New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-24
"MERCHANT': NOT SPECTATOR.

1t has been supposed heretofore that the man
who bought ten million bushels Of wheat when
he needed not more than five bushels for his own
personal use. or ten thousand tlcrces or lard
when single kcg would supply his individual
wants, or ten million pounds OF short ribs when
his own consumption Of bacon was limited to a
pound or two, or five million bales OF cotton
when enough for dozen shirts would cover his
necessities in that direction, or five thousand
chests of tea and twenty thousand bags OF COZ
fee when his physician forbade him to drink
either. was a Spectator. 1t was mistake. we
are getting new definitions There are no specu
lators Men who deal In the products OF the SOIL
are merchants" We have the authority OF MT.
Armour and Mr. Letter. both OF Chicago, for
this statement. The former rcpudiates the In
tmation that he has been specializing IN wheat.
As n merchant and warehouseman he has been
bringing that product to Chicago and turning II
over TO his fellow merchant. Mr. Letter. To be
sure the price at which he has been delivering
II has been considerably below current quota
lions. but It Is within the possibilities for even
q merchant to lose money.
When another famous merchant OF this city
"cornered" the merchandise known as North
west" several years ago h. required MS pur-
chasing agents 10 report 10 him nj the cnd OF
each day just whore ii was stored so that ID
case OF need he could lay his hand on x. One or
them reported day after day that he had "eght
hundred In the box" But when the corner
actually came they shook the box and there was
nothing there. The purchasing agent had bet
tered his instructions aad DISPOSED OF the shares
to his own profit. Instead OF eight hundred
shares lac was in the box himself. II might be
unchariablc 20 intimate that Merchant Armour
did not have on hand all the wheat he sold 10
Merchant Letter. but there are those who wh!s-
per the suspicion that when the Armour ware
houses are empt!cd there Will be deficit, ana
that Merchant Armour VIII be I'm the box" FOR
the balance due.
All this looks like what used TO be called
"speculation." But now comes upon the scene
the parent Of Merchant Letter who. having
been n remarkably successful merchant Tor the
greater part Of his lfe and naturally proud Of
his calling has watched his sons career with
unusual satisfaction. And he expresses his de-
light not that the young man has been success
full In speculation-perish the thought.-but that
he has "blossomed out into hrsi-claSs iner-
chant" And that is what he IS. He deals In
nrst-class goods and expects TO sell them nj n
profit But lest there may be some hitch In the
transaction which would be fatal 10 profits the
senior Letter has gone to Chicago to lend a hand
to the young merchant, Instead Of Inviting him
TO a Christmas dinner al the family mansion In
Washington. II may be true that the success OF
the young merchants enterprise will result In
making n great many thousands, or perhaps
millions. pay more for their daily bread than
/ they otherwise would. but that II only an Incl
dent Of the merchants calling SO The specula-
| tor passes and the merchant" comes In.