Middlemen in English Business 155 



hence, if all the samples were shown the total supply of the market 

 would be known. But the factors concealed part of their samples at 

 times, and by varying the ostensible supply in this manner they could 

 manipulate prices to a limited degree.^ Factors doing aa exte sive 

 business and having broad correspondence could keep good care of 

 the probabilities of the supply of the market, and could adjust their 

 display of samples accordingly. And since the supply was so depend- 

 ent upon the accidents of weather and sea, and was so very fluctuating, 

 it is a fair inference that this practice of withholding samples from 

 display actually steadied the volume on the market and the prices 

 accordingly. 



Another practice was "selling in runs;" which is thus described: 

 "There is scarce any instance where a vessel bringing corn from the 

 Farmers has a cargo consigned to one Factor — ^it generally happens 

 that such cargoes are consigned to four, five, or six Factors. What is 

 consigned to each Factor of the same species of Corn in general is sold 

 to one buyer, and the Factor, respectively settles the value of each 

 person's consignment, according to the quantity, so as in the whole to 

 render as near the aggregate amount as he can. Corn sold in this 

 manner is called 'being sold in runs.' "- This practice served several 

 purposes: it economized labor and time and effort by rendering so 

 many small sales into one large one; it made possible a greater dis- 

 patch of the vessel, which otherwise might be hung up by some unsold 

 parcel of corn; it was more desirable likewise to the bu}'er to buy in 

 bulk and not have so many factors to deal with. 



A final consideration is the factors' influence on prices. Charges 

 and denials were very common as to factors fixing prices on the Ex- 

 change.^ It was to the interest of all factors who were selling for 

 farmers, corn-buyers, etc., to keep up and increase the prices of corn, 

 for in this way they recommended themselves to their principals and 

 also reaped a higher commission. This was especially true also of those 

 factors who did jobbing or exporting and importing on the side. 

 Coupled with these incentives they had the means and facilities for 

 advancing the price. Their manipulations of their monopoly of the 

 Exchange and of their samples might readily effect increase of price. 

 Given the power, means and incentive, were there not other consid- 

 erations, it would be a tenable presumption that the factors did raise 



iRep. from Com. H. C, IX, 144, 149, 151. 

 2 Ibid., 149, 155. 



^ For examples, see "Considerations on the Present," 12,27; "Sentiments of a 

 Com Factor," 13-14. 



