The Washburn leader. [volume] (Washburn, McLean County, N.D.) 1890-1986, 1912-04-12
GRAIN OPERATORS TELL COM.
MiIsILEE cHIcAGoAN's Ac-
@ffoN WAS BENEFIT.
MILLERs REAPED PROFIT
Action Is Said to Have Prevented I'm.
portation to Supply Demands
Other News Of Con.
gress.

1909, he did not conduct a corner in
wheat, several prominent grain oper-
ators told the house committee on
agriculture. Instead of cornering
wheat and holding out for enormous
profits, Mr.. Patten performed a "ben.
eficent action" according to John c..
F. Merrill, president of the Council,
Of Grain Exchanges, who acted as
spokesman for, the Chicago Board of,
Trade and other wheat and corn ex--
changes at the hearing. Mr.. Patten
vas ~exonerated of having collected
undue profits. His deal was in May
wheat, Mr.. Merrill said, but. he, closed
it out in April and by doing so sold at
a time and a price which. prevented
expectation of wheat and consequent
importation of the grain to supply
American consumption. The millers
got the big profit, Mr.. Merrill said.
and raised the price of wheat :.225 cents
yer the price Mr.. Patten got.
"Was that Patterns purpose?" asked
Representative Sims of Tennessee.
much misunderstanding.
81 do not know that Mr.. Patten
had any philanthropic motive in
mind" answered Mr.. Merrill. but
that is the fact. There is a great deal
of misunderstanding about the so:
called corner. There was no corner.
He never had wheat cornered SO that
he could squeeze the market. lie
committed no act that was not en-.
tirely Unsuitable.
"Yon a go back to the operations
of Joseph. $500 years ago" continued
Mr.. Merrill. i"The same thing was
done then and has been done ever
since Patteu did not run a corner
Nnhpdy upholds a corner and no repu-
tablSHman upholds gambling, but yet
men gamble. We cannot read a mans
mind when he nakes a. deal on tho
beard Of trade and because: Patten
had studied the worlds wheat condi-
ton and knew what supply there.
would be and based his selling price
on it, that was no fault of any ex-
change o any other person"
Anti.option Bills Opposed.
Mr.. Merrill. appeared to oppose the
score or more OF anticipation bills
pending before congress, They are
aimed to prevent gambling in future
deliveries of grain and cotton:
The cotton exchange representa-
tives will be heard.
Mr.. Merrill was accompanied by q
large delegation of grain men. Among
them were II. N. Sager, G.. 8. Pierce.
s. A: Foss and Edward Andrew of
Chicago; G.. A. Magnuson. Minneapo-
lis: F. r. Lindahl, Duluth; &. A.
Schroeder, Milwaukee.
The Chicago men declared they had
enacted rules to prevent the recur-
renee of a corner in any grain. Mr..
Merrill explained that If it became ap.
parent that a man had control of so
much grain that men who had sold
to him We're unable to deliver, the
board appointed three men to fix a
proper commercial price and arrange
for delivery, plus a five per cent PEN
atty.
Other speakers contended that the
farmers would lose money If the Hill
passed. The members of the commit
tee tried to learn of the gambling
transactions at Chicago, but the
speakers declined to accept that de-
scription OF their trading. The dis
cussion of hedging" "cornering,"
squeezing" ringing out" and other
board of trade terms prOmptedHRep
resentatiNe Sims to remark thatsstles
operators on the hoard paid .betass
with debts" 4 X ssSs
indian Dill Again Debated.
The fight to eliminate from the In.
dian appropriation bill the provisos
requiring the payment from tho funds
of the Five Civilized TribesIMMof the
salaries II tribal Oficials and attor-
neys,. broke in the house again.
Representative Miller Of Minnesota
Republican) sought to have 1t strick-.
en- from tho bill, but was defeated.
Representative Burke OF South Da.
kota CRepublican| then offered assub.
,stitute which would appropriate spec
ciacally from the tribal fundsssthes sum
OF 100000 for the purpose. Futile
efforts were made by committee lead
iers to have deoate limited to 4 spe.a
5cific time. s q 4
Mr.: Burke openly charged that the
failure to provide for the payment %
officials Of the Five Civilized Tribes,
was inspired by those who looked
with cuvetous eyes on indian s5dprOp,5
81
4 The eoluntaeslr. charge was mssdds that
sstthssS: Indian oficials themsslYs1t we're
:ccsnlllpalle, and that thls itt.eIn9hisld been,
olii IA thlle bin a! i means q
getting, riidla Il II. them 81 ssH sHsss. "a ss