New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-05-28
TILE EVILS or" CORNERS"

The Senate Committee to investigate cor
ners" in grain provisions and stocks met yes,eru'9
the Metropolitan Hotel. Senators BOYD ana PLUS "''
the only ones present. Harand PIERCE cum
mercial editor OF The Commercial AdVeT''S"
was the first witness. He described at con
siderable length the making OF "cOrners' anu
said "The tendency Of corners IL to enhance Prices
and this is likely bring grain whateyers peng
'cornered this in time tends TO depress prices. In'
corner formed by James Keene md others IN lo'0'
increased the price Of wheat to 81 CO. IhlS price "a
kept up during nearly the entire crop year
causing ships to be tied up lor '"o e,o
three months The clique finally closed out The
remainder OF their holdlngs about 100000 bushels
at an average OF 81 per busel The amount paid Tor
the wheat by the consumers between this price, 81 ana
the higher price, 81 so, loss to the country Inc
amount lost by the clique at the end was away up IN the
millions Tho high price OF wheat for the last teW
mon IL has been due in good part 10 the corner mann
pulated by several large OPERA Ors ,-a.
senator Boyd--Has any attempt been MADE commence
the action OF the press by members or INC EAchhgei
Mr. Pierce-There has been. About I'VE or SIX years
ago the Governing Committee OF the Produce
drew mp act Of rules for the gOVerhhent Oh nv cn
beers OF the press admitted to the floor OF the Xchag
and these submitted 60 me mepIr9 oi ane @
for their signatures The latter refused 10 sign u oc-
cause it would hamper them III I iit eAPres -,
sion of opinion OF the 9,vs ue TbH nevy a.
papers took up the matter aud supported ther repre-
scntatives At the next election TINS oard OF
was swept ont Of existence Nothing mort on CIi7
kind was attempted until recently reIer 10 my OWL
case As "a matter OF news ana IN me nnsaEol W sc
the public and show 1t what was actuIly D.i, ~
come of the large operators VINO were emu, oIiB y
rope in the outside public ana uhloau upon -, IT,,
wrote up what they were dong Il stro.S p'osSuf o
yyaa br1upht on me to leave ont tho names
of certain large operators, so that the puOc Snt Ao
who back OF the deals. one IAsG O i'red ~
STARTED two or three OF these bOOms ana chdeiy"tu 10
rope in the public By predicting higher pFiGes' ns iV
to induce it to come IN and lost hcaVly. ne anu oO
complained and asked Tor my ca phaOii. II clIno
going through but defeated by close VYte. ooe
then other threats have been male yesterday "c ~
ccedrd In having expelled from the ENcnahSe nus
was done by forcing IL clques ana ther rralhSs ha9
members coerced into voting aga hSS ne ~ .hlts
on the part Of certain large operators Oh taking a"a
their business from them , . ~, .,.,. e,
Q.-What the rights or privileges or the press !
AEThe members OF the press nave rellly no 'SntS.
They are admitted to The Exchange by courtesy IhS
be excluded If they write any thhs oJc0'io"-''0 "
Do YOU think that the press should have free ac-
cess To the floor OF the EXchtnSei A.
Nv trouble was | reported too much tAlhK me PRESS
should nave free access huOr Of every Exchange
oEWhat is yonr remedy for corners ~ Al would
make the average price article Will bring IN the enc
pOrs OF Europe, with fciSht ahd col'n7slon9 t
tue legitimate prce here would suggest tal ems
per bushel De the limit either way IRON t',ae nS"tes
Legislation for existing c'lis IS possible HhOu say
that state legislation would be mere elective thah M
tional , ,,.,i,
dealer at NOs $50 and j37 GTeenwlcist, ana lneihDf
OF tie Produce Exchange, testified thuK lnal GoI
ncrs injurious 10 lslilnate tt@ue' lOi tne!
unsettle values and put Fictitious value on Pruu@c's
more especially there Is no intention OF uelFciIHS
the article The regular dealer; on IIe nct E h -
wiSue, to purchase The article when has Oeen cor
Dered' must pay the cnhtnctd price Inc - stcD Vi
coneriug tho effect too of IA herlug az conhicr
cia centres large quantities of tue cornered arleies
and for the time being Of unduly enhancing Ie plce
For the time the prices OF inc Iectss1'lca
of lie are made greater. Dealing III op,
tions [ consider sys.em OF gLhOlins, puie
and simple and against good public policy VI cOuIH', d
merchant sometimes hes To anticipate MS "ahls' b
by OPTIONS mean contracts wnerc the afucies are eec
rXp.c ed 10 be delivered where the TRANSACTIONS az
situpy betting Oh future prices. The consumer Is UNI
doubd injured by this condition OF thlnSn ls hoi IA
ctie.t upon business IS bad. 1t encourages spirit Vi
Gambling among young men, ami Ndu' them 10 Tn
rtyOr to OBTAIN ssying by iAeif wits lhslead Oh O5
hOueSt Labor ,,, ,.,,.,l,, nv,
mitfrd an article when he had compiled, showing that
ne record vi prices does not prove thhJ nIctuatOhs
nave been more violent since the speculative can oi
grain at the NewIOrk Produce Exchange Wa MS /
utrd three years ago, than before mat tnt he thodI
thnt there was law existing to-day as menace 10
Gambling in certain articles han cOud Do enforced ne
ina NOT ninX that cEdcaYOr 10 enhance the price VI
an article was wrong provided legitimate means were
used.
O-What do You think OF the bill TO provide revenue
for line stale o. Il sp.ca sales am contracts uf
future uelIycry OF gram ANA Otner dftlclesi Al tnlA
IL wOElt be UuWIse Or the reason thtI II "OIu nA'o ~
effect OF the Clearing House system. -, .
me committee then adjourned suiYecJ 10 tio SalI VI
the Chair