St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-10-03

iiIOHcy WdS IcQulTSQ,a anu give Ulfl Didtlk
drafts, with instructions that he could
draw on the partner in the enterprise
with the wheat tickets attached. This
representative man was to give for
wheat half cent per buShel above the
list price. ii necessary, to get the tick
cts. Amsden's part in this scheme was
to hold all the rest of the elevator COM
panies down to the list price, SO as to
give the representative men In the va
rious towns chance to buy all the
tickets. Naturally enough the farmers
would sell their tickets where they
could get the most for them. After the
two conspirators had bought up wheat
tickets representing several hundred
thousand bushels of wheat, Amsden
was to
Find an Excuse for Starting "A Fight
with the other elevator companies. The
plan was for the promlnen. men in
these towns, who acted as the agents
of the cOnspiratorS. to buy tickets on
the Minneapolis q Northern Elevator
company as well as other companies, so
the people would not mistruSt that the
scheme was to the advantage of the
Minneapolis & Northern company.
AmSden even went so far as to agree
to say, ii any Inquiries were made, that
he did not know his partner, had never
heard of him, and had no connection
whatever with him. He said that he
and Pillsbury would disclaim any con-
nectiOn with the partner under any and
all circumstances.
After the conspirators had succeeded
i'll buying several hundred thousand
tickets, AmSden was to raise the price
OF wheat gradually two or three cents
per buShel day, and when he got UP
worth or selling for his partners trav-
cling agents were to take the tickets
out of the Northwestern bank. at Min
neapollS, carry them to the towns
where they had been bought. and get
the same men who had bought them to
take them to the ''pay-OffS," OF elevator
companies, themselves, and get them
cashed. Of course, they were not to
discriminate against the Minneapolis d
Northern, and it was expected that the
tickets would be redeemed by the Min
pany'S "pay-offs." So that if the
farmers had scattering tickets the ele-
vatorS issuing the
Tickets Would BE Forced to Re
deem Them.
The theory of this part of the scheme
was that, if the Minneapolis Il North
tickets, all the other elevator companies
would have to do the same or be charac-
terized as''no good''and subjected 10 Sc
rlouS injury in their reputation among
the farmers. If the scheme worked out
satisfactorily, the profits made on the
Minneapolis d Northern Elevator COM
pany'S elevators were to be turned back
to the Minneapolis & Northern Elevator
company, so that it would be saved
harmless and insured against loss. The
profit on the other elevator companys'
tickets was horse of another color.
The lump sum made by this in
between AmSden and his partner
The effect of this was not
only to enrich Mr.. AmSden, but to force
the other elevators out of existen ce, the
figures at which they had to redeem
their tickets being so excessive that it
was impossible for them to find any
profit in the deal. The understanding
was that after this was done Amsden
would, by manipulation, let the price
down to the Old list price. Then, if OBJ
Jections were urged, he was to apollo
gize and smooth the matter over upon
one pletense Or another, and when the
begin and repeat the operation. work ing
the same scheme to his own satisfac-
ton and the decentralization OF such
other elevators as had not been de-
stroyed in the previous sOrtie.
After Certain Firms
Special efforts were made to eXter-
inmate the Northwestern Elevator COM
pany and Cargill Brothers, as has before
been shown. AmSden seemed to be
particularly antagonstic and inImical
TO those two companies. Banker S. A.
Hairs played conspicuous part in
TINS ingenious enterprise. BY the terms
or the deal lie. was to furnish the money
required to swing this operation. By
an arrangement with AmSden he was to
let Amsden's partner have all the money
he wanted OH the tickets bought. The
tickets were to be left with Harris as
collateral. 10 A. b. Robbins and Car
gill Brothers this statement will cast
flood OF light upon what was to them
very peculiar circumstance namely,
why so many of their wheat tickets
found their way into the Northwestern
National bank, where Cargill and A B.
Robbins, manager of the Northwestern
Elevator company, redeemed them.
When the price was put up. as Ans
den agreed to do. Mr.. Harris was to
send the tickets to the country bankers
who acted as agents for Amsden's
partner. with instru ctions to sell them
and take the money that was paid at the
stations by the Minneapolis q North
ern Elevator company.
Afaitch in the Deal.
While this scheme was most skill
full and ingenious one. it was not prose-
cuted to fruition. AmSden's partner
went ahead upon the understanding
with AmSden. and hired couple Of
travelling men, and secured authorized
agents. at Park River, Grafton, Lari-
more and other points, and started in to
execute the details of the conspiracy.
He bought tickets to the amount of
probably $4,000 bushels, and the scheme
was going along swimmingly, when
AmSdenfS partner was advised by let
ter, dated Nov. 10. 1886, to the following
effect:
MINNEAPOLIS. Nov. Is, 1sS5.-Waut no
more tickets. At present list prices are go
ing off. Better notify buyers to hold up until
further orders (by wire). Money cannot be
obtained and l cannot take the tickets as
suggested at present. Better stop buying
Yours. c. NJ AMsDEN
(Conidential.)
If you continue buying count me out for
the present. c. Nj. AMsDEN.
An explanation of that letter is this:
The money market was very stringent,
and all the elevator men at that time
experienced a great deal of difficulty in
obtaining money to handle their bust
ness. That was one point that Mr..
AmSden had made-that Mr.. Pillsbury
could borrow ali the money that he
wanted from the Bank of Montreal and |
other large banks. while the other con- |
cernS could not. This put
Nr. Pillsbury on Top
of the heap. His credit was so strong |
that he could stand the draft upon the |