The Portland daily press., 1866-08-23
Wheat Prospects in wisconsin.
"BIG CORNER" AND ITS EFFECTS

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Wheat Prospects in Wisconsin.
"BIG CORNER" AND ITS EFFECTS
SPECIAL CORRESPONDENCE OF TIE PRESS
MILWAUKEE, Wis, Aug. 1s, 1866
Since the good old times when dollar of
old Cascos bills was worth as much as the
yellow metal of Uncle Sam, or better STILL a
premium over the poor looking paper money
of our neighbors over the line, our people have
been subject to speculations of the most ex-
tended nature, usually considered grand if sue
cessful, or if unsuccessfhl-if dollars were lost
instead of gained-characterize as foolish, and
oftentimes disgracefnl. Stocks and gold have
been the favorite bases of speculation in the
East, owing to the ease and facility of hand
ling them, in the way of margins and working
Of corners" while in the West our system of
warehousing offers the same inducements in
the various kinds of grain. And although
speculation In bonds, stocks and gold may,
and does generally, den,oralize those engaged
in it, and to great extent effect the people at
large, it is hardly, in our opinion, SO great q
curse to the conanunity-from the men who
buy and sell, down to the consumer himself
as a corner" on breadstuffs The one effects
only the pockets of those who voluntarily go
into it (as a general thing) while the effects of
the other are felt by all classes.
In the last few years we have had many
corners here all curse and damage to the le-
gitimate business of the place, and happily
too, as general thing to those engaged in
them. sLong" and "short"-@pulP' and aput,"
margins" and "corners"-and lately "wind,"
have been terms far too often heard in the
chambers of commerce of the two great grain
markets of the West. At times during the
past five years Spectators have governed our
markets to the disadvantage of all legitimate
business, until overpowered by circumstances,
when crash would ensue, ruinous to those in
the ring and damaging to those forced to op-
crate on the fictitious prices of speculation. A
chamber of commerce which should be devoted
to legitimate business, becomes the headquar-
ters of Spectators. Three-fourths of the bus
iness done is but a mode of gambling, scarce
better than the faro bank in its results, and
more de6asing from the fact that business men
of standing in the community engage in it.
our elevators lend helping hand; our banks
sanction it; and it is called respectable.
To Eastern men it may seem presumptuous
to think ''little corner" away out here can
seriously affect the great breadstuff markets of
the East; but we will see. We are now under
the curse of one of these CORNERS" Look at
the results. On the 4th day Of August instant
NO. wheat was worth 159 to 159 IL, dull on
Change. To-day the same wheat is held at
220 to 225 in store, an advance of Gle to IS 1-2c
per bushel, and this too when good business men
would generally look for a decline, in face of
new crop of fully average quality, and quantity
greater than ever before in this State, Minneso-
ia, and Iowa. Now for the results. A man
"cornering" here, with the experience of the
past to work on, will sustain so far as possible
his position by advancing the Eastern markets,
and this can easily be done on present stocks,
by slipping into New York, Buffalo, or any
OF the great receiving points, and with little
money and good credit buying up the stocks of
good wheat, withdrawing the same from the
market in fact, but apparently Offering for sale,
and to make the thing look well keeping prices
only just too high for buyers to take hold, until
when the maximum is reached, wheat must be
had at any price.
On Hour the effect naturally follows and
helps. In our market, although wheat can be
bought to grind and ship at 20c per bushel-
less than receipts in store (short sales can only
be filled by receipts)-even this price is higher
than millers can pay, and the result is they
don't grind. Several mills have already stop
ped, and others say they will do the same while
the corner lasts Country mills are in worse
condition than city mills, as the zoe off
to the latter is just so much against
them. The East is very bare of fours; but
little is on the way; and with receipts stopped,
prices have already advanced 81 per Dbl. in
New York, and with this "corner" working
will continue to advance. At present prices
the East can't buy, and the season is now at
hand when they should be getting stocks for
ward. No Western fours East nor in the West. a
certain demand must be filed with our -four
1t may be small to each dealer, but in the ag-
gregate win be large and continuous, and win
cause higher prices than should be while the
fall trade lasts.
The present corner is the biggest thing of the
kind we have ever seen in this market, and
promises to be the most successful to the par
ties running it, and while we can hardly wish
any man success in matter of this kind, we
have no sympathy for those who are voluntari-
ly the victims; for man who will sell what
he has not got, or buy what he don't want,
and cannot pay for if presented to him, has no
claim for sympathy from any one. But as
long as wheat fuctuates as it has for the past
few years, there win be "shorts" and alongs"-
pulls" and "puts"-to the detriment of legiti-
mate business. There is fascination in the
faro bank, and to man of no business and
small means the attraction is equally great to
put his little pile of o hundred dollars into
wheat, and take back five hundred as profit, or,
as is often the case, lay doUn, and then up and
at it again. We cannot tell how long this cor
ner will last. 1t is liable to break any day;
and there is a chance of its continuing through
the month. But we would have all know that
the present advance in price is wholly the re-
suit Of the Corner" and not legitimate. We
have had heavy rains, damaging to some extent
the crops, but fcr'the past six days the weather
has been highly favorable, and the prospect is
now for good wheat and more of it than ever
before in this section of the country.
WARNING TO AssIsrANT AssEssoRs.-The
following significant order was issued Monday
by direction of the Secretary of the Treasury
TREASURY DEPARTMENr.l
OFFICE OF INTERNAL REVENUE.
WAsHNGToN, Aug. 20, 1866
1t has been represented to this office that in
some instances assistant assessors have used
their official positions to secure their nomina-
non 70 local ofices, and it is argued that their