The sun., 1882-04-09
CORNERS IN FOOD PRODUCTS.
THEIR SIyFULNESs POINTED orr ny
Mr. DEPEV AND MR.. JEUETT.
Sreruintion that Not Only Eniscs Piicesto
the tonsnner. hut Hurts tic Rnilrond
Busincs,-What Can tho S.cVisInture Dot

Busincs,-What Can tho i.cvisinture Do
Senators Boyd aGd Browning of the com
mittcc uppoiGo to investigate the practice Of
making corners" and dealing in "futurc,.'
and 10 report what Legislative action. II any. is
necessary for tho public interests, met ycstcr-
day at the Metropolitan Hotel and examined
Chauncey NJ. Dcpcw, counsel for the New norK
Central Railroad, and President Jcwett oi Eric
Il do moi know that these practices are ne
gal said Mr.. Dcpew. but tho puhhc press
said. two years ago, that few pork packers
had purchased all the pork there was in tho
United States and then advanced the price
soncwhcrc near fifty rCr cent. the consumers
and that these spectators made over 81 900 900
by that single transaction. 1t Is well known
that ,horo was n short crop OF corn in this
country last summer. and good crop
in Europe We had made a market in
Europe by our large crop of the previous
year and it would have seemed to DO good
policy to retain that by using our surplus to
supply that market because We had moro than
We needed to supply this country. But all tho
grain was purchased and held and Is held l
think at this time. at prices higher than 1t is
selling for at Liverpool England has bcon
stimulated to seek new sources of supply. and
has found them in Russia. Egypt Cyprus. and
other places. At the same time food products
yanccd in price TO consumers in this country.
Tho papers announce that all the wheat in Chi
caEo il hold by a lot of spectators and tho
morning papers announce that the steamship
companies have offered to take wheat without
charge as ballast and even to pay a premium
and that thoir offer has been declined. l use
that IA an argument for the purpose of
strengthening my own case. and to defend the
company for which | am counsel from tho
charge that has been made that tho railroad
company il producing the distress caused by
this increase in prices of necessarics of life.
Q-rease state the effect of this specuia in grain
the Hot s. II hs proucs
forward and therefore the railroads and steamship
Q1p9 yYa Know thc i.its 10 which these operations
from = 10 $o think whsst has adj anCed somswere
about 90 cents bushe Should say that about one half
ply and demand There was a short crop; >v. :.
MAKE laws to Protect The Public interests against saeS
eyi.' Al think il very doubtful The trade is too
matter. II Is exeeednsy dcu IL to % MAKE laws tat viii
sre M;e H. by tie So. ts That AL S
gtimate transactions 1t is not only all evil but pub
.o.-What in your opinion would be the best remedy
asasre.ton. That would require IN, best consideration
Gas been sai that the railroad. are rs.ponsiS.
sl our Shsffs' he S! FSs
sssosds cood not OF M s' sHyss % to U and kep, cutting
under another in their effort. to get lehns TO
President Jewett testified: Practically
have no experience or knowledge with regard
to corners If l understand it, tho system is
extremely vicious and detrimental not only 10
the public interests materially but to public
morals II understand what is claimed TO BE-
talists Tor the purpose OF holding Or controlIins
the great bulk Of any one, commodity which is
market. In order to advance the price unnat.
urally and unreasonaDly. These pools are
Very VIE Gs sell shs tSsy
Tracts by BUYING In the market When lo they
that they cannot deliver at their contract price.
The result is detrimental to the, ordinary
course OF business. and TO the individuals con-
cerned in 1t. 1t ceases to be commercial
transaction. and becomes, speculation. A
eror effect h@ it Of
advances the price, so long as the pool exists.
to the consumers who find it necessary to buy
benefit to either the producer. the legitimate
s @e The pTnSpa pont or s
on these operations in grain Is at Chicago"
i Ssw oEk sSsd s Sy M hs;s ss
and requires much capital TO handle The product
AZ the sy Ti S!Get n;
H. aS S' o sGSh iii lis Sli.y a4 Pps S
wants Of ordinary customers at home or abroad Il Is
transportation interests becauss they main The
ntans to move the produce when y hnaiy comes ior
carry beyond their capacity and at other times they
have not business for tSir capacity to carry In ny
Judgment this huge gambling has substantially annih
lated legitimate dealers. ! call it gambling. because
somebody must " chance it
believe ta, the Lesislsars Of y ri. State
ing this eyil' Ain aspect phase OF the case
in which you could reach H. II is much the duty ot
the Legislature to remedy this any other evil do
not how the Legislature OF New York could prevent
the formation of pools in Chicago. "
Q-lIsve the prices Of freghts your road been de
creased all the time that this advance IN the cost OF fco
has been going Ayes. and that has been the case
with every road There has been constant decline IN
prices OF freight for years.
Q-Do you think these combin ations may be brought
under the charge Of conspiracy Al have no douO
about it,
Q-About how much in your opinion, arc tho prcs'
OF commodities and necessaries OF life increased BY
reason Of these specuators' Al should say 90 pei
cent At least