, 1869-06-03
MONETARY AND COMMERCIAL,
MONETARY.

Tht members Of the Chicago Dcarl Of Trade
hase ust bad, in their recent discussions III reHaru
10 an alleged "coruer" In corn al tlluststIon OF
the rule that too much Legislation is D. bail Is too
little Nipety.nine out OF q hundred Of those who
Trade On Change have probably arrived at the COD
c1uston today that the attempt to suppress "cof.
ners' at 81 Fas An ili-Atvtsed proceeding, Under.
-r1, w1luout sufficient inquiry into its pruhahle
c1ects II successful. A long as there arc any
l,uctuaiions In prices Of gram there 3il be those
who will speculate OF the chances Of sdrance os
decline; apd as there are always operators Of op
rcsite s!cwe, there will &lways be "bu]ls ana
''M aEs." Whenever the fotmer get fheadvnntsRe
ot the lnttcr, 1t will AgAys produce tho same
rficcts as "cnruer" 10 greater OF
less decrce and TIC attempt to
make Z rue to prohibit corners ~ Is nothing lesa
th1n at astcmpt 70 pnoh,sl speculation; and
speculation is nearly d tnscparable from The nuc-
tCattou4 Of \ great market kk wet Ia from ratn.
Half tho business that IL done On Change n cer-
tain times II made by Speculation. The majority
f;he sra shippers II the country are als1 spccu-
:aia9 TO STING extent on Change here th1oukh
ILc'r commission merchants. Cnde1 tho rule
against 'coE1eEs" the commission merchaut
wuo:d he psaccd 10 = peculiarly awkward poxtlon~
I: us country customer thinks he ses, In the indI-
asioas Of the crop or for any other rcaaon, prps-
scct Of rsse In rrceA and, on The strength Of hla
beliei, orders his commission merchant here TO
buy grain 10 he delivered At any future tfmc
and II his calculations prpse 10 have
ocSn correct anu prices 10 advance largely.
I c seller could always cry "corner" and refuse
10 lAaJ, aud The commission merchant would have
10 stand III the breach between the buyer. wlo
welld demand his Iiahttul profit and the deltn
9reut seller. On the other hand. II prices shon}A
decline there wolld be no escape for the buyer.
"Cotnezs" " afe got up to make temporary a1-
sAnccs in pI1tes hut II there Is no such thing "a
i" q corner " for decline in prices rue to prr-
vent "corners Is a oue-Eiled law In fsyos OF
short seller and lower pricea, and L 1t could he
made operative would be about ~ et1l1tual n
means as could be invented for driving business
awa5 from the city. It might be said TIN. 1t would
only suppress speculation, and that prices would
fc 4 kpt down to legitimate teEel, but the produce
aeeAt thu highest market, and II ours was kept .lc-
Hrcf sed the Ernla would 20 somewhere else- 'Cor-
ners are, Of course, 10 he deprecated: 1hes derAnEe
the ustleta, and for = tine turn ou5tng and SELL
Ing into gambling; bat there u one thing that pp-
efatca tnrreTent their frequent recurrence more
ctfctcal!J than al The rules the boArl can make,
and operates also without suprress!nV the of,il-
na55 speculative purchases, and that is that ar-
nrs coaf r1u tAosf RHO eet them ur Coruertn9
Gain IS Tot Ike corucs4ng stock. Of which There
Is 1ntF limited nunher Of shared A. sqou u
tocre Is suspicion Of a Heorner" IN xpy pa1tcu-
~ grain, receipts FROM the country increase and
ctfTAtor frcc1pts art invariably thoweretl onto
the "co1cr' far ahead Of thetr most careful eal-
euiAttons, giving them load to cA1Ty Of which
thcy seldom set rid without loss lustead Of gain
These facts will alwaya prevent cornes1 ~ Tar "a
II Il Possible to supprc8 them without
The attempt to suppress them completely
Is absurd, and, though the Board OF Tribe rule
Fill stands against them. gE1ln operators are
nearly unanimous in sgreetux to dEsrexzrd IT, hnd
tie s'est thing the board can do IS 10 sholtah It
The talk Ct consolidated tines Of railway from
the Eastern seaooerd to CAcaso h1s become n
e.h story, which ha1 heretofore resulted IN bat
little, except To help tho New York stock fobbeC
set It'd Of ttocts, but fon1 the shape that n3atsc3
arr row taknE. II seems probable that We ua.
have TWO or eFtn thlce suGh N1es helcre E1anJ
nen,hA 1t ts currently reported that The
VANDERBILT clique pEoiose to consolidate the
Nrdsoa RtyeE, the New FORK Central. the Bu1ala
Eric, TIE Lake Short Ard the Michigan Southern
into one line TO Chicago BESIDES this The Fort
R'arue Road IA ROW being consolidated WITH the
sAnia Central foF line under one u1&n1se
ment Feu Chicago to Philsdelpnin, which Is about
strty miles shor.er than the Scw York the, and
le1se has been signed giving the Pennsslssnia
Company control II perreru1ty OF the Fort Wa sue
NnaA As result Of 1hese combinations the f.rte
Rost Will be forced .oto sotae s.,c.Ar policy, 1Da
tht probability u that tefote long We shall hare
thrce consolidated toutea from Chicago 10 The
Eass whose competition for tneiEhth Viii put than,
lower than ever H OWL before
A New fotk paper announces taas q E,aad cI-
curtoa party OF capitalists a.,l railway EaS.A.es
AT about to leave New Yosk 10 take part In The
formal opening Of the Rock It1an.i kcAd to Eoan-
I eli Kfurts On the 5th Of June
The ucnsAnd for u1onts continues moderately
active, though the banks ar Supplied with snan-
dance Of funds and arr lending rreels tn s1l aE'
peoFed ha77nNcTs.
1tis a fact worthy OF notlee 1hss there eexns to
| he permanent advance u thc rate OF interest
l On IonN IoanA Previous 10 this year the wealthy
| life insurance companies Of the Eastern STATE:
! wto, have financial agents hcrr have klvzys
loaned money, in sums Of 5000 And upward, 1t 5
sel ee1t per knnuto- An advance VII mile,
during the stztnTepey N March and April to .
I mr cent, and b. sGuc companies to 10 rcr cert,
Ht!ea rates h seems TO l,c their policy to Artau
In the f1sure-
| Cprrcncs u beinx shipped quite freely 10 all the
rrtnc1pa cratp districts Ne@s aud northwest Of u<
| fndcct:.e continued astiytt5 n the marketing ..
| grain.
Exchange VIA weak to- d4y. With ea1cs bcswees
/ nants 1t hc OF, and several Of the banks ire or
| ae4ur currency from New York 70 &vo.d the ne,
ress,tr of Selling u lower fateAL ~ The ropnief
banrrrs are selling to customers Al ra1, and tax
,nc straight sight ni1Is on View fosk q = OF
a2d bla on Buffalo at :. on.
nona, were towe, in New Tort today On 10
corut Of = NC decline tn Loaden aud io~e
range Iot gold
tcalrrs' uuo,aisons for buying aed selling SoV
| e,nurnt bnnes local ssoeKs, gold kud 1lvcr, II
Tic naYxft this Afternoon, were Is foioWs:
, Husin7. Ssilis:s
{. s. e. .,,...,,.....-....-iMH 1ah II