corner


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corner,

securing of all or nearly all the supply of any commodity or stock so that its buyers are forced to pay exorbitant prices. Corners may be planned deliberately or may be brought about unintentionally, as through a fight for controlling interest in a corporation's stock. In the first type the operator acquires control of the particular commodity or shares and then induces other operators to promise to sell the commodity or stock by raising the market price to an unusually high level. The cornerer purchases such promises to sell. When the cornerer thinks he can make the biggest profit, he withdraws all his shares from the market, and those who have promised to sell find themselves "cornered"; that is, they have to buy stock from the cornerer at his own price to fulfill their contracts. The cornerer sets the price just low enough to keep the dealers from repudiating their contracts. To be successful, cornerers must have enough money to buy the necessary amount of shares or commodity. The Bible describes Joseph's corner of the grain in Egypt. A famous deliberate corner was Jim Fisk's and Jay Gould's corner of the U.S. gold supply in 1869; the move was frustrated when the federal government placed its own gold supply on sale. A notable illustration of the unintentional corner was that on the stock of the Northern Pacific RailwayNorthern Pacific Railway,
former American rail line, following the northern route from Duluth and St. Paul, Minn., to Seattle, Wash., and Portland, Oreg. The Northern Pacific RR Company was chartered by special act of Congress in 1864, and construction was begun in 1870.
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 in 1901. Deliberate corners and other forms of price manipulation on the various stock and commodity exchanges are now illegal in the United States. The Securities and Exchange Commission, the New York Stock Exchange, and the Dept. of Agriculture seek to prevent corners.

Corner

The position at which two lines or surfaces meet; the immediate exterior of the angle formed by the two lines or surfaces, as in the corner of a building or structure. The corner is one of the most important zones expressing the junction of two facades. Corners can take many forms such as recessed, rounded, retracted, framed, or stepped in shape. They can be angular, curved, or articulated in many different ways.

Corner

 

the simplest type of association of capitalists formed to control the market of some commodity. The corner seeks to purchase all available supplies in order to resell them at higher prices. Corners are created in the commodity and the stock exchanges; in the latter they purchase all available stocks of some companies for subsequent resale or for acquisition of the controlling interest in a certain company.

Corners were known as early as the 16th and 17th centuries. During the last decade of the 19th century, well-known corners were created by the American railroad “barons” during the struggle with the biggest exchange promoters, or “bears” (in the jargon of the security exchange, bears are businessmen who support the downward tendency of stock and bond prices). Sometimes corners are organized to combat massive sellings on the stock exchange by the bears, who are trying to drive down the price of a company’s stocks.

Because as long as two weeks may pass between the moment the business transaction is contracted and the time the commodity or securities are actually transferred to the buyer, the bears can repurchase the stocks or commodities sold by them and receive a speculative profit from the difference between the buying and selling prices. Corners are formed to prevent the repurchase of the commodity once sold. Since in this case the bears are threatened with bankruptcy and complete ruin, they sometimes are forced to hold up the sale of stocks, which in turn leads to the stabilization of the rates of exchange for the stocks of the company for which the corner is acting.

A. V. GRISHIN

corner

In land surveying, a point established for marking the boundaries of landed property either by an actual survey or by agreement between neighbors. Monuments or other objects may serve to designate intersection points of the boundary lines.

corner

1. a projecting angle of a solid object or figure
2. Commerce a monopoly over the supply of a commodity so that its market price can be controlled
3. Soccer Hockey a free kick or shot from the corner of the field, taken against a defending team when the ball goes out of play over their goal line after last touching one of their players
4. either of two opposite angles of a boxing ring in which the opponents take their rests
5. Mountaineering a junction between two rock faces forming an angle of between 60° and 120°
6. Logic either of a pair of symbols used in the same way as ordinary quotation marks to indicate quasi quotation

Corner

the Informal an area in central Australia, at the junction of the borders of Queensland and South Australia
References in classic literature ?
Kelly and others near to the ring began to cry out to the police to stop it, though Danny's corner refused to throw in the towel.
And when the count was finished, Danny's seconds gathered him up and carried him to his corner.
He walked to his corner unattended, where his seconds had not yet placed his stool.
His face continually spread to an unending succession of smiles, and when Danny smiled he smiled in every feature, even to the laughter-wrinkles of the corners of the eyes and into the depths of the eyes themselves.
The curtains were long and white, and some of the thunder-gusts that whirled into the corner, caught them up to the ceiling, and waved them like spectral wings.
There was a great hurry in the streets of people speeding away to get shelter before the storm broke; the wonderful corner for echoes resounded with the echoes of footsteps coming and going, yet not a footstep was there.
The corner echoed and re-echoed with the tread of feet; some, as it seemed, under the windows; some, as it seemed, in the room; some coming, some going, some breaking off, some stopping altogether; all in the distant streets, and not one within sight.
and, plunging into the flat, had explored, every corner and cupboard of it in five minutes.
Angus looked round at the dim room full of dummies, and in some Celtic corner of his Scotch soul a shudder started.
As he spoke they were all checked by an unusual sight; the big blue policeman came round the corner of the crescent, running.
Back into my corner I crouched holding my hands palms out, before me, and stealthily on came the awful eyes until they reached the dead body at my feet.
For Your Corner tries as much as possible to have pretty much all that is necessary to get the most out of your corners.