Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1914-03-04
In Evidence Before Congre
Sional Committee Form
Operator Tells Of Workl1
on Inside.
CHICAGO CONTROLS
PRICE, HE DECLARE
Giant Of Fictitious Whe
Transactions Is Expressed
Used in Describing Existlr
Conditions,

lay soHmNa JOURNAL SPECIAL tsAurn wfHFi
Washington March SIS Speaking
Representative Manahans resoluu
20 authorize an investigation of
charges that a monopoly existed wt
In the grain exchanges at Chieai
Duluth and Minneapolis, founded
warehouse operations and futu
radlng. Samuel H. Greeley tod
characterized the Chicago board
rade as "gant fictitious whe
transactions and the weapon Of
price controlling monopoly Mr. Gre
Icy was for more than twenty years
member Of the hoard Appearing hN
/ fore the house rules committee In b
half OF several wheat growers
ganizations of the northwest, MI
/ Greeley urged federal action again.
IN ALLEGED monopoly maintained
/ the public warehouse men OF Chica
and other market centers
Through memberships ON the CHI
Cago board or control of the stora
inf grain tho warehouse trust"
declared, had built up an organizaue
which controls the wheat prices
The world more han any other agen
except war scares and financial pm
les" The KEY TO the situation WI.
dealing IN futures whore no delft
cry was intended, he declared. Az
In this business the Chicago board
trade outstrippcd The other marke
of Inc world combined
Evidence was submitted 60 the cor
mittee designed 90 show that tl
i warehouse trust began business
1857, and had steadily increased
power until today the Chicago boa
was "throtled and controlled by q
.puhiic warehouse men'
Mr. Greeley read into the record
recent change IN the rules 10y q
board removing certain penalties pr
sCribod against warehouse memhcl
This he said, was done az the ord
of the warehouse mems cOmbinafio
II was said that II the hearth
bring out sufficient evidence the sn
iect probably viii be referred 20 u
committee ON agriculture with re
concentrations that Il draft legslatt
TO remedy the alleged evils.
Mr. Greeley eharged chat pub
warehousing In Chicago was cnndu,
g ed Openly and bra2enly in violatll
{ of law without any orsanized oppoi
] tion of state legal authorities,
a crush open competition.
e ut is recognized he asserted. 'ih
o g5 per cent az least Of all cash sra
which has entered public storage {
81 many years has heen controlled
70 the illegally operating warehou
q proprietors Innocent individuals a
y subject to many hardshlps OF odds
3. percentage In the game which are CO
IA respondlngly IN favor Of the col
hlned warehouse man-sp oculator
CLOSELY associated with the au'
o. lions herein involved should be cu
G. sldered the manufacture OF social
contract grades of grain from m
lures of the lower grades with heti
grades such mixtures illegally piac
r. In public storage by suhtertuge. Q
N easily discovered ard understood a
I. no doubt are known % exist by q
m stuie authorities who should, but
I not properly control the warehot
~ business of Illinois"
\ The effect of this he said, was
/, enable the warehouse men To keep
n storage enough wheat 20 control
n market in futures and establish
Z price ON the farms at whatever Il
n choose to make It,