New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-03-21
WHY CORN IS DOWN.
TESTIMONY BEFORE THE INTERSTATE COM
MERGE COMMITTEE
END OF THE INQUIRY IN THIS CITY-soME OF
THE PRINTS BROUGHT OUT DURING
THE INVESTIGATION.

Augustus Schoonmakcr and Walter L. Bragg,
the committee of the Interstate Commerce com-
mission who began on Tuesday an inquiry into
the causes of the present low price OF corn ana
the relation sustained to it by the prevailing rates
Of TRANSPORTATION from Western points to the sea-
board. ended their labors yesterday afternoon
They will return Immediately to Washington,
where a meeting of the Commissioners will be held
on Monday The results OF their investigation.
together with the information Cleaned by Com-
missioners Morrison and Ncazcy. who have re-
Gently been in the West examining persons IN
timately connected with the trade and transporta-
ton of food products will he embodied III re-
port 10 the United States Senate. by whose resoiu-
ton the investigation was ordered
At Yesterdays session the first person TO take
the stand was Captain Melvin DcPuy, who hao
testified on the preceding day in regard to the
rates and business of the canals in grain trans
portaton lie said he wished to make clearer
one of his statements, which was capable oil bclnS
misunderstood, through a confusion between 'nc
bushcl rate and the l00-pound rate lie wah'eu
TO make it plain that his statement thao u'c
recognized railroad rate from Buffalo TO TINS CITY
was IS cents for 100 pounds meant ra'e Oh
: 81 0 cents a bushel on wheat.
Edwin r. Livcrmorc a grain dealer. of No. 1lo
RrOat-St.. ana an OIu ncDptI VI tHc i''"'' 80
change. said he believed the passage of the law
rcoulatinp commerce had not been iniiucniiai
in causing fluctuations in grain rates 20 the sea
board He regarded the present rates on corn
of 90 cents on 100 pounds by rail- to New-iorh
as reasonable, and believed that a reduction III
this rate would not raise the price. lie did hoe
see that reduction of railroad rates would aloho
cause an advance in steamship charges either.
H. ]. liaydon. second vice-president oil 'he
Ne1y-Yorl Central Railroad Company, VINO IS cha'r-
man Of the executive committee Of the Trunk Lines
Association, was examined AT length III Iegaiu W
the freight rates. and his testimony was IN line
with that given by General Freight Agent OiArK
and Foreign Freight Agent James. OF the same
company, Tuesday.
f. C. Eastman. an exporter of beef and cattle.
said tie rate on live stock from Chicago was
20 cents on 100 pounds and 81 cents from
st. Louis. which. he thought, was not profitable
TO the carriers. II was his opinion That the INFER
stale I ommcrcc law mad sicaGled the market ana
made rates more even o..
Ierhcr Barber, a shipping agent Of No. -
broadway, explained how the rates for through
shipments of freight 10 foreign countries wcic n
ranged. ocean Rates pein- made III New-ioIN on
basis of individual schedules. me price oil
grain IN England. he said, was what determined
tn.. ocean rate g. VI. lndcrhlll agent oi inc
Guion Steamship Line the last witness examined
said that these rates depended not only upon the
l
foreign comuefiilon lie believed II lmpo>'ipie
10 have much stability in ocean rates IN the cA-
listing condition IF affairs 80
Commissioner Shoemaker then announced INA,
the labors Of tie committee In Ncw-iork had
been finished. ~
After adjournment. when asked by tribune
rcporfcr what he considered the most
| rnporiant points brought out during
| the Investigation. Commissioner bragg snld
" II will bc noticed that almost every one oil th,
witnesses whom We have examined has expressed
the opinion that the present low price 81 corn
i due 10 the abundance Of the CROP which exceeds
the needs Of home consumption: TO the low rate
Of bringing the product from the western corn
producing States. and 10 the prices charged bN
steamship lines for taking II abroad. II has hccn
shown that the farmers in Kansas and Nebraska.
espccalv were not able 10 hold back their
products and naturally awaited themselves OF tie
low rates for sending them - the s"ahoard. ms
of course created an oycrsupply IN the Faster
markets. caused ocean rates 10 advance. ana maze
the price Of corn 20 down Another point upon
which all seemed To- rec was that "A reduction
in the rates for higher class articles could not
well hc reduced i'm order further 70 decrease III"
rates on corn and other food products. for the
reason. ms expressed boy Nh FELTON, yesterday. that
the volume of Tie former WIS not large enough
/ - Justify tie advance. Then. too. IL has been
shown that # the freight rates on the products
II Western farmers were reduced on any plan. the
resulting advantages would hc largely absorbed
10y the ocean steamship lines. instead Of g"inS I"
benefit the farmer