The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1913-03-03

Continued From Pase One.
and said he could not give the dates.
MT. Schmitt then asked him what was
his Idea of a grain exchange.
TT should be public" said Mr..
LOTUS, under supervision of a state
commission, it's memberships ought not
to be limited, and its rules should have
in view the interests Of the producer
as well as the buyer" /,
ut should not itself be engaged in
buying and selling grain, should it,"
MI. Schmitt inquired. mo-" replied
Mr.. LOTUS. He explained that the
Equity Cooperative exchange is a
member of the Independent Grain ex-
change, which is a focal board of
trade" Here Mr.. Bruce objected TO
bringing in the Independent Grain ex-
change until the Equity Comparative
exchange had been disposed of. Chair
man Works said their affairs seemed
to be interviewer, and ordered the
questions to proceed. Mr.. Leftus tes-
titled that the Independent Grain ex-
change was agreed upon" early in
January, and began business in the lat
ter part Of the month, and that it oc-
.cupies the same offices as the Equity
Cooperative exchange. Asked who
are members of the Independent Grain
exchange Mr.. LOTUS objected.
Objects to Use of Names.
"This is barely information said
Mr.. Bruce, "just starting in business.
and we ought not to be compelled to
disclose the names of those interested
in it." Mr. Lotus protested that il
the names were made public methods
would be used as on former occasions
to retard its growth and scare people
out of it. Mr.. Schmitt asked what
evidence could be produced of such
acts in the past. we will produce
it." Mr., Bruce promised. Mr.. LOTUS
finally agreed to submit a list of the
members of the Independent Grain ex-
that he is president and A. A. Trova-
change for the committee. He said
ten secretary, there being no other
officers. The list of directors he could
he said, without capital. Asked 60
give a list of directors he protested
again. IF that list is given out" he
said, 'the chamber of commerce will
get busy to pull them off the board.
and no boubt would succeed with some
Of them.''
Mr.. Lotus admitted that the Equity
Cooperative exchange owns no eIe-
Vator, and has none leased. The
Loftus-Hubbard Co.. he said, owns one
in st. Paul Of $4,000 bushels capacity,
which it was understood the Equity
Cooperative exchange was to use, but
the plans had to be changed, and a
lease of the elevator was renewed
instead last September, for another
year. Mr.. Schmitt then produced q
large advertising sheet of the Equity
labeled "Our own terminal elevator at
st. Paul. Mimi"
Declares Statement True.
Sr s.Is5 80 $4,000 Rbak ..ZA4.-s,
said Mr.. LOTUS, 'but every statement
In it is true
'Isn't it soliciting business under
false p~retenses?" asked Mr.. Schmitt.
81 don't think So" answered MI.
Lotus. He identified a reprint of a
news letter about the house investiga-
ton which he had made for distribu-
ton, and was asked whether he had
written an article in the December
number of The National Grain Grow
er, a Fargo publication issued by the
American society OF Equity. Mr.. Loft
tus said he had not. did you have
anything to do with its -preparation?s
Mr.. Schmitt inquired, but MI. Drake
objected. This question can serve
only a sinister purpose he said.
Mr.. Schmitt then asked whether Mr.
LOTUS had supplied the material for
their advertisement in the same paper,
carrying a picture OF our own ele-
vator." Mr.. LOTUS said the advertise
men was inserted by j. M. Anderson.
president Of the Equity Cooperative
exchange, and that its statements were
true. 1--WE had the consent of Cover
nor Hubbard and Mr.. Manahan to use
the assets OF the LOTUS Hubbard
company in the business of the Equity
Cooperative exchange" he said. did
you give them the elevator n asked
Mr.. Schmitt. I'VE did not, he an
swered, but we had permission to use
it for storing grain He further stat
ed that the Lotus Hubbard co. set
ties all the bills of the Equity Co
operative exchange, and does its
financing.
Specific Sales Brought Up.
w. "A. Heible, Mr.. LOTUS said, is a
salesman for them, but he declared
that Mr.. Heible does not go on the
floor of the chamber of commerce. or
have authority to turn owe their con-
signments to chamber of commerce
concerns. 4 would be surprised 20
hear that he had done that, said Mr..