Morning appeal. [volume] (Carson City, Nev.) 1877-1906, 1882-12-20
IT Ell { 6 R AP HIc
JIM KEENE ON CORN ERS.
A LIVELY SENATORIAL
FIGHT IN MICHIGAN. "
NEW KINKS IN CIVIL SER
..s# VICE REFORM.
EDISON'S ELECTRIC LIGHT
A FAILURE.
-ss@. -
Jim Kesne Before the Com mittee

NEW YORK, Dec. l9.-The Senate
| committee on "corners in grain lis
tened to the story of James r. Keene
yesterday. He said he Was . specu.
lator and had been twenty years in
business in this city and San Francisco.
He never knew OF any corner of any
, production that worked An injury to
the public. Corners in breadstuffs did
not last long enough to work injury.
The agricultural interests, laborers and
others are benefited by the results of
corners. Any legislative interference
in this matter would be iBiaricus. A
coal corner was the only one he remem.
bered as being injurious to the public.
The anthracite companies fixed prices
out of all reasonable proportion. That
corner originated out of the necessities
of corporation. The latter was over
burdened with debts and had to make
a corner to pAy dividends and extricate
itself from difficulty. He thought the
commerce aud business of the country
could not be carried on without the sys-
tenn Of dealing in futures. The bucket
shop system was demoralizing in its
tendency inasmuch as there is no pre-.
tence to deliver the provisions sold.
1t is simply an act of gambling. 1t is
a bank kept for the people to play
against There is no element of busi-
The Lon eho,,h
this system. Transactions in the stock
and other great exchanges are not done
that way a. all. The people in the
Chicago and other exchanges who deal
in future deliveries, agree to pay
money when the purchase is received,
and they must take it when delivered.
These are absolute business transac-
tions. Dealing in things bought out
right is not gambling. The Chicago
market reflected the public opln-
ion of the country in corn, wheat,
lard, pork, etc. 1t would not be fair to
call these speculations gambling, al. |
though doubtless a good deal of specu-
lation was done. The whole business
of the country is speculative in the
highest degree. Speculation built up
the West. Speculation is of the great
est benefit to the people of this coun-
try-he meant good, healthy and legiti-
mate speculation. The volume of
in this country is so large
that it cannot be controlled, and even
though temporary corners are made the
market soon regulates itself. Corners
10 not affect transportation or foreign
trade. Their consequences are not far
or disastrous The witness
never engaged in a corner in all his
life. The ''keene corner" he supposed
was 80 called because he was the
central figure in the combination which
owned large Quantities of wheat. This
was not formed to make
corner, but merely to protect them
'elves from the tender mercies Of the
,ears. The syndicate disbanded long
before the wheat was sold. Tbs syndi-
:ate held certain amounts of wheat
.nd combined for common defense
when a hue and cry was. raised by the
,ress about a corner. The syndicate
lad to sell their grain at loss. "We
lever sent agents through the country
o buy up all the wheat" said keene.
I should suppose that the most wheat
ve had was between $4,000, 600 aud
o, 900, 600 bushels. The syndicate
ormed in December and many gentle
nen belonging to it dropped ont in
day. The price of wheat at Chicago
t that time was from 81 Is to 81 20
busheL The farmers were certainly
enehted by the alleged corner The
anal boat interests were benefited.
uch rates as they have now are moro
isastrous than any corner. Tue rates
'ere fixed by Commissioner Fink and
ther railroad men.