The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-09-06

Another Corner I'm wheat In Chicago.
The wheat market In Chicago Is again
eornered," the particulars Of the opera
ton being, as appears from the Chicago
Tribune of Tuesday morning, as follows
A combination of two or three leading
parties, assisted by some half dozen
, jackals, conducted, with moderate success,
Z a corner that matured on the 10th inst,
and have extended the operation to the
3lst, on what are technically called the
options Of "seller the month" They
bought some two millions Of bushels OF No.
2 spring wheat from different parties, all Of
whom agreed to deliver il within the pre-
sent month. The combination had already
gained control OF all the wheat here, and
buying up the current receipts, they hope
to be able to make the unwary "shorts"
settle with them OH their own terms. The
market for that grade of wheat is already
ten cents per bushel higher for grain to be
delivered this month than for the same
grain If the seller agrees to deliver it in
September. 1t was estimated that the
combination had yesterday morning not
less than 100000 bushels coming to them
on their options, and they calculated on
being able to secure an average of at least
ten cents per bushel on this in settlement,
or M aggregate of $4,000 after allowing
for the usual per centaee of failures.
But the combination is in imminent
danger Of loss, notwithstanding. In order
to keep control of the market, and secure
this difference from the short sellers, they
arc obliged to buy up all the No. 2 spring
| wheat that comes in each day, paying the
same artificial price for it, which will entail
q loss Of at least 10 cents per bushel on all
that remains on hand after the close of this
month. The corner was successful two
weeks ago, because the time was so soon
! after harvest that the farmers were not able
, to send the wheat in large quantities. But
! that is not the case now. A total Of 5G7 car
loads OF wheat was inspected on the track
yesterday morning, and equally large ar
ing days that the corner will run. That
will make not far from 100000 bushels Of
/, wheat to be taken care Of this week, beside
! the amount now on hand.
| The chance of securing profit by rum
ming corner, commensurate with the risk
assumed, is so predetermined that it is a
wonder parties can be found to engage in
it. The history of the corners in this city
within the past ten years shows loss
to the combination in four cases out of
five. The only parties benefited by the
operation are those country holders who
are wise enough to send in their grain at
the proper moment, so as to sell on the top
of the market. But the corner is loss to
the agricultural community eventually, as
Its inevitable effect is arrangement of the
market, which is almost sure to be accom-
panied by lower prices than would have
ruled had the market not been interiered
With. The corner in wheat of three years
ago was the means Of keeping back some
2.000,G0 Of bushels in the hands of first
holders, which was finally sold at about
twenty cents per bushel under the price
they could have obtained had they not
been deluded by the artificial excitement
into holding their Grain for HIGHER tianres.