The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-04

BY 4 STAFF CORRESPONDENT
jefferson City, Mo-, March 3.-Senator
Martin this morning presented the report
of the Senate Committee appointed TO in
yestisate the turf. home cooperative, grain
and bond investment companies.
Together with the report was bill pro-
hibiting discretionary dealing in grain by
any concern. Two committee substitutes
will be presented within a few days a
result of the committees work. One Of
them, a substitute for Nick Bradley's meas
ure. will put all doubtful companies under
the charge of the Building and Loan Super
visor The other prohibits newspapers from
advertising schemes of betting.
The report OF the committee covers near
~ twenty-five pages. II is signed by all
CT the NEUTRALITY-SUSPICIOUS. Martin. McDavid.
Worries. Nelson and Jewell. Part Of the testi-
mony that was offered Is Reproduced. The
demned.
Grain companies are divided into three
classes those which actually buy and sell
.he grain. bucket shops, and companies
which deal in discretionary contracts
Tontfne companies come in for a great
panies are anal-zed in severe manner.
Bouquets are thrown al the country news
papers and the metropolitan papers critt-
.:ised for accepting the advertisements.
1t is currently reported that Lieutenant
Governor Lee advised this latter feature OF
the report The House committee. according
10 one OIL the committeeman. "Il not
favorites on this feature OF the report.
EXCERPTS FROM THE
COMMITTEE REPORT.
The report of tine Senate Committee is
has been written concerning the companies
Investigated. About thirty companies were
examined Concerning grain companies. the
report says:
We find that there are three classes viz.
First Class-Commonly called boards OF trade:
those companies, members thereof. organized for
a air .,,d
rres on commission and who can and do deliver
soia actual grain or other products bought or
Second Class-Commonly known as bucket
shops those who buy and sell futures on grain
not Intending or expecting to deliver the actual
brokers or commission men: those grain corr
panies Nm? handle what is known .'discre-
them to be invested by them on margins or
futures. according TO their discretion. withou.
direction from the patron. or who pretend to buy
and sell futures and grain. hut who. in reality
paitcipation in the markets ana Mo nevsr asd
In their exTerience handle a bGshel OF actual
Those companies doing business on plan tina I.
paFtakes Of both the first and second classes. are
Celia Commission Company.
Donovan Commission Company.
thristy Grain Commission Company OF Kansas
Price Commission Company.
C1eage Commission Company.
From a statement filed. and what your COM
mittee va: able to ascertain As 70 their financial
business. The written statement. showing assets
and liabilities. filed by C1eage Commission Com
pany shows that at this time they have esfl-
mated assets over liabilities in the sum of Si75.-
900. The other companies failed TO file state
nents. 20 that we have definite knowledge OF
their financial standing.
THIRD-CLAsS GRAIN COMPANIES.
Tnder this head can be classified the Brooks
Grain Brokerage and commission Company, yer-
chants Brokerage and Commission Company,
and the Rialto Grain and Commission COMPANY
The evidence d.sclcses that the methods Of these
companies often border the criminal process
Of obtaining under false
he1ged about by contract which endeavors to
relieve them OF this unlawful appropriation o.
their custonnerss money. The evidence further
discloses that tho method of sone Of these COM
panies IL publish their business with CARING
advertisements In the metropolitan newspapers.
and~zhou party deposit money with Them
s,ippoeably for the purpose Of buying grain he
is sent letter in few days notifying him Of
his profit. which Is enormous in comparison with
;iis Investment. This letter Is then followed BY
another notice q profits. and 90 continued until
the PARTY calls for his profits. when he Is written
. letter. commonly called exhaust letter.
notifying him that there has been slump in