312 
Gambling in Farm Product. 
them who buy in the old-fashioned way, as a great majority of 
millers and importers in this country still do, are not acting 
“ bulls ” at all, although in the equal division which it has been 
said there must be among those who are interested in a rise or 
in a fall in prices they rank on the “ bull ” side. As to those 
who hedge against their future purchases, they are the weakest 
of sellers, as they are often compelled to sell quickly after making 
a large purchase, in order to meet their settlements. Thus, 
while they are waiting to buy they are interested in a fall, 
and when they have bought they help to create a further fall 
by their anxiety to sell in order to hedge. Having hedged, 
as explained in an example given on a preceding page, they 
are interested in a fall rather than in a rise. Indeed, in the 
event of a great drop in price taking place, the men who have 
bought futures of them may be constrained to settle up pre- 
maturely on terms highly advantageous to them. Moreover, 
they can make their sales of futures much more extensive 
than their purchase of grain, if they see a chance of gain by so 
doing, and then they join the “ bears ” in effect, to run down 
prices. 
Then we have the fact that the trickery which is rampant 
under the system, the frequent collapses of men of straw who 
are introduced by it, and the panics which are got up artificially, 
or which occur on the collapse of attempts to corner a commodity, 
all tend on the side of the “ bears.” On the other hand, the 
worst tricks of the “ bulls,” the corners which they get up, have 
really a more damaging effect upon prices than anything which 
the “ bears ” can do ; for, so long as a corner exists, no confidence 
can be felt by legitimate traders in the course of prices for a 
single day to come, as a break-down may occur without an hour's 
notice. I think it is perfectly clear, then, that there is no such 
equality between the opposing forces under the option system 
as has been suggested. 
So far as traders or speculators can influence prices^as they 
frequently can by means of false reports, or by tricks in buying 
or selling for that distinct purpose, a comparison of the old and 
new systems clearly shows that the latter has been a disadvan- 
tage to producers. Under the former, everyone who bought 
grain or other produce to resell in its raw form, or as a manu- 
factured commodity, was interested in an advance of price, and 
* a continuously rising market was invariably advantageous to all 
dealers. But now, under the new system, where it prevails, 
there must be, to say the least, as many operators, in the long 
run, interested in a fall as there are dealers who will be benefited 
by a rise. In other words, under the old system, all dealers in 
