The sun. [volume] (New York [N.Y.]) 1833-1916, 1882-04-16
SEEKING LIGHT ON CORNERS.
THE SENATE COMMITTEE LEARNTNG
PRODUCE MARKET JARGOM

Produce Men Take Cheerler Views Of apoc-
uintion In Grain than the Trunk Line Pco-
plo-No Appeal yet TO Legislative Wisdom.
Mr.. William II. Vanderbilt was among the
witnesses summoned TO testify before tho Sem
ate committee. which had another session at
the Metropolitan Hotel yesterday. to investi-
gate corners in food products. He did not
come and the committee did not find witness
who could suggest any legislation to prevent
produce men from selling what they hadn't got
and buying what they can't pay for.
Mr.. Franklin Edison. an ex-President Of the
Produce Exchange. testified that dealing in
futures" in grain seems to havo become a
necessity in this country. In order that grain
may be handled In the most economical way
with the least speculation. His impression was
that 1t had lessened speculation. so far rs the
legitimate business OF the country is concerned.
Formerly. the Western owners OF grain sent
II to market and waited till 1t got here before
selling 1t. Now. they send 1t to warehouse
near home and watch the quotations sent on
from here daily or hourly until n satisfactory
time to cell arrives. and then sell 1t out there
to DO delivered here. In this way there is
really less speculation. and 1t is very nice.
pretty way OF doing busin ess. 1t is Of course.
easy to speculate in futures. He could not tell
OF any particular injury done by that practice.
and thought that such speculation could only
temporarily enhance prices. He rather thought
specializing in futures would tend to cure
gambling. because a man once bit would like
to keep out; He did not know much about ut
q corner" somebody bought all the grain
there was and as much more as people would
for the privilege of calling on another for a GER
tain quantity OF grain at certain time for GER
R dS The He Sr Ras whsa he se gsns
quantity at q specified time for given price.
that but Tor that Rich nrice we Sn sbond now be-
,m aso Grain from abroad which would be
He did not think that the system Of scorners''
affected the air i as the grain was
Tho ioDp run sunn,v and demopS must Control
me prics pa ara Win NJ JeWetts
cprners and and ftnras is nntonal ca,amitv He
onstiennd bohsr snatinn bnd any
dsmoraiznF eject On bushes II IL could nG +
bs the 'Ss wth so
MT rRssds who IL Snd who sas
been IN IN me gEain and cnn,nisson Ssness
ISTy th bs
Nv snecuintion Tbe a. smfrersrs Nv 9corners
We're Wy eeneralIr tho e.,Iers and tbs consumers
The speculatq5s who made the corners were the
pho snId Gram tbat Ss Ala no nossess Ala
I'M wn M was ne kn n;n OF
no way on preVentlnS ieeitlma!e opt,on seiiR 9
t d o"nso Iii gram a. anu i sou =. aoa
daaiip, ue n teto ne sarea IL an ,eS WAN he
dtd n ~ auuulea an ;,,atrt;on ~, ,ha Az
$500 ~ s gu .hat G th ~, ' month
lS,i1 pt. nc Suo"eu , la ~ hS mU,u
VI reoI uaTs a,e samuk SAFES 10 10 onn ~,
S LII auu pa'e l. aHouh0eu ~ ros.oVv,uJyu
OF one Soo VILE sne nns,rHetors Nv
sactoS ~ enntGssp sevnrabIY and
noat; rle h NJ pad aSrys Az 10
sS $1,000 ~ er h;h VA 49, 49, afyeted h
sns New Wv bnmsa snS y Thiceon bnnse ana
"a m;ssd ,hn ss,. On" srn bnraff uo tLo.nnht
nau otaan, ' 70 pren suh th;nns hv a..
MnrH ~ ant nnt ho,b 1var. nnS In snms
casas damaee the Isoit;mate Jea1er He cono
sidered II n lair tpansactinn Tor = dealer 10 buv
for futnre deiirerv anI refnse - accent betteyy
nnods tbon nv INA nnn,ectnS tr wban bS n
sistins one the dsyery of ths inferior s Goods he
NJ David Bingbam one Of the managers Of
tho Produce ExchanGe testified that dealing
in futures hod hean eSconraped nv the Produce
EYchanoe as henehciaI 10 New York while the
system involved selling what the dealer had not
got and buyine what he did not want, il was
NOT cnnsiiered imnroner eIcent when Il
Vert WEI To- HE extent OF a corner. The
Exchange would not recognize corners.
or NUS or calls and afforded no means
OF enforcing nut and cali contracts, Corners
bnre The same rejatinn To fntmres that getting
drunk does to moderate drinking. Those who