New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-12-27
WORK or TIE coMlnrTEE on" CORNERS"

The State Senate Committee on Corners
who resumed their sittngs at the Metropolitan H0tel
yesterday morning recalled George J. Moore, secretary
Of the Cotton Exchange and subjected him to second
examination. which conducted by l. l. Cilttehutn'
Of counsel for the committee lie repeated portion OF
Lis former testimony concerning tie extent Of the Du
ness done annually by the Cotton Exchange ana
went into some Of the details Of its methods. He
said that the Exchange now has 45O members aud a
seat is worth $4,000 The cotton crop III the Onl'ed
States last year was about j450e00 bales; III lsso
Was 4 little mere than GGOJ,O00 bales and in 1879
about 100000 bales. All sales made IN New
York must be reported to tho Cotton Exchange
or the parties 10 contracts lose the benefit of the
rules and arbitration laws 81 the Exchange MI Moore
Thought that substantially all 1ansac;9as made were
reported. A "spot" broker was paid 70 cents cash
per bale by the sellers ior an me j.. SAFES s
fr1ussction he was entitled 10 receive 20 cents per
bale from the buyer also broker IN dealing IN futures
when he bought or sold contract anu gave up ni9 Pm
p9s name on the day OF The transaction got one d0af
for every 100 bales If he made the transaction LOT
member OF the kxchanse ana ca 90 IUT CIV or
up the principals name 70 me 9uye 5E o.. or
seller as the case might be- he r9ee s6 55 ~ d iGr
the round turn" - 80 ior Duyng ana - 90 Tor sell
ing for resident members When ne conducted tne same
transaction for nonresident members he goS - o. l0r
moi members the Exchange broker received ~ 90
for each transaeti9n Mr. In9r s s3G enaV ne was
The ONLY Other witness examined was Louis Todd presl-
dent and the manager OF tAe Ne" Or stocA T
n stock specializing shop AT no. 40 Broaast' w, 4Oyu
varied the mOnotOny OF the committees proceehge 10y
OF Mr.. tneLQtLS questions IN q curt
and generally vague and n,ncODmltal manner and de-
Ginning TO give replies a number OF them. He was
forfificd bv lawyer who put objection occasion
av 10 the questions o: Mr. Cbittenden. Regularly the
committee ruled the questions 10 be within
its urovince and regularly Mr.. Todd refused
10 answer. or gave reply that contained
no information Among the points on which Mr. TODD
Thought the committee improperly iDqulsitye were the
xtet OF private fortune his business before lie TOOK
carge of The ock Company aud the names OF
Cers who 90 him the floor OF the Stock
E1change. lie SAID that The New.York stock COMPANY
vgaa an incorporated concern with a cdpai rtOch al
500 900 paid up The method OF doing business was 70
M 10 on om,rs the railroad securities dealt IN on the
floor Of The stock Exchange at from quarter 10 EdI
nqr cent advance the Gold and stoch Company
INDICATIONS n The market went up they pad the
oGvsnce Whenever the customer wished. II 10 went
down they would buy II az from quarter t0'a half
below the market price. They charged no commission
N me customer desired he could have the stock Mar
gns were required, and they received as low as per
cent of the par OF five shares Their receipts on
MARGINS ranged from SO to $4,000 day and their
business was profitable He thought the serage
OF the margin cposed was about 500 DC denied thar
Tho couuauy dealt with minors permitted them 70
enter the rooms