Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1889-01-28

and prices are again lowered and gen
orally to a lower point than ever before /.
This is an effect in addition TO the perma-
nent tendency toward lower prices
through improved processes.
2. Corners. These are usually tenn
porary character, chiefly concerning
those interested in making or breaking
them. although sometimes they do have
an effect upon the market prices of
products; but it is very often the case
that former prices are purely artificial !,
and affect but little the prices of goods
designed for actual delivery or con-
sumption. A case in point happened re-
Gently in the New York coffee market,
where one set OF spectators cornered the
market for q particular date, and adj
yanced the nominal exchange prices s
cents g pound in single day. This was
bad for the Spectators who had sold for
delivery at that particular date, but 1t
did not effect the general market.
As an illustration of the popular misap-
prehension regarding such transactions,
however, Mr.. PowdeTly, whom regard
as more than a usually reasonable and
able man, issned general communica-
ton to the Knights of Labor, advising
them not to use coffee, because speeula-
tors had enormously advanced the price.
If he had inquired more deeply into the
circumstances he would, of course, not
have taken This action.
Corners and general speculation, how
ever, sometimes proceed simultaneously,
and are so blended that il is difficult to
consider them separately. Indeed, it
may be said, that nearly all corners are
founded on the speculative condi-
ton of the market. Modern
conditions of trade are such that
there is speculation for a de-
cline as well as for rise, and extremes
may be reached in lowering prices as well
as in raising them When they are
raised they inure to the benefit of pro-
ducers and holders; when they are low
cred the consumer gets the benefit, and it
must not be forgotten that while COR
ner like the recent one i'll wheat may have
aggravated the Latural conditions which
favored a rise in values, it tended
to benefit the farmer while injuring the
consumer. Nor must we make the mis-
take of thinking corners are a recent
invention; they are old as history itself.
Joseph got up corner on corn IN Egypt
and squeezed the "shorts who didn It
take stock in his s'early' and "relia-
ble' information in the most improved
exchange manner. The ancient Greeks
and Romans, so history tells us, had their
corners in the iron market and the olive
oil industry, brought about just as cor
ners are now; and when we are dead and
gone corners under some name viii doubt
less exist, and like the brook go on for
ever. Any successful corner or specula-
ton, however, must depend primarily on
the conditions of supply and demand.
3. Trade associations are usually or
CARNATIONS for the purpose of regulating
prices, terms and other conditions at
tached to particular trades or varieties of
business They have not the elements of
permanency that trusts have, through the
joint ownership of property, nor have
they the same elements of cohesiveness.
If unreasonable in their action it is i'm
possible for them to hold together, but
they are necessary to esta blish reasonable
uniform trade customs, prices and terms
1t is worthy of note that combinations
generally take place as q reaction from
extreme competition, as III the formation
of pools after railroad wars, or from an
unremunerative period of manufacture,
as illustrated by the sugar trust.
To assume that combination in itself is
injurious is as great a mistake as 1T would
DC 10 prOnIDlG tue use O1 SN6dHls DecduSS 1t
still eXplodes, or fire, because as a mas
ter it is dangerous.
The problem is, to wisely control these
forces, SO that their power for good may
be developed and their power for evil
eliminated.
have been represented as an oppo-
nent of corporations. This is mistake.
1 have always been friendly to co-opera-
tive action in any form. and the corpora
ton, so-called, is simply cooperation
or combination of small capitals in one
large one to effect economic results which
separately were Representatives,. 1 have,
however, opposed the abuses of corpora
tions, and l hope l shall always do SO.
To oppose unjust determinations in the
operation of public corporations which
seek franchises and privileges from
the public, their watering CO stocks and
unloading them. upon investors, their
bribery of legislators and influencing of
elections, is to be the best friend of cor
porate organization and of associated
capital.
GISao1 of North flopoIiuo pII1o C,1f5J