I went down to Atchison one afternoon, when corn had dropped a half cent. I had 3,000 bushels that I had bought from Jim Smith, and 10,000 bushels of the Ham Lynn corn which I had agreed to ship for his account, at $5 a car. The corn was several years old, and a portion of the big crib had been unroofed for one whole summer. The grade was doubtful. I did not want to buy it outright. There was a car shortage, too, and I wanted the shipment to take care of the grades as well as penalties, if any, in case the shipment was not completed within the 10-day time limit. Mr. Baker said he would take my 3,000 bushels at the morning bid, and Mr. Lynn’s 10,000 bushels at the present market (one-half cent less) if he would let it go at that. And in that case he would give me credit for the half cent, amounting to $50. He said, rather gruffly, “We don’t owe the farmer anything. There’s the phone. See what you can do with him.” Mr. Lynn accepted the new offer. And he was mighty glad that he did. By the time I got around to telling him all about the deal, corn had dropped several cents. If it had gone up, I don’t believe I would have ever told him. The Lynn shipment totaled 13,000 bushels, with only one car off grade.
I used to take an occasional flyer on the Board of Trade—mostly, I believe, before my good Christian friend, Albert Zabel, told me that it was gambling. I had 7,000 bushels of corn cribbed, and Albert had 3,000 bushels cribbed on the same lots, which he wanted me to sell. Corn was cheap then, and getting lower as the new crop promised a good yield. A good general rain the night before had spurred our desire to sell at once. My top bid that morning was 17 cents.
Ed Murray, agent at the depot, showed me a wire from the Orthwine people in East St. Louis, bidding Mike Worthy 18% cents. I had shipped some corn to the Orthwines. I wired them, offering 10,000 bushels at 18 3/4 cents, same as their bid to Mr. Worthy. Their reply was slow in coming, and I may say that when it did come, the market was off nearly five cents.
I had told Albert that evidently the Orthwine people were waiting for the market to open—and that I was going to sell mine on the Board, and asked him if I should include his in my sale? He studied a moment, then said, “That would be gambling, wouldn’t it?”