Corner


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Corner

For surveying purposes, the designation given to a particular location formed by the intersection of two boundary lines of real property.

The process by which a group of investors or dealers in a particular commodity exploit its market by purchasing it in large quantities and removing it from general sale for a time, thereby dramatically increasing its market price because its limited supply is greatly exceeded by the demand for it. The condition created when a commitment is made to sell at a special time of delivery in the future, a much greater quantity of a commodity than is available in the present market.

This type of commitment is known as a futures contract. Frequently, neither buyer nor seller expects actual delivery of the goods. They are solely speculating on the difference between the contract price and market price on a particular date. The market price is affected by various economic factors. When a corner is created, the demand for the commodity far exceeds its supply, thereby driving up market prices. On the date of delivery, therefore, the market price will exceed the contract price if no additional quantities can be delivered by persons other than the seller who has "cornered" the market. The buyer must then pay the seller, who had a corner on the specified commodity, the amount by which the market price exceeds the contract price. If, however, additional quantities of the commodity are available in the market, the seller incurs financial losses because the market price will be less than the contract price at which the market was "cornered."

The Commodity Futures Trading Commission is the federal regulatory agency charged with the administration of the Commodity Exchange Act (7 U.S.C.A. § 1 et seq.), which is designed to protect all commodity investors from manipulative practices that hinder the free flow of commerce. Anyone who deliberately exploits the commodities market to create a corner may be prosecuted under federal law for commission of a felony, punishable by a fine of not more than $500,000 or imprisonment of not more than five years, or both, plus the costs of prosecution.

See: border, edge, monopolize, perplex, plight, predicament, stand
References in classic literature ?
Beth ate no more, but crept away to sit in her shadowy corner and brood over the delight to come, till the others were ready.
When she had reached a safe distance and was about to turn a corner into a second hallway she stopped and bracing herself with her hands waited, thinking to shake off a trembling fit of weakness that had come upon her.
In one corner of it stood a bed, covered neatly with a snowy spread; and by the side of it was a piece of carpeting, of some considerable size.
When, having obtained permission, she walked to the water pail in the corner and drank from the dipper, unseen forces dragged Seesaw from his seat to go and drink after her.
When he shut the door, mounted the box with the coachman, and they drove off, the little girlfound herself seated in a comfortably cushioned corner, but she was not inclined to go to sleep again.
The summer light struck into the corner brilliantly in the earlier part of the day; but, when the streets grew hot, the corner was in shadow, though not in shadow so remote but that you could see beyond it into a glare of brightness.
Wickfield tapped at a door in a corner of the panelled wall, and a girl of about my own age came quickly out and kissed him.
Now, as the girl was sitting at her distaff, weeping bitterly because she could not spin, she heard the sound of hundreds of little feet, and from every hole and corner in the hut mice came pattering along the floor, squeaking and saying:
So, with the cunning of a madman, I backed into the far corner of my cell when next I heard him approaching and gathering a little slack of the great chain which held me in my hand I waited his coming, crouching like some beast of prey.
Then I went to the corner of the enclosure and stared inland at the green bush that had swallowed up Moreau and Montgomery.
Now, I am living out my life in my corner, taunting myself with the spiteful and useless consolation that an intelligent man cannot become anything seriously, and it is only the fool who becomes anything.
Caderousse approached him just as Danglars, whom Fernand seemed most anxious to avoid, had joined him in a corner of the room.