Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1914-05-16
Gives Congress Authority to Investigate All Departments OF
the Grain Business on the Great Terminal Markets
of the United States

1lV0I AV1AllAklQA XA0AnVSo ia
tied States
great markets., Offering or withdraw
ling enormous quantities of wheat OF
I the public warehouses and terminal
elevators and by concerted bidding
and betting in lne pit OIL futures, tc
depress 1or raise the price OF wheat
to suit the purpose OF their gambling
Operations; that the prices are by such
combination and manipulation depress
ed while the farmers are compelled to
market the heavy portion of each crop
and raised and manipulated so as to
tempt speculative investors after the
bulk OF each crop is IN the control OF
1.-THE combination, that for each bushel
of real wheat actually sold and han
'nled in each OF these terminal m
kets at least one hundred bushels are
bought and sold in so-called future
trading; that the multiplied expense OF
all such future trading, as well as most
CT the profits thereof, must come out
of the gains of gambling In wheat
not borne by the farmer or buyer OF
bread is borne by men tempted to
speculate in the pit; that the number
of embellishments, bankruptcies and
wrecks caused by gambling in wheat
futures is appalling; tina. the members
of the Chicago board o. trade, the Min
neapolis chamber OF cCm :.e'ce, and
tie Duluth board of trade, throug!,
whom such gambling operations are
made, cover and hide the record of the
losses sustained by spectators and
refuse to exhibit their books to the
state official whose duty it is to pro-
tect the public.
An Unwholesome Influence.
That the chamber of commerce OF
Minneapolis and the board of trade Of
Chicago, by virtue OF la.ge member
ship of wealthy men closely allied
with banking institutions, transporta-
ton companies, and with certain daily
newspapers of their communities, ex-
ercise and control an unwholesome in
fluence in local government and pub
lie opinion and
Whereas it is charged and generally
believed that the business OF the Chi
cago board of trade and it's operations
are controlled by memberships which
are owned by a few large operators,
] altlcularly Armour, Peavey, j. Rosen-
baum, ]. C. Shaffer and company, Bait
teit, Frazer and Darlington, who not
only Girect said board of trade as al
exchange, making such rules and by
laws as serve their purpose. but, act
ing in conjunction with the leading
members of the Minneapolis cham
Der of commerce and controlling most
of the terminal elevators and public
warehouses of both cities, exercise
and have an unreasonable and unlaw-
full control over the prices paid for
wheat in these great terminal mar
kets, and therefore in the whole coun-
try, and .unduly control and restrain,
the movements, purchase, and sale Of
wheat to suit their speculative pur-
poses; and
Grading Unfair.
Whereas is it generally charged and
believed that wheat arriving at the
terminal markets from country points
is in the first instance graded with
unfair severity and on such grading
sold in large quantities by commission
companies to whom it is consigned to
terminal elevator companies owned by
themselves; that a commission is
charged to the shipper for such sale;
that the wheat thus sold to themselves
is taken by such companies to their
terminal elevators and there mixed
and doctored in such manner as to
be afterwards shipped out Of such ele-
vators to- public warehouses at
grade from one to two points higher
and applied, when necessary, in filling
in future trades at such higher grades,
that over twenty-five million bushels
of wheat are thus doctored annually in
Chicago and Minneapolis and raised in
grade on an average of two points;
Whereas such combination of deal.
ers operating as members of the Chi.
cage board of trade, and such com.
bination of dealers operating as mem.
bers of the Minneapolis chamber of
commerce, and such combinations OF
dealers operating as members of the
Duluth board of trade, and such COM
binations between these respective
groups of dealers and between such
corporations as such, under the by.
laws, rules, and practices now in force
in respect to the marketing of wheat
and the grading, inspection, and mix
ing thereof, as we'll as in the making
and publication, of the price thereof,
and in the future dealing therein, are
in violation of the Sherman antitrust
law and operate as an unreasonable
and unlawful restraint of trade and
commerce among the states: Now.
therefore, be it
Resolved by the Senate and House
of Representatives of the United
States Of America in Congress assem-.
hled, That there is hereby created a
joint committee Of Congress to consist
of the members, five of whom shall
be members of the House, to be elect
ed by the House, and five of whom
be members of tine Senate, to be
chosen by the Senate, to Investigate
tire foregoing chargs and statements
ond other things herein SCI. out and
ascertain the truthfulness of the same.
Inquire Into Organization.
That said committee shall specifi.
cally inquire into the organization and
method Of operation of the various