New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-12-30
DECLINING TO ANSWER.
THE COMMITTEE on CORNERS CORNERED
WITNESSES WHO REGARD QUESTIONS PUT TO THIN
AS IMPFRTIEENT.

futures Yesterday extended its inquiries INTO no ~
IRE of a motto broker and tho condition Oh HIS e''"
Then they made another effort to open th' Pon"oio
r., - socrots ut No Al broadway Incidentally they
o,oib,,cd a curiosity concerning John d. Rockeiener
rumored connection with the new gas cpIhP'n' ~
wishes TO lower the price OF that oommou'y W '"o ~
and its citizens and tried to learn whether the
on Company contemplated going into the ca''o Ou''
~, "a n
william 7 Hutchinson the broker who engineered the
ooro- IN HANNIBAL and st. Joseph stock last year. was
tho ar.t witness and told the story OF that TRANSACTION
So far a. Mr. Chittenden drew 1t out with MS Pe'nS
In answer to the preliminary questions Mr' hulonno"
said that he was broker and banker Dut ho' III ao'
buapess now" The purchases Tor that corher pesu'
ne said in February 1851 The price then was ID 'ne
roi,thorbood of so The total amount of the common
stock NJ the railway company ia $1,000 and some odu
sbores The firm OF Kennedy & Hutchinson made large
purchases and sales, accommodating at one une tl'VoV
shares From the time the purchases began tl' Aus"
and September, when tho corner was cohsumna,ou'
there large short sales the actual short interest at
the time of the being possibly loOoo sHareS'
The price began appreciate rapidly In April by .e
middle Of June IL was s5a9O Then 1t 1uctuaed De
tween So and 90 until the 9Th or sth OF oeptemoer'
Then in one day advanced rapidly from I'd 10 LOO p
The next morning IL sold at 200, and within the next
few DAYS it was bid up to 800
"Was it bid up by the persons who had SOFA IL snor'
and wanted to corneri" inquired MI Chittendeh'
"No sir" replied Mr. Hutchinson; III was pIu UP ~
the persons who held the stock"
Kennedy Hutchinson & Co. bought the STOCK TOT Jonn
r Duff and E. d. Bangs OF Boston, the latter OF WHOM
had an account with the brokers OF from o'OOO "
600 shares Mr. Duff elected director ana Vlce'
nresdent of the company in December, 1881, but re-
signed when the contrOl was purchased ny MT D'uu'
ra nrce Of the stock remained nominay at 80 bid TIL
f. was sod to Mr.. Gould at AZ. long time ago. during
Tweeds administration in politics, both the common anu
preferred stock of the company were dvidendpa
but moi since Alter concluding his recital MT hutcn-
son was Intercepted his knowledge, based on an
active experience in Wall Street since 1896 OF money
corners and the ability OF operators to control the market
He SAID tuat the process of locking up money
was carried out several times year for the purpose OIL
affecting the market and Withdrawing stOcA5 lheIe
were times when the strong men OF wall street oouu'
nv combining do great deal towards controlling the
market. Mr. Hutchinson judged that seVeH-eighthS OIL
the stock bushes OF Wall street was speculative.
E,isua A. Packer Of the firm Of Packer, KLowtOn &
co coal miners aud merchants, was examined on the
subject Of the pr ductiOn and transportation OF coal
He maze guess that from two to Two and half million
tons OF coal sod annually IN Newi0rk Cly lhere
are four cOmpanies-tho Pennsylvania Coal Companythe
Delaware ana Lackawanna Company, the Delaware
and Hudson Canal Company, and tlc Reading Com
pany-and these substantially run ana control the an
turacite cuai fields of Pennsylvania. The Reading Com
pany claim to nave S4O,OOJ00J invested IN the bnsi-
ness the PENNSYLVANIA has about S5OO0OOO,
the Delaware and HUDSON have more than
toe Pean.ylvIaia. and the Delaware ana
Lackawanna more than the Delaware ana Hudson
These companies sometimes act together in arranging
tie quantity of coal 10 b. mined and transported and
sometimes shut down WORK 80 as to limit tue supply
here Owners OF receive royalties o. from 50 10
80 cents per ton; the cost OF mining Is
about IL % per ton, and the cost OF transportation huc
tuates being based the price Of coal at tidewaer
The lowest raie was y cent per Ton Per mue' the
font fuu 4
or from - cents to - per ton to udeWaler
The average wholesale price OF anthracite Tor Two
years has oeen from % 70 to 81 30 gross ton. Mr.
Packer said he aware that there had been any
combination OF the coal companies to TX the Ilco OF
coal 10 Dr. Boyd he said subsequently, That the pro-
pretors o. the mines sometimes Stopped mining, ana so
limited the supply when there was too great hccum"
ton in the market
Is TINS done in the Interest Of the propretors OF the
mines 2" askcdDr. Boyd
In the iuctest OF the propricors ana the transport
INC companies" replied Mr. Packer
And the Interests of the public are not taken into
consideration at alf
Not mat am aware Of but don't think the public
ever suffer-
Then 10 all ntents aud purposes hoso combinations
are entered into for tue purpose OF keeping up the
price :"
shaut object to your construction Of it
George l. Pcase the ass IN OF Alonzo To,lett the
rote.oroker who made assignment on september %,
WAS called on by Mr. Cmendcn to disclose the cOndi-
ton o. lr FOlett's estate lie said that with one eE-
cegton Mr Foett business had been the largest no,e-
I brokerage business in the city.
"stajt" rad Mr.. Chieuden, whether he sold largo
amour. OF notes OF ns customers aud used the money
liAscIL"
ne did that SIR" answered Mr.. Peaje
MI P,ase SAID that in cons qucnco OF Dir. Fohet's
q ure TWO mann featuring ptnics had 1ai' before
ia iaiure oi Mr. LETT sud company after Two
lf- Il a ~ "a
aad spccua,ed VITA Nj FOllrtt and loaned MIN
o TIE Two firms that failed before
- september said it was in consequence
/ Nj. Folett NOT making returns to
| tuem 1ne aggregate amount OF business paper winch
went 10 procst because o. Mr.. foutfs failure b Pc
tween two aud tnIee mlinon, OF dollars. Previous to
Ocoper ISL Foliett was cngaSedin grain speculation,
! he ana us associates bdv1dg large qudnuty 81 corn
on margins, Inc tall IN tne price oil corn caused by the
Ocob.r s5l nXinS TIE setag puc5 M II cents DtI0w
| tie previous market price, CAUSED 'glo,. ia'se
/ tnelr investment. Mr. Chihenden wanted 20
! iuow how Iarse .ne loss had been, Mr. P,ase %.
cced mat as assignee nc dld MOI lmhk ne ouIhl 10 zen
lac extent tue 1883 Mr. tmtten~ca sad mat nun
snuI say you are a very gooh Yankee
Mr. Prasc hsG traced oAcr losses from specu-
laUn l1r Fol eats business. nut lnis was me hrst
suOsIauiil loss from sprculut Mr Fonetr7 DIR ct
Liabilities amonn ed to anoGt ~ s0OOUO ana tne Indirect
| TO 10 500 900, mucn OF wnicA VIII b. contested.
wnls 20 a alr st1e OF tne v &c n property IN the
Isn't that family matter - asked tho witness IN
iii put it another way: From your present uforma
ton Is your DeIc that Nr FOtis estate Will pay
| dIvileud eAccedius 10 per cent Oh MS liabilities"
| NO sl.'
Nj Pesso added that Mr Follett had speculated fire.
! quentN Ia SOCKS curing the year before ais
| Ilurs and lie Uue wltuessJ would
nos have gwen him ais business paper lie had known
II. and TINS was sentiment general among mer-
/ chants,
| Fillmore II. Walker. statstician OF the NcW-YOrk
Produce Exchange, examined concerning the cX-
,lt i me rccei5s and ports OF and wneat At
and port during 1871. lie gave tne ngure,
from the Last annual report OF the Exchange, ami
! stated the result of Calculations Wuicn
| he was asked to make by Nh Cnittcndcn, that
options amounting 10 31JOOOOOO bushels OF wueat aud
| lyUOOO.OOU busnes of corn were sold last year "A
bass u 100000 bushels Of wheat 10 OOO
900 bushes of exported In a Few questions suO-
sequenty Mr. CuIItendcn exhibited desire establish