St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-02-14
SPECULATION IN GRAIN.

All speculation in cereals is not to be
wholly condemned. and Representative
Hatch, in pressing consideration of his
anticipation bill, should not be thought
lessly Endorsed.
There is no doubt much evil attaches
to trading as it is conducted on our
boards OF trade, and there is no doubt
that this speculation is nothing better
than gambling, and very perniciouS
form of gambling at that. In nine cases
out of ten prices are controlled by few
large spectators, who raise or lower
them at their pleasure, and whenever
1t is necessary to do either for the pur
pose of freezing out" a dealer who
fancieS he can corner the market. These
venturesome gentlemen realize before
the plucking process IS quite completed
that they were mere novices in the bust
ness. They have learned valuable
lesson, but they have paid dearly for it.
AS rule, the large operators on the
Chicago board of trade, which controls
the prices Of Northwestern products.
play the market for a rise. All legiti-
mate corners = if corners of any sort
may be called lecitimate-are under
taken for the purpose of increasing
prices. Occasionally, however, a bear
essays to reduce prices. as has boen done
recently under tile leadership of Ed
Partridge. In such cases it Is manifest
that the producers suffer by the arti-
ficially low prices produce can COM
mand. The bears of the market are the
natural enemies of the farmers. They
are constantly endeavorng to create
the impression that the markets will
be overstocked; that the yield has been
enormous-far greater than was ever
known before in the history of the
country; that the future promises to
show great surplus; that the foreign
demand is falling Off because Russia
and India and China have entered
largely upon the business. and that
things generally are going to smash.
Nothing is omitted that will discredit
the crop. New eXpedientS are tried
every day with varying success. all
with the purpose of breaking down
prices.
1t is such speculation as this that is
Injurious to the farmers, and from
which they need deliverance. But
there never yet was farmer who
sought to be delivered from the bulls.
Even Mr.. Hatch. if he has farm and
we believe he has-would rub his hands
with glee whenever he heard the bull
stories told. And he would not deny
them, even though he knew them to be
false. He would even assist in creating
the impression that there was a scarcity
in the crop, and that the country would
scarcely find enough bread to feed its
hungry children. They do not fear bull
raids upon the market. for these cause
gIadnesS. They tend to bring about
that millennial day in the Imagination
of every farmer-the day of ''dollar
wheat" There is no farmer who does
not believe in his heart that every
bushel Of wheat he raises is worth a
dollar, and he thinks himself defrauded
if he is compelled to sell for less figure.
Dollar wheat is his vision by day and
his dream by night. He firmly believes
he will live to see the day when he will
find his granaries besieged by throng
of eager buyers, each Offering a round
dollar for every bushel they contain.
Congress is wasting altogether too
much time with Mr.. Hatch's anti-option
bill. 1t would utterly fail in its purpose
of preventing speculation and produc-
ing stability of values. Men will gamble
i'll wheat, despite the most stringent
laws made to deter them: And the
farmers so far from MISUNDERSTANDING
the practice, may be relied upon to give
il their full Endorsement, provided the
spectators are bulls.