L. D. Huntington.
J. H. Whitehouse.
A. S. Clark.
Edwin Corning.
L. J. Van Boskerck.
CHAPTER XII.
“CORNERS” AND THEIR EFFECT ON VALUES.
The Senate Committee on “Corners” and “Futures.”—Speculation Beneficial to the Country at Large.—A Regulation of Values, and an Important Agent in the Prevention of Panics.-“Corners” in all kinds of Business.—How A. T. Stewart made “Corners.”—All Importing Firms deal in “Futures.”—Legislation Against “Corners” would stop Enterprise and cause stagnation in Business.—Only the Conspirators themselves get hurt in “Corners.”—The Black Friday “Corner.”—Speculation in Grain Beneficial to Consumers.
The New York Stock Exchange is organized after the same manner as a social club, such as the Union League, the Union or the Manhattan, and not under a special charter from the Legislature. Hence it is protected from the interference of that honorable body.
Although various attempts have been made, from time to time, at Albany, to levy taxes upon the transactions of the Exchange, and to interfere with the business of speculation and investment in many other ways, these legislative designs have hitherto been happily frustrated.