New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1892-10-05


OF thatregion, and collecting from 20
to LOO per cent interest thereon. BE
was again and again prosecuted
before the courts Of Dakota
Territory for this crime flor
under the laws Of Dakota an
over collection of interest was q Grim
NAL transaction) and the records of
the courts of Grand Forks County
prove this in numerous cases.
Finding that his criminal practices
were becoming Improbable at Lari-
more, Wolcott removed to Minneapolis
IN 1885, and commenced business as
a grain dealer" His business was
black mailing legitimate and we'll es-
tabllshed dealers in wheat, owners of
established elevator lines and others
In prosecuting his criminal practices,
ne organized what is known as the
scandinavian Elevator Company"
Ofth1s company hewas practically the
sole owner, although he had taken into
partnership one or two characterless
adventures like himself, some of
whom were prominently identified with
the North Dakota Farmers Alliance.
His method was to buy, nearly al
ways on credit, some WORKOUT ware
house Or small elevator at compet-
ing railroad point, and enter the field
as IAN independent buyer" Then he
would approach the Alliance of the
neighborhood with the statement,
that the other elevator companies
had raised the price Of wheat on him
to crowd him out and ruin him. Upon
this plea he would beg his farmer
friends to stand by him, and sell
him their wheat below the card price
so that he would not be "ruined" by
these grinding monopolies."
1t is perfectly amazing what a large
number OF farmers would listen to his
story, and sell him their wheat at q
reduction from the established price.
But the season of this sort OF a har-
vest is always a very brief one. The
farmers soon came to understand
the character of this common swind-
Ter and deserted the Scandinavian
Elevator Company and went where
they could get best price for their
produce. -....s
After he had thus plucked all of the
silly geese who would be plucked, and
his-elevators and warehouses stood
empty on his hands, he proceeded to
organize another and holder
swindle. He sailed for Europe, taking
with him q Frenchman named St.
Croix. These two conspired together
to sell the Scandinavian Elevator
Company to British capitalists. But
the scoundrel had reached the end of
his villainous rope. The British mil
lionaires refused to take his bait, and
Mr.. WOlcott went broke. The Scan
dinavian Elevator Company went
into the hands OF a. receiver, paying
Only a fraction of cent on the
dollar of it's Indebtedness, and Mr..
Wo,cott made an assignment for the
benefit OF his creditors. Mr. Thomas
Taylor, OF Minneapolis, who had
known Wolcott in North Dakota,
mortgaged a farm near Larimore for
three hundred dollars, and sent the
proceeds across the water to pay his
passage back to America.
This is the instrument used by the
Chicago Board of Trade to traduce
the characters of honest men-men
who have a world wide reputationfor
strict commercial honor and unassaiI-
ed business integrity-and bring them
into contempt. A professional black
mailer, a confessed trickster and
self-proclaimed fraud finds his employ
ment in concocting ISLANDERS for which
he is rewarded by so-called CONNER
cial organization ~ doing business in
one of the chief cities of the land
Is it not time that the option rooms
Of the Chicago Board of Trade was
catalogued with the Louisiana State
Lottery and relegated to the shades
as an ancient and barbarous method
OF appropriating the unearned incre-
ment from the pockets of the honest
and Woodworking citizens of the great
northwest. By the side Of compara-
lively honest methods in gambling,
trading in options will in the history
of the near future take it's place as the
co-partner and twin-fraud of bunco
steering.
Because of this expose OF it's meth
DDS and pushed forward by the con-
science OF the nation-option dealing
is doomed to an early destruction.
It's business methods" are the meth
DDS Of the policy shark and sneak
thief; it's attorney and defender is the
public swindler and the black mailer.
The "Anti-option" bill will be passed
by the senate of the United States
next winter, and in q few brief months
the honest and trustworthy business
men of the nation will wonder how
such a machine for common plumber
was ever tolerated for day in the
midst of civilization calling itself in
telligent and enlightened
But what is to be said of great po-
litical organization like the Democrat
ic party, the leaders and agents of
which proudly stand sponsor for the
lying ISLANDERS OF this quasi-criminal?
Political parties are supposed to
enunciate principles for the lawfuI gov
eminent OF men. Through political
agencies society is held together and
the law thus becomes the agent to
protect the weak from the strong, the
honest man from the knave, the legit-
innate business operator from the
confidence man and the common thief.
And yet, here is the great Democratic
party, through it's chosen and &C