Chambers's Journal of Popular Literature, Science, and Art, Fifth Series, No. 19, Vol. I, May 10, 1884

No. 19.—Vol. I.
Price 1½ d.
SATURDAY, MAY 10, 1884.
The modern ‘Corner’ is unlike that into which the historical John Horner, Esq., retired, in this respect, that those who venture into one seldom succeed in bringing out a plum or anything else but discomfiture. They may plunge not only their thumbs but their whole hands and arms into the ‘pie’ they essay to monopolise; but as a rule, with almost no exceptions, they have to draw back empty-handed.
The word ‘Corner’ in its commercial application is of American origin, and along with that other mysterious word ‘Syndicate,’ is doubtless sufficiently perplexing to non-commercial readers. The prominence and the frequency of the appearance of both words in the newspapers indicate a strange commercial tendency of the day. That tendency is to amalgamate the hazardous element of speculation with the legitimate fabric of steady industry. Once upon a time, speculators formed a distinct class, apart from sober merchants and plodding manufacturers. They had their uses; for none but shallow thinkers will dismiss speculation in one general sweep as immoral and evil; but they were a distinctly marked class by themselves; not distinctly marked, perhaps, to the outer world, but clearly enough defined for those engaged in commercial pursuits. But now there exists no such definite line of demarcation. The speculative element enters into every branch of trade industry; and by the speculative element we do not mean the perfectly legitimate exercise of foresight or experience which enables a business man to anticipate events which raise or depress the market values of the commodities in which he is interested, but the desire and attempt to be the motor, or one of the motors, in such movements. It is one thing to buy heavily of a commodity because your instinct or your information or your experience teaches you that a comparative scarcity, and consequent dearness, of the commodity will shortly occur. It is quite another thing to buy up a commodity for the purpose of creating a scarcity for your own benefit. It is one thing, again, to sell out as quickly as you can such stocks as you hold of a commodity which you see reason to think will be depressed in value later on. It is another thing to sell in advance a commodity which you do not possess, in the hope of buying it cheaper; or to sell out heavily what you do possess, in order to frighten others to sell also, that you may buy back again at a still lower price than you sold.