ol 
2 
LY “= 
1s notorious to all who are conversant with = 
and the annexed extracts from printed circular 
letters, addressed by factors in Mark Lane to the 
farmers and dealers in the country, prove that the fact 
is no secret, although the extent to which it is done 
may not be suspected.* But as it will not always 
answer to pursue this system; the proceeding of 
“ working the averages” is the more general method, 
and that this is done, a reference to the annexed 
“has, x 
3) 
©“ 
= 
So 
& 
\ x 
\ 
% Extracts of Letters from London Factors. 
“ London, July 6, 1840. 
“ At the opening of the trade, the speculators for a lower duty 
made their appearance in the market, and nearly cleared some of 
the stands, at prices much above those realized on Monday last : 
this rise could mot be obtained from millers, who would not 
pay any advance ; in consequence of which a clearance had not 
been effected at the close of the day, and the trade finished dull.” 
¢¢ London, July 13, 1840. _ 
¢ This morning the speculators were again free purchasers, and 
the sales effected of all descriptions realized an advance of 2s. on 
che prices of this day se’nnight.” 
“ London, July 20, 1840. 
“ A considerable proportion of this day’s supply was sold to 
speculators at a slight advance upon the prices of this day 
se'mnight ; the millers, however, purchased reluctantly, and the 
sales effected to them did not realize any improvement in value.” 
- ¢ London, August 3, 1840. 
“ At the commencement of the trade this morning, the speculu- 
tors for a lower duty purchased of some factors at prices equal 
to those of this day week ; those, however, who could not dispose 
of their supply to these parties were obliged fo submit to a reduc- 
tion of full 3s. per quarter, that being the utmost the millers, in 
consequence of the fine weather. would offer.” 
« London, August 10, 1840. 
““ This morning the speculators for a lower duty again made 
their appearance in the market, and cleared some stands at about 
the same price as this day se'nnight ; but, to effect sales to millers, 
a decline of full 3s. per quarter was submitted to.” 
“ London, August 17, 1841. 
“ Purchases were again made by the speculators this morn- 
ing, who gave an advance gf 2s. per quarter upon the quotations 
of this day se’nnight ; but the sales effected to millers were on pre- 
cisely the same terms as noted on Monday last.”