New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-11-28
ILLEGIrTuATE BUSINESS METHODS

TESTIMONY OF pr. CROSBY, A Z. ORR AND OTHERS
BEFORE THE COMMITTEE on CORNERS
The Safe Senate Committee Oh corners"
and futures met the Metropolitan Hotel yesterday
senators Boyd and Browning were present The Rev.
DE- Howard Crosby the nrst witness. He expressed
the opinion that TIE making OF corners and dealing IN
futures serously derAnged commerce and demoralzei
public sentiment, they gave a forced elevation
10 values by trckcry for the purpose OF in
creaslng indebtedness. Like all Tricks, these must
issue badly for the community. There was no differences
b,tween makiug" corners" and other forms OF gam-
bling which were universally considered demorasilms
TO the community. Most future" transactions were
dealings with uncertainties; with things not existing
SUCH dealings did NOT di1cr from ordinary gambling AZ
gambling tables. The influence Of such Transactions
was to give a feyerish tone TO society.
induced men make great ventures and 10
run in danger of meeting with grc~'
dsappoL tmens. The nuuber OF desperate men IN 'ne
community was thus increased, wile honest men "e'e
deferred from honest business. suoa transactions al
iecCcd whole OF society, but more especially lnhu
enced the poorest class the honest glasses Tie cOa
sciences Qt honest men would not alo" ueH
TO cn,or into contest with those who were
ovcrreachlug; they therefore shrank from com
uetition and we're overwhelmed The uh'
natural forcimgup OF prices for the neccsslres OF nc
by corneling was an attack upon LABOR II mah ~
means o scientific knowledge ana experience Oh S 'oS
and currents guided vessel the sea- he was dons
legitimate and worldly action, bat II some p.Is %s
gained control Of w'nds and currents py 'V liz
hocus. p0cIs and manipulated them IOi LIZ n9
own profit 10 the detriment Of others we.
person became pirate and IN oppIess0E nJsc s,g
would ,puv 10 men who manipulated the prices Oh lo1e
products for tnelr gain The same prlheiple
applicable TO large part Of the operations ~ s'oO
lhs principal loser them did not receive mucj :! y,
pathy but he was robbed no doubt Inc pGtuo ,r
corners aud ilegitnate speculation iel un"'Sy ~,
upon the poorer classes who must pay high prices "a
tueir food and rent IL was witIin tue DOVE saT
province OF the Legislature 70 correct tnese e. nrn
law upon the subj ct should embody me gehet' es
cpe OF buying and selling ony that Vaich ihes
ls,ed and tnat which could I've delivered NJ once 81
should be credit system. but 1t shold Do s"ye'
legal restrictions. - a. 81, ,i,s Grain
The next wtncss Alexander T. Orr, OF teo ss,S
commission Grm of David Bows Co, OI NO. ~ ~ then
81. He read long written statement aiI IT, Thought
hat the subject speculation In produce was os
stood by The press, the Legislature au I proteo
tive aud aggressive. Accidental corners were " fire
the failure of transportation, Sg,,,tIoas
Protective corners were brought about by ne
VINO bought mp and held that which was lolvS Of
market TO their injury. Protective uee,sa,ercial
this hnl were OF nestmabe value 10 the ....,ye
and agricultural interests oI the eOu9t nTnced As
corners we've oOnspimces, and should DC by
contrary 10 law and equity such corners were tnef
people who took undue vantage OF tne COMMERCE
| people aud the uncertainties OF comma many
pernicOus In money, IN labor anu III ~ silver
strike wasa corner In LABOR Ine ,"s the people
dollars worth only SO cents aud oOmpellns
10 accept them as dollars was pelhSIas. me sales
corner The present tarf laws were sn9 beneficial
OF produce Tor future delivery were exlreineH aw 70
| distinguish between legitimate and hesi MAYA Of
| actions. as IL difficult To determine LILO NV
| buzz or seller. . -. Grain and
| < H. Hammond, who said that he wac sy read
produce commission merchant al No az Thurbef
long statement Ia which ne said tha. =. we're lie
was as much gambler grain specua'v,s mi y.tet
spoke in praise Ot socaled bucket SHOPS aud sec
Tue committee to como his place OF oI. NV whethsf
tney would not be we'll treated tie did4 An not The
lis office Was sO-oaed bucket sh9p uuors r., OF
otaer witnesses examined were H. H. n ~ S.w..f anf
No 81 New-st Robert H. Parks OF NO; ~ ,s sampson
| Percy n. Lawrence formerly chief ciofA i0' ~
son, OF Chicago anu New-iork