The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1873-08-06
The Wheat Corner"

New York spectators, stock gamblers and
swindlers harass trade and industry by gold
and stock corners. Sometimes they fail to
accomplish their purpose, but it never hap
pens that they do not infict some injury up
on legitimate business. Chicago is not in
way to do much with gold and stocks, but
having its share of spectators they use
wheat and corn as the New Yorker does gold.
The Chicago papers now give full particulars
of the wheat "corner" in that, city of which
the telegraph briefly informed us last week.
1t appears to have been the most successful
operation of the kind ever attempted, so far
as the gamblers themselves were concerned.
The ring interested in the Sooner" were re-
quired to use about 100000 one month and
as ali of their victims were able to meet their
contracts without failure, the operators Sc
cured a profit of $135000 for the use of their
capital. The method employed by the specu-
lators was simple enough. First they learned
that the farmers throughout the country
were holding back their wheat and would be
likely to for a month or two. Next, ring of
Milwaukee spectators about the first of Ju-
ly quietly bought up all the ''eash' or real
wheat in Chicago, amounting to 100000
bushels which cost them on an average $1.22
bushel. Thus prepared, they quietly took
all the wheat offered at the sellers option to
deliver any time within the month of July,
paying about SLID a bushel for promise to
deliver 100000 bushels. This transaction cal
led for about $1,000 but only part
of this was actually required as above stated.
OF course, the ''shorts," those who had
contracted to sell the 100000 bushels, were
unable to purchace any cash wheat for
delivery for the very good reason that it had
already been sold at $1.1S for shipment; con-
sequently, they were compelled to settle the
last day of the month, at the rings terms.
The fact that the ring compelled these parties
to settle for 100000 bushels at $1.40 and the
balance at $1.30 shows that the operators
have little more compassion than the ordinary
three card monte gambler. The result is, as
we have stated, that, after selling off their
cash wheat at slight loss, the cornerers real
lied $135,O00. sii
The parties on either side who engaged in
this speculation are not to be pitied, but the
prices of the ''staff of life' have been de-
ranged and thus legitimate business injured
for time. The worst thing in connection
with the affair is that there are no means to
prevent its re-occurrence.
BANGoB is town specially addicted to
jokes. The average Bangorian will sacrifice
food--not drink-rest, sleep, wife, family, kim
dred, friends and neighbors for the sake of
joke--in fact, there seems to be no length to
which these eccentric citizens will not go for
fun. The ,ssession Of such man as ]. P.
Bass is an uufailing and exhaustless opportu-
nifty for the indulgence of their fayorite i'd
iosyncracy. They have always had great
deal of fun with Bass, but last spring they
united in the preparation of the stupendous
practical joke of electing Bass mayor of the
city. and have ever since diverted themselves
by seeing him spread himself. They remind
one of the story of the boy who set his hen
on twenty eggs-not so much because he
expected her to hatch them all, but for the
sake of ''seeing the old critter spread herself
and now these wicked wags have instigated
this Bass--who seems ready to take any sort
of baltic get himself nominated for Gov
ernor, and call is out for convention at
Bangor for that purpose, signed by the re-
doubtabe Bass himself, and by fifty-ive
others-kindred spirits. The extent to which
the fun will go is uncertain, but it is certain
Mr.. Bass vivacioIs and humorous neighbors
will exhaust all the possibilities of diversion
in the business. To add to the ridiculous
ness of the whole proceeding, certain of the
Democratic journals have been hoaxed into
hailing this lively jest as 'Great Uprising
of the People" against the 'Despotism
which is crushing the Nation" &C., &c.
What larks! at l.- f 81