New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-12-15
PRICE FOUR CENTS.
LEGISLATIVE INQUIRIES.
CORNERS AND FUTURES IN TRADE
TESTIMONY BY W. II. VANDERBILT, RUFUS HATCH
AND OTHERS

investigate the making OF corners" anu dealing In
futures" in grain and provisions and their effect upon
commerce and the public welfare edided yesterday
by the testimony Of william II. Vanderbilt and Rufus
Hatch. Two other witnesses testified. but neither or
them at such length as the men mentioned
The first witness Leonard g. Qunnn,
who condemned without stint as hav-
ing a very demoralizng effect, but maintained
that sales for future delivery were lndis-
pensable trade and had been devised for legitimate
purposes There wac great difference IN the matter as
well as the OF the different witnesses. Mr. Quin-
lin testified az produce broker and rather sharply
examined by Senator Browning as 70 hs own method OK
making what he clleI contracts with his Customers
Mr. Vanderbilt talked in of hand way 10 Senator
Boyd. the chairman OF the committee, who asked him
few questions, but permitted him 10 go on IN
his own way aud show the helplessness Of his great
system of railways before the complications OF traffic
caused by the specuations into which more particularly
the committee have been looking. rJ the practical
questions OF tie chairman he gave few direct
answers, he dlscaimed all practical know-
edge OF the ways Of speculltors. Rufus
Hatch testified very differently, displaying not
only entire familiarity with the whole field Of speculative
activity but also considerable humor, and replying
straightway TO every question put
Mr.. vANDERBuT's TESTIMONY.
Mr. Vanderbilt entered the while the examina
ton of Mr. Qunlln IN progress without attracting
much attention. sergeant-at-arms asked his name
and then offered him seat. few minutes later
Chauncey VI. Depew in he greeted the committee
and took his beside Mr. Vanderbilt who seemed to
be Interested in the testimony OF Mr. Qulnlin When
that gentleman had concluded Dr. Boyd called the name
of Mr. Vanderbilt, and Mr.. Depew introduced him to
both committeeman He sat down. sworn. and with
gOodnatured ana rather amused expression awaited
the questions of Dr. Boyd. He gave his
name and the number OF his house In
Ficthsve. said his business was railroaiing and had
for about nineteen and that lie was president
Of no NpVrI York
Company The examination was then brought 10 the
subject under consideration and proceeded a. follows:
"what ia your opinion Of the whole system OF making
corners and dealing in futures With reference to is
effect upon commerce aud its influence upon the pubc
welfare g.
"You have got on subject I don't know much
about" replied Mr. Vanderbilt. I" 1 never dealt in
| grain, and can't tell what the effect woald be,
except a general way. the railroads and through
them public, for what affects che railroads ahects
ALL Tn this respect are injurious Buying ana
ling delivery may have bad effect on the raroads
| by furnishing them a times larger amount offreght
for transportation than they can han ile ana nj ot1er
| times giving them nothing. There nave De'h unes
when we have bad from twenty ~ nifty thousand Ons Or
freight waiting for delivery 10 steamers and
merchants aud others and at other mc, we nave pesn
entirely free All operations OF this KIND are Injurious
| iDinres ali who patronze tnem. In Old
tjges eighteen wears or more ago sales grain
made by sample and all the grain was kept separate
Out now CGo business mas become SO alge tt hs coud
not done The matter aken In nand Oy experts,
| elevators Du and a scheme OF mixing ana grad
ins the grain devised. our Mr. Ruter went arouga
his mater very thoroughly and In connection with the
other railroads and the Produce EHchanse the present.
and in Buffalo. Those in Albany aud Bunao are more
tHe 'D1 grain in iois without Keeping people
| waiting Sometimes 1t Is started on the eanal
take it aud send it on by rail- We make 40 distinction
between the grain intcuded for the canal and that ln-
there IA no couct netwcen the and the canal"
! "Whlt can you say about the system OF deaiing IN
- sell grain to be delivered in January it is mat
Ter entirely S9Te9ed Go Iy % @f S Denver nay m PgI ~
september, III fashion my course TO make mOney out ot
that grain what that course would be 10 not know"
| HOW THE RAILROADS ARE INJURED.
| "You speaking, Mr. Vanderbilt. of legitimate
transactions; refer those which called legiti
| mate systems"
| "Iti common CUSTOM which has grown ~ within
the last years. for men to do business which form
ery they thought they would do, bat every man
who goes into business brings himself To TANK leg-
mate was only speaking of the effect Of these
tous on the railroads 1t Injuries them in several
have interest in road IN which al the cars are
engaged in one business and be had for tie
traus ortation reights IL leads TO speculation
no in this respect. There will be q large foreign
| demand for grain. large that all the
elevators cant accommodate tnal which is sent here
Tnen all at once the mand viii cease ana We viii be
| ipft perhaus with our elevators fuu $500
loaded tle tracks waiting TO be elnPned This de-
can have his goods moved. If business could be
| equally divided throughoqt the year We wouldn't
roads too In this regard: Often II man in tue interior
OF the state wants u shlp ms apps or p9aoes AS
takes mere We would like to bring the apples and pota
toes they necessary, out cannot DO II, al
though thcy are more profitable fleghI IT We nave 10
hold IT, charge heavy rate; and II the weath,rls
cold, put stoves IN the cars 20 tAst aere Is no oss
| from freezing All this We are paid for"
WHAT remedy would you suggest for the evils you
We'll rye talked good deal about this question 70
our people bur cant say Jhat We ever "a;e 10 the
clrcunrtances suggest themselves at different times We
have had several ngnts with otnef roads i0chag SAT-.
more There is difference ia rates which has brought
%iat To nav more bat Baltimore has 10 por. charges
| and is getting business away trGm NewlDrk. We have
the Wnlt- Line over our road lt also rnus on the
| Philadelphia and the Baltimore ROADS. 1t belongs
| Line; but have D,en offered u cent more
line 65a giy the Rcd f1ey Lave way o. doing ras Dasi,
ness which cans dad out New-fOrk losing bdsl-
nroye th1t-ind the fault is largely with
her Steamship companies bring their, steamer,
and they are Obliged do But they have 10 pay
free The New YORK Central has built SIX cocks 100 fees
by 500, near c,xI'iA-st whch we ouer lfee 20 All
seyonty-second, and nave made 100 acres of rand
besides Yet we obliged 10 pay rent or tne ground
under water where II is seventy zee, deep 49,
Might legislation not help IN the matteri"
- don't see how leg slanon can d' an! tns There
like wall sreet where there used TO be 900 men there
80 suppose @ they should be confined to actual dev-
cries Z"
Such law would be like that which they tried 70 put
in effect last sunday Thee TO be cabs
rsces in the streets Ii intended wien made
to be carried TO that excess
no EXPERIENCE IN DEALING IN STOCKS.
" Are similar practices carried in stock transac-
tionsi"
have no experience in dealing in stocks. People
give me great deal OF credit for things o. which know
nothing I'm a hrstrate buyer, but very poor seller.
nev,r bought stock in my life for speculation. The
new.papers cnarge with all sorts Of things that
moi rrue rhey this morning Reporters very good
20 m TX their lXlnn nriflng