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 ?
Tiny lives in a house of her own, and Lena's shop is in an apartment house just around the corner.
Jessie returned certain odes of one Horatius Flaccus to the corner, and uttered an exclamation.
It was sorrowful to think how many days, and weeks, and months, and years of toil had been wasted on these musty papers, which were now only an encumbrance on earth, and were hidden away in this forgotten corner, never more to be glanced at by human eyes.
There was no other place for the babies to be, and so part of the preparations for the evening consisted of a collection of cribs and carriages in one corner.
It seemed to be all old nooks and corners; and in every nook and corner there was some queer little table, or cupboard, or bookcase, or seat, or something or other, that made me think there was not such another good corner in the room; until I looked at the next one, and found it equal to it, if not better.
Froth appeared at the corners of her mouth, and her whole frame trembled.
She adopted, indeed, a condescending tone towards that poor island, which was now advancing chilly crocuses and nipped violets in nooks, in copses, in cosy corners, tended by rosy old gardeners in mufflers, who were always touching their hats and bobbing obsequiously.
Withered persons, in curious postures of submission to something, sat smoking pipes in obscure corners.
There was a scuttling in the corners as the seconds cleared out through the ropes, taking with them the stools and buckets.
And there were saloons on all the corners and between the corners.
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.
Which was all the advice this particular young man got, and which he hastened to take, for out he came through the bushes, and though his face was very pale, there was an odd twist about the corners of his mouth that reassured me.