The great West. [volume] (St. Paul, Minn.) 1889-18??, 1892-03-18

system would not save the farmer,
nothing under heaven would"
The fact is, the laboring people OF
Minnesota must take possession of
this state before the facts can be
full y brought to light-andwhen they
are there will be a shaking of bones
that have been playing ghost to the
alliance Macbeth for the last two
years. These are times when the su-
preme power of the commonwealth
alone can uncover crimes which reach
higher than the elevator hopper.
Another interesting incident in the
Investigations of the committee was
the testimony on the Stowe matter
at Wadena. Stowe was an independ-
ent buyer, and he could get no cars.
As he had become seriously involved
in his new business, and found that
he was helpless as against the great
corporations, backed by a miserable
farce OF a railway commission, he
accepted $3.50 damages from the
combine and withdrew from the field.
And the testimony showed that such
purchase OF independent buyers was
an "every day occurrence" Indeed
the testimony OF Capt. Reed, Of Glen
coe, made that fact evident-as he
himself had been so provided for,
though with "variation'' which
permitted him to keep buying and
make it PAY! Sawyer was quoted as
stating that men went into business
for the purpose OF being bought Off
and it appears that they are bought
off continually; and the combine are
not at all inclined to deny it, And if
this is not definite action to control
the markets." the G.. w. wants to
know what would be considered
such action?
Z. A. PILLsBURXsIS testimony was
of substantial interest. We do not
agree with him as to the profits of
the elevator companies, but in much
that he said he will have the concur
renee OF every farmer in the land who
has good sense" We refer espec
tally to his mention of the control of
prices by the Chicago Board, even in
LIVERPOOL:
''The Pittsburgh ashburn Com
pany has an actual working capital
of $1,75O,OOO. The Minneapolis and
Northern had to borrow nearly half
million last year. The Minneapolis
and Northern sometimes sells as fast
as it buys; again it holds. 1t is not
business prudence to hold a bushel OF
wheat over night since stock gam
blers manipulate the matter. The
man without any knowledge stands
a better show than those with de-
cided opinions. What a man wants
to do is to buy to-day and sell at
least tomorrow. May wheat is gen
orally bought for fall delivery. The
law of supply and demand cuts but
little figure in the matter. Interest,
storage, etc., amount to about IL
cents. The fictitious buyer, if the
deal is successful, pockets all the pro-
fits. including storage, insurance, in
terest, etc Ii wheat is now 90 and
when he sells is 80 MAY wheat) the
man without capital is just even, so
is the other man. Since the day of
the wheat pit the bears sell wheat
when there is no actual demand.
I think there are twenty or twenty
FIVE times the sales of actual wheat
in fictitious sales to one honest sale.
All fluctuations are governed by the
wheat pit. Men who don't know
wheat from barley, affect the market.
Most OF the elevator companies have
made it a rule not to hold wheat
oyer night. l have been a bull, but
have quit it, because l lost money.
l throw up both hands. Actual
wheat buyers must sell to protect
themselves. Actual sales must tend
to bear the market. The decline of
wheat or -four makes prices less.
Under the fiction of a contract, deal
ing in futures is legal, in the sense
that it's illegality cannot be proven.
Ii railroads wouldglve free transpor-
tation it would not help the farmers
nearly so much as cessation of fic-
titious deals. Of course actual sales
affect the market some; fictitious
deals far more. These deals use I'D
a large amount Of the money in the
country, not only in wheat but in
cotton, railroad stocks, etc.; it con-
centrates the currency at the trading
centers. The Duluth and Minneapo-
lis markets are controlled by the Chi
cago market, it even controls the
Liverpool market. Futures are al
lowed in England. American epecu-
lators even bull and bear prices in
England. Any offer OF future wheat
will affect cash wheat. If a man
could not sell futures, a broader
margin would be required. l would
not advocate q restriction of dealing
in futures. About 40 per cent OF
Minneapolis flour is exported. the
balance is sold largely south of Ma