National Republican., 1882-12-30
CORNERS AND FUTURES.
More Testimony i'm New York-The Prlc,
OF CoaI-Ou Gambling.


New YORK, Dec. 29.-The senate commit
tee on corners met again this morning. The
first witness was William J. Hutchinson, OF
Wall street. who testified at some length in
regard to the Hannibal and St. Joe corner
The next witness was Elisha A. Packer, a
coal miner and dealer. He said The Lehigh
valley coal company, the New Jersey Central
railway company, the Delaware and Lacka-
wanna company, Delaware and Hudson COM
pany the Reading company, and the Penn
/ sylvania coal company substantially control
all coal brought to this city. Coal costs 81 ,2j
per ton on an average for mining. The
prices for transportation are based on the
market price of coal. They range from !
cent per ton per mile to II cent per ton per
mile. The average distance it is carried is
$50 miles. The witness acknowledged that
the companies he had named combine TO fix
the price of coal and TO raise ii when they
think it too low.
Elmore II. Walker, stutistician of the pro-
duce exchange, was. examined as to the yearly
sales in the exchange of wheat and corn.
About 80 per cent. of the total sales he thought
were for future delivery. Sales for cxport
were both for cash and future delivery. More
than half, he should say were for cash. For
local consumption the sales were mainly for
cash. He thought legitimate trade could be
accomplished without selling every bushel of
corn or wheat about twenty times. A large
portion of all sales were purely speculative.
The speculative sales made by brokers were
principally for outsiders. A large portion of
the amount charged for commissions was
paid out of the pockets of the specu-
lators The sales Of wheat, including
futures, for the eleven months of the
present year were 613,0O0,000, and of corn
391, 100000. Sometimes corn for immediate
consumption, was sold at higher price than
was demanded if the corn was to be exported.
The object was to sustain the price. Last
month it was reported that IA cents bushel
more was asked for wheat to be used here
than for wheat that was to be exported
After the recess John d. Rockefeller presi-
dent of the Standard Oil company, was cx-
amined He was accompanied by his counsel,
Mr.. Dodd, by whose advice he refused to an
swer any questions as to the names or num-
Der OF directors or trustees of the Standard
Oil company, the Standard Trust company, or
the National Transit company, and also to
give any information as to their capital, divi-
dends, history, or management He refused
on the ground that the questions were not
relevant or pertinent to the subjects the com-
mittee were appointed to investigate He
said there are more than thirty or forty re-
tneries in the country not owned or con-
| trolled by the Standard Oil company. Mr.. l..
E. Chittenden, counsel for the commission
questioned the witness at great length despite
his persistent refusals to answer
Benjamin Brewster, vice president of the
National Transit line and director in the
Standard Oil company, protested against the
line inquiry followed by Mr.. Chittenden. He
refused to answer questions similar to those
asked Mr., Rockefeller He testified that the
Standard Oil company refined about so pei
cent Of the oil refined in this country. 1t
naturally influences the market, but does not
control it, 1t does not absorb other refineries
by decreasing their profits. The prices charged
by the United Pipe line and the National
Transit company for handling and transport.
ing oil are not lower to the Standard com panS
than to others. The committee adjourned
subject to the call of the chair. ..'.''n