices by reason Of the
increased abundance. This might nor
suit the great professionals, who have
amassed great fortunes by selling wind,
which has produced another class equal
Iy as pernicious to the real growth OF the
country, who buy wind or options. Mel
ther of these parties contemplates the
handling of any real property, onlymak
ing bet that the price will be such that
they will make profit by settling the
difference some time before the maturing
of the contract. The trading month is gen.
orally several months, sometimes six or
more, distant, and the whole intervening
time is occupied by the two parties in al
ternately using every device to depress
or advance prices The effort of these
two parties is such that it frequently
causes prices to travel several times over
IA range covering from 10 to 20 per cent.
Of value of the option traded in during
the time. and often more than this.
The fact is, that without regard to the
actual amount of grain in store and not
withstanding that there may be an excel
lent cash demand and consumption, SO
much long and short stuff is thrown on
the market in such short space of time
that it is impossible to prevent decline
sufficient generally to wipe ont the mar
gins of the long trader and transfer it to
the pocket of the short.
say, then, if the trading pit can be
abolished either by Washburn's or any
other bill the real business of the country
will not suffer. Real speculation in grain
or other commodities will always exist
and cannot be abolished. Men will con-
tinue to buy in time of abundance and
hold against times of scarcity, but the
practice that prevails now is not specula-
ton, but mere betting and gambling,
and is doing incalculable damage to the
welfare and morals of the country. But,
say the gentlemen who are interested IN
maintaining present methods, 1.-The poor
farmer will suffer and be at the mercy of
the wicked miller if you abolish the
gambling pits" If somebody could tell
me of any real benefit that the producing
or consuming class reaps from the wind
transactions of our boards of trade it is
something have failed to discover.
Abolish the trading pits and the bust
ness would be conducted by the receiv-
ing and shipping houses. There is al
ways an abundance Of yield of grains to
furnish legitimate business for the num-
Der now engaged in legitimate business.
Do away with the gambling feature of
our exchange and the commission paid
by the speculative buyer would be the
same as it is for handling cash grain,
i. e., one-half cent per bushel. Real
business would largely increase, the COM
mission merchant would find employ
ment for his capital, a larger number of
persons would find employment in the
increased real business which would fol-
low, the Young men who are now grow !
ing up and wasting their time and life |
In the pits would easily find other en- |