The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1893-02-13
The Chicago Herald Again Brings the
Famous Wheat Circular to the
Front,
And Charges Miller Pillsbury with
Having Originated and Paid for
Its Circulation,
I'm Order That He Might Probably
Dispose Of Some Millions OF
Bushels.

CHICAGO, Feb. 13.-Ihe Herald prints
three column artide. dated Minne-
apolis, charging In substance that the
.'hold your wheat circular, issued In
July. 1891. which purported to enanate
from Farmers Alliance headquarters,
was in fact the production Of Hugo
Mattulath, who got IL mp ut the in-
stance of Charles Al. Pillsbnry. The
Herald article asserts that Pillsbury
was long big line of wheat for specu-
lativsAinterest in Chicago, in addition to
which he had 4,O0O, 900 bushels of sur
plus wheat stored in the Pillsbury-
WashbuIn elevators. The article then
continues;
Suggested by PiiIsbury.
s.Along in May, Pillsbury suggested
that IL might be good idea for Mattu
lath to help him carry some of the old
wheat, which was sure to prove good
investment. This did not appeal to the
shrewd German, but later on he in turn
suggested scheme TO the willy miller,
who eventually agreed to give it GER
tain amount of financial backing. This
deep laid plot was nothing else than a
bold project to retard the deliveries of
wheat by the farmers. on the new crop,
thus enhancing the value of the A. .000, 900
bushels of wheat lying in the Pillsbury
elevators by soaring shorts into bidding
mp prices, at which advance
Phillsbury Would Unload
his speculative holdings and quietly
ship cash wheat to Duluth. In the prof
its of this cunningly devised deal. Mat
tulath was to receive certain dividend
and stipulated amount of cash for
working expenses"
The story goes on to state that the
'.hold your wheat" circular was. then
devised, and that In order to give II a
wide circulation Mattulath secured a
controlling interest in the st. Paul
State. The next thing was to get the
endorsement of the officers of the Far
mers' Alliance.
Mattulath Goes to Washington.
"Having secured sufficient funds" |"
the article continues, "Mattulath. with
copy of the circular i'm his pocket and
The State at St. Paul ready to boom his
scheme, went to Washington to see the
national officers of the Alliance There
he met with delays and disappoint-
ments, but finally secured the approval
of III. w. Aver, then the secretary OF
President Polk, of the Alliance, and
manager of the Alliance press bureau OF
information. Aver gave him letter,
which he was to use in securing the
acceptance OF the circulars official
character.
Nearly Ruined the Project.
Sat this period the Chicago Herald
came very near running the whole pro-
ject. In order to more readily place
the importance of the scheme before
those whose backing was desired, sew
eral proof copies of the circular had
been struck off, which were carefully
guarded by those on the inside. But
The Herald obtained possession Of one,
and while Mattulath was rushing
around the country try trying to get
things fixed, it printed the entire circu'
lar verbatim. H.
Pilisbury Unloads.
This brought Mattulath back >tt
Minneapolis in a rage. The matter had
been sprung prematurely and it was
necessary to rush the scheme to i'm
mediate execution The circulars were
at once sent ont, several millions in all
and the most vehement efforts made tt
render them effective. Prices took ,
little squirt upward and as soon as the
market began to climb Pillsbur,
dumped his holdings in Chicago, Will,
upwards of million bushels Of whea
We're taken from the Minneapolis ele
vators and shipped to Duluth at an ad
vance. While the Pillsbury -Mattnlatl
circulars were frantically admonishing
the farmers to hold your wheat--don'
sell under $1.50--,' Farmer Phillsbur,
was hurrying his line to market Il
Chicago and Duluth as fast as he knew
how.
Helped Out by Spectators.
"A subsequent Reputation of til
circular by President Polk had quiet
ing effect. and prices reacted SO tina
Farmer Phillsbury was forced to dis
continue his operations and was oblige
to carry his wheat, until fall. when h
managed to dispose of it on risin
market. due to the bullish manipuls
tions of the traders at Chicago whof
the circular had denounced to the fan
mers as their, worst enemies, pc
phrase of Phillsbury's, who later on IL
serted 1t in his anti-option bill,
Mr. PiIIsbury's Statement.
The article gives a long and some
what unsatisfactory interview with MI
Pillsbury, in which the whole ground
gone over again and in which Mr.. Pill
bury declares that he sold only half
million bushels ON the bulge produce
by the circular; that even this he WI