St. Paul daily globe., 1892-03-13

y
lis and Duluth, Mr.. PillSbury said, was
about S2,O00,0OO bushels.
''What are the actual figures of the sales in
those cities?" asked Mr.. Erwin.
well, there are no exact figures on this
matter as / have heard of said Mr.. Pills
bury, but should judge that it would be a
poor week in Chicago where the transactions
did not equal the amount of the actual re-
ceipts. In Minneapolis and Duluth it does
not amount to SO much, probably not more
than five times the actual amount i'll year.
l should Judge that the transactions in year
amounted to twenty-five or thirty times the
actual amount of wheat raised. "
sin that case" SAID Mr.. Erwin, there are
from twenty-four to eighteen fictitious buy
ers ia the market to one actual buyer; and do
not these fictitious buyers, who have no
actual money invested, have a decided ten
dency upon the market either one way or the
otherY'
''Yes, indeed was Mr.. Pilsbury's reply;
"and, as / said at Washington, it is probable
that these fictitious buyers exert greater in
tuence on the market than did he and others
VINO were actual cash buyers. 1t is on their
account that no prudent man will hold his
wheat over night. Several times | have tried
to bull the market and hold over, but have
always lost money by so doing. | give up. L
throw up my hands on that score now"
Law of supply and Demand.
Now" continued Mr.. Erwin, 'let us fol
would be the effect on the price Of wheat in
the Northwest if the price was regulated
solely and entirely upon the law Of supply
and demand. and the excess raised i'll this
country sent to make up deficiency i'll other
parts of the world, would it have tendency
to raise or lower pricesr'
Il should judge that very conservative
estimate would place the price at least 20
cents above what it is here, was Mr.. Pills
bury answer, after moments thought
Mr.. Erwin then went on to show that
the wheat manipulators in this country
even went SO far as to affect the prices
of wheat in Liverpool and other foreign
markets. Mr.. Pillsbury admitted that
this was often the case, but stated that
while wheat speculation was allowed in
England it was not carried on to the
extent it was in America.
Mr.. Pillsbury said that the Chicago
wheat pit was responsible for the price
at which wheat was purchased for mill
ing purposes, and consequently reSpon
siDle for the price of flour to great
degree. Ten years ago. he said. there
were l50 firms i'll the Northwest doing
prosperous milling business, but since
that time the number who had made
any money could be counted upon his
fingers. This was due to the huctua-
tions in the price of wheat. Only a few
of the very strongest firms had been
able TO make money. However, he
estimates that the losses sustained 10y
the many were more than made up by
the profits of the few.
ss Getting at Combinations.
''Mr. Pillsbury, are you aware of any CO M
binat1on, having for its object the depres-
sion of prices?'' asked Assistant Attorney
Childs.
81 DO not, except through the newspa-
pers"
Are any of the companies in which you
are interested party to any such agree
ment?"
Not as know Of"
''Would you be apt to know if they were?''
81 certainly would
"hlr. Pillsbury, do you know a man in
Minneapolis by the name of Frank FL.
Irons?'
Mr.. Erwin objected to this course of
questioning and Mr.. Childs said he
would not insist upon the course Of
Drawing a slip of paper from his
pocket, he then remarked:
''Mr. Pillsbury, have been requested to
ask you this question: How or why would
the farmers be benefited if all the elevators
were under one head?
This question was easily explained by
the fact that at some points there were
several elevators at one point, and none
or them were doing business at a loss.
If there was but one, there would be
profit.
Asked as to his opinion as to the state
grain inspection department, Mr.. Pills
bury replied by stating that he had eX-
perts in his employ at greater salary
than State Grain Inspector Clausen and
fhit,.r fOp hiS
to disagree on the grading of grain.
was that the tendency of the deputy in
farmer as against the railroad men.
"That suggests another question" said MIR.
Chiids. Have your private men ever disa-
greed with the deputy Inspectors"
Eyes, of course. There is bound to be
of opinion"
(which way were the deputy inspectors
Working?'
'That depended entirely upon which class
of my men they came in contact with. The
elevator men were, of course, insisting on a
higher grading of the wheat. while on the
other hand the milling inspectors were at
tempting to have the grade lowered"
Have your grades ever been cnanged?"
Yes, often; sometimes raised and some
times they have been lowered"
In conclusion, MIR. Pillsbury said: 81
have never sold bushel of wheat short
in my life. This has certainly not de-
pressed the market. | have been called
a gambler, and if my selling what |
actually own is gambling, then l am
gambler. | believe | have done more to
keep up prices for the farmer than any
other man. L never depressed the mar
ket."
The committee adjourned for lunch at
:45 pm, MIR. Pillsbury being excused
from further attendance.
The End Fixed.
Gen. Barrett bobbed up serenely at
the afternoon session, and, as usual.
created a disturbance. He wanted to
place on the stand the Great Northern
agent at Hermann. Mr.. Dennis, to tes-
tify to some interference with prices
similar to that at Nelson. Senator
Smith wanted Mr.. Amsden called, how
ever. and carried his point.
Before calling the witness Senator
Smith moved to limit the time to be de-
voted to additional testimony, and that
the summing up of the attorneys be
limited to two hours each.
Gen. Barrett was again on his feet to
protest. He had number of new wit
nesses whom he wanted to introduce.
Senator Smith said Gen. Barrett had
a year in which TO get witnesses, but
now at the last minute he seemed to
have just struck the trail. Senator
Smith contended that Charles A. Pills
bury had given more testimony in the
forenoon than dozen other witnesses
had given. He wanted to draw the line
so as to keep within the appropriation.
He believed that the attorneys should
be required to sum up in few days.
Mr.. Erwin thought an attorney could
not sum up such case in two hours.
Time was necessary for the preparation
OF the case. He wanted to have type
written synopsis of the evidence pre-
pared.
Gen. ChiIds thought the committee
could be practically aided by an oral
argument of limited extent. but time
would be necessary to prepare it.
Gen. Barrett presented list of addi-
tional witnesses whom he would like to
have summoned, and said he would also
like to introduce rate sheets from Grace
vile to Duluth and Chicago, Moorhead
to Duluth and Fargo to Chicago.
Gen. Childs insisted on limitation of
= 70 70 tha