The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-07-20
Captain careY,s Scar EIGHT.

The corn corner in Chicago" said a
prominent grain dealer in this city the
other day. puts me n mind of the
first fight Of ex-Mayor John 3. Carey
with the bears.
Uncle John. as the boys used to call
him. paid considerable attention to the
option business after the occurrence TO
which I am about 10 relate. but this was
his first experience. It was along in the
early eighties when Captain Carey kept
his Office IN little building west OF the
Carey hotel.
Farmer DoolittIe was buying wheat
for the Hydraulic mill at that time and
one day he was sitting in the Office
talking TO the captain about how the
bears on the Chicago market were run
ming things and pounding down the price
OF wheat and corn. sThey both agreed
that the markets were about on the bot
tom and must soon turn upward. Hor-
ace Kellogg was running an exchange
under the National Bank building and
the two would-be spectators walked up
Douglas avenue together and went down
the stone steps into the stock exchange
Captain Carey bought on ten thousand
bushels CT July corn and Farmer Doc
little took two thousand bushels or wheat
for the same month.
1T seems like only yesterday 10 ne.
I remember the circumstance 50 well.
They had 10 put up one cent a bushel 10
hold the trade. Farmer had some TWEEN
ty-dolIar pieces in his pocket, about a
hundred dollars and he handed one OF
the gold coins 10 make his OPTION trade
stock.
Well. wheat and corn kept going down
and the bears seemed 10 have things
all their own way. The two amateur
Spectators on the board OF trade would
walk up 10 Kelloggs Board OF Trade
every day to ind that the wheat and
corn market had gone lower Farmer
would Put up another gold coin and Cap
tain Carey would write another check
Farmer put Up eighty dollars and then
got scared and pulled out but Captain
Carey was hot and he told Kellogg 10
just let his deal run and call on him
whenever he wanted more margins
captain Carey was going deeper in the
hole every day and finally the first or
July was only two or three days Of
when one day Kellogg said TO Captain
Carey that he would have 70 settle his
deal by the first Of the month. He had 70
explain 10 the captain that II he let il
run until the first day Of july the fellow
who sold him the corn might deliver it
10 his commission man in Chicago and
then he would have 70 pay the price for
which he had purchased his July option
Tor the whole ten thousand bushels
That is the way you work II. is it,"
said Captain Carey. Let that com stand
ard tell them to draw on ne FOR the
money Il the Other fellcw wants 70 de-
liver the corn and VII take it uD to the
piaeries in Wisconsin and sell II Z the
lgmbermen 10 feed their horses. KEEL
logE knew that Captain Carey vas good
for the money and he wrote his commits
sion men that he refused 70 cl0se that
deal = few days after the arst ri July.
corn began 70 80 NJ and before july ran
cut Captsla Carey haf recovered al his
losses ard had n proat On his deal He
won ont because he had the money 10
back his judgment when the deal was
closed and the plucEr Captain pocksted
his cash and profits he laushed and told
the boys that those hears did not set
any & his money Il e litt.s while Csp-
tain Carey knew al about the option
trading ard he made money on several
deals. though he never went n deep
enough 30 hurt him Il it had gone against
him Re just traded FOR the amusement
rhe-e was n =