New-York tribune., 1882-04-09
FOUR INVESTIGATIONS.

EVILS OF C0NsrIRAClEs IN IkAph'
The committee of three State Senators ap-
pointed recently "to investigate the whoie system o
corners and dealing in futures with reference to
a., ec, npop commerce and ts influence upon the public
welfare began its yesterday at noon at the Metro
o,itan Hotel The members OF the committee are John
{, Boyd chairman. F. L. Pitts and ]. W. Browning
Senator Pitts absent on account OF SICKNESS III
his family. Chauncey NJ. Depew. William H. Nahder
h Hugh ]. Jewett and George r. Blanchard hau oeeh
summoned by the committee to testify but only Mr. De
new and Mr. Jewett were present Mr BOYD caleu
upor Mr. Depew to state his views in regard to the eVs
Of " conering in produce Mr. Depew saiu ui'' III,
had given his opinions the subject I" tue ha""""
Commission Committee In arguing, as counsei lor '"o
New-York Central Road to show that the specnators
md not the railroads. had raised the prices Oh pouoe
For ten wears past" he continued, the rallroaus
have been decreasing their freight en"iEe''
while these spectators nave peen e
the prices for grain and produce constantly w
know as 1t is illegal for them TO do So iew ye" a
few pork packers bought all the pork in the country
avopced i,s price so per cent and made millions by H.
xrbne the consumers had to suffer for IT. We maze
eood market for surplus products In Europe anu "o
ought 10 retain but last years crops were snoi'
and the European crops were good, while all 'he gram
was hought up and is held think at prices mghe'
than in Liverpool; 30 English capital In the gram
trade has been stimulated to ma such o'noi " 90
Russia. Australia and Egypt -, .,,s sooo,,ation I'm
Grain
Mr. pepew~Of course, of the grain comes ior,
ward aud so the railroads and steamboats, nave ho'naS
in the produce hne 10 carry. IL Is 0'A0' "P "
vators and idle railroad cars ,n,r ,bs nrce of
breadsfuffs and produce
Mr. pepew-Advances the prices TO what extent 70 ad
Just to tho extent to when tne prCvs ICES n
market Pork. believe, has advanced from S W ,ts
aud the price Of wheat has increased % cets, oo
Of which Increase is my opinion. caused by TINS spec
lalion. .,, 49, ,,r,io,, NJ this increase is
dine TO the Legitimate influences OF supply and uenhu
Mr. Depew-About one-half OF the whoie mc'ea'''
RoyaNpo you believe that the Legislature has the
power to make laws which VIII protect 'ne peop"
Mr Depew-It is very doubtful whether 1t has 'ha'
senator Boyd-Conld it pass law requiring lmine'
diate delivery after every sale ,,,o &, dana bv
nsthods pf legitimate business. The trouble Is that
these spsculaors legitimate methcns 10 pau uI
,,oy in Grain is undoubtedly true but havent llought
deeply enough upon the subject 10 ne aple 70 t nd
rneiy for them Ii would require the Des thousp' auu
the be- statesmanship 10 do so g. ,,,dr.o holm the
Mr. Boyd-Does this speculation Ia produce n''p 'no
0epew-Not In the least The producer gets no
mr. for M. products than wAen the market Is normai
~ ,1,er the PRODUCTS leave his hands that they are
ppcnrd together-corpered that is Then the prices 20
up the tSs Sa%G. p Rly f% tnS spreestors
Mr. Browning-what determines the ha'ura N"i"o Vi
MIR, pepewHThat is a very broad question We have have
competitors in the LufCpean h"sr EsVpt aud
sofoe of the islands Now the price at when we can unueI
sTtielr In the Chicago market, because the prce III
Chicago plus the cost of trans sIoriauoh ahd coii'o
MT B6yd-Do the people of New fork suheI as inch %
from The unnatural prices ioI lhe -; a WI
caused by speculation a. 30 INC p'opi' III '"' "'''
where the corners are made - =. 49,, .,,,,,r,- ~
sci.d ilk, There are in quinlne aId opluiS
b. w1lch, the case of qu,nine en-, AT i"; ne"st, y,
tSe urice ha. DIo1ght back nearly TO the poh aI
hi6 a was when Cong look oil Inc heavy laIln Oh
Nv Tovd then called upon Mr.. Jewett. who said
a.1,o. rd f1s
vicious and detrimental not only TO pn1nT
materially bul also to public oIa9 of csn,as
Unite e secure control Of nc sSat 6as o. any yng ESn
modify aa' ay be tns eFOusns So@ucdy M S H' they adj
vance the price of are 1t generay aid in secret
tsa7oaUS business man cannot pursue his own
having sSs ssfs iSi pfee he dsyer
u DC i's a,r~ but, when he comes 10 ony LOT ue
livery he lin ~ mai the pool has advanced thc price
Ths r.nsac6n ceases thus 10 be al ordinary business
one. becomes mere speculation tne dnoS' % nd
Tor those WHO fulfil contracts made before me cor
~, - created And this without bcnefitlng either the
producer the transporter tbc legitimate pUsiheSs An
ths consumer; only tne sptcnaioi. ,, g,od nv
Mr.. Boy d-How is the Ne"-hork maiAe' "noo'cu =!
these specuia1onsi VI. n;oo. ,o,,our
Mr. Joweti-Not only 10 the New-fo prices ioiow
those Of Chicago of necessity, hut II hour Is %
say from - 10 - barrel IN Chicago there must DC ha'
capital employed ~ the & 9eS,ers S III S, NoG
York. who must sell al prlco "hcD VII pIlnS pm .
o. the Increased capita employed ms urIdHSos .he
ordinary course oi business reuuceS no e,V ~ '', ny
market, and crlppes the uoaies nci1' @ ni ,I,,'.t
ply tncir ordinary customers po at home anu aDiV
I
es's II the countryi
Mr. Jewett-Yos, seriously. ,. ~, ,. o.. b.,
Ar Boyd ought the natural price OF gram 10 De'
Mr. Jewett-In my opinion the farmer snouu nave
far pson the capa invested IN the sou anu uSeu ~
working IL; the middlonau should have reasonable
pront for the capital employed III cohNer.hs ne pouuou
into iorm suitable ior eonsumptloh tne uauSpol p
Should make a lair pront oil thc cdplIdI useu
in carrying the product; and the consumer Is Is
entitled Ine product al price "Llen 'nose 'HIee
Mr. bo,G@Wonld the temporary depression in prices,
following break III corneI Deheht lAe cosu'oi VI
fpfu fl,rl. flltat
III Jewet-It would not benefit the consumer because
The prndact would simply pass from the cngs To- me
snsII or froln tie shorts to the longs aud tne
product would be sn held from the market ANY tn!ne
out of tne ordinary legitimate course OF trade
Legitimate dealers. Tue huge gambIhg tlat nas been
going OH IN commodities Of different kinds has suostaii,
TALLY annAilated the legitimate dealers regaru
any transaction gambling which Is paseo upon
Mr. Boyd--Then you consider cornering and similar
speculative schemes puh4C evils
Mr. So"dDo yon believe 1t to be tue duty of the Leg
isature exercise It's prerosatVes 10 remedy tHoSo
MI Jewett-In every aspect phase OF the evil that
can be reached the duty 0 the Legislature
toreey It as aay 0asI PTo 10 Grotc SS tae peope "gns
evils arising New York, but DO not oee no" II odh
reneG evils existing IN Chicago II any ctilen oI NeM
York-and do not know OF doing so-should engage
those gambling transactions tney might DO reSc"eG'
MI. BIOwnins-DO you Know OF any corners ViDicu IA
NewI orb To put up tine prices of certain conimodues
senatSr BrcwniIig--Do you think that combination
formed exchange OF among individuals TO advance
the picc Of any article Is a%i Oh u 1~u & 'p" on tmo
spiTacy against trade commerce and pubic woHare
NJ JeSett-NO doubt the Legislature can declare IL
unlawful impose heavy penalties iOr engaging
IN such transactions tna persons coming wIthh the
terms y the law may be punished.
Nj. Brownng-SucL IA combination Is d conspiracy,
the, .ainst the pubic welfare
Al. Jcvett--lt Is.
Tho committee adjourned at O'clock subject to the
call ni ;he Chairman.
THE CONTINENTAL AND THE GLOBE.
NIX. AYLLY AND MR.. o'NEurs APPoINMENr-MoRE
ABOUT MR. FIsH's RECEIvEIsmP
The Assembly committee which is investi-
.-.s,, ,,.cev.r- of susoeuded Insurance