Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1914-05-16
Henry Resolution Providing for
Federal Probe a Broad One

SlVCS NOAISACSS <1OeAlOIlIy "
the Grain Business on tt
of the Ur
Realizing that the resolutions intro
dGced by Con- 'essman Henry provid
ing for an investigation of the meth
DDS and practices in the transaction o
business on cotton exchanges and
grain exchanges of vast import
ance, the Tribune publishes below
the full text OF the resolution.
Whereas. the worlds demand fol
cotton and the consumption thereof 81
closely balance its production from
year to year that there is no legiti
mate occasion for violent fluctuations
in the price Of that necessity; and
Whereas, it is charged and general
ly believed that the PRICE Of cottor
paid to farmers, as we'll as the cos
of same to the cotton canufacturer.
of ,hc world, is largely controlled by
the cotton exchanges of New York
and New Orleans, that they furnish
the means OF market manipulation ard
CONTROL that because of the. means
thus furnished the price of, cotton is
manipulated and controlled by those
who have no interest in it's production
or it's ultimate cost to the consumer;
that each Of the said organizations op
crates under rules and by laws that
enable these who operate through the
brokers to control the future market
which in turn affects the spot mar
ket that the New York Cotton Elk
change has committee which meets
at stated times to fix the relative val
ues of the different grades Of cotton
at which they must be sold If deliver.
les are made, said rule being made for
the express purpose of preventing de.
liveries being required: tho. all cot,
tom is sold on basis middling," swing
the seller the right to deliver any on
or all Of eighteen grades to the pur.
chaser, said rule being to protect the
feature of the exchange and
prevent deliveries being demanded;
that New York is no longer a spot
market for cotton, and the actual del1v-
eryof only a few thousand bales is
recorded the3e per year, while it is
currently vouched for that more than
100 millions are bought and sold on
the New York cotton exchange an.
nually; that there is a secrecy about
The business that shows the fear of
light; that no records are kept or
that the public may not
know what is really going on; that
it has deliberately covered up the re-
ative trade values of different grades,
as has been shown nv ectnt rig;!
rests by .governma experts author
lied under an act OF congress to inves-
tigate and report, said report. having
been made and it's accuracy confirm
ed, that the multiplied expense Of all
such future trading, as we'll as the pro-
fits thereof, mnst come out rof the pro
Queer or the consumer, or the gamb.
lers, tempted to speculate in the hope
OF margin profits; that the number
Of entertainments, bankruptcies, and
wrecks caused by this species Of gam
bling is appalling and destructive Of
the moral as we'll as the business wei
fare of the country; that combinations
of spectators can be formed, and
have been formed. to make what are
termed bear raids or "bull raids
and by process of hiring two sets of
brokers to go on the exchange the
same day, neither set of brokers know
ing Of the deal, one set authorized to
make oders to sell and the other
set authorized to make offers to buy,
according to a schedule that will put
the quotations to going up or down,
according to the plans of the clique
engineering the scheme, thus affecting
the value Of millions of dollars worth
Of property in defiance to the law of
supply and demand, for the sole pur.
pose of giving profits to buccaneers OF
high finance; and.
Whereas, such combination of deal
ers, spectators and gamblers operat-
ing as members Of the cotton exchang-
es under the rules, bylaws, and prac,
tice now in fierce in respect to the mar
keting of cotton, as well as in the
making and publication of the prices
thereof, and in the future dealings
therein, are in violation of the Sher
man antitrust law and operate as an
and unlawful restraint
CT trade and commerce;
No Necessity FOR Some fluctuations
Where, the worlds demand for
wheat and the consumption thereof SO
closely balance its production from
year to year that there is no legiti.
mate occasion for violent fluctuations
in the price of that necessity; and
Whereas. it is charged and gener-
ally believed that the price of wheat
paid the farmers, as well as the cost
OF flour to the consumers, is largely
controlled by the beard Of trade OF
Chicago, the chamber of commerce
of Minneapolis, and the board Of trade
of Duluth, acting in combination; that
the board of trade Of Chicago is a
monopoly and has and exercises com
plete control over the buying and sell.
ing of wheat and the prices paid there
for in that market; that the cham
Der of commerce OF Minneapolis is a
monopoly dominating and controlling
that market and controlling the prices
for wheat from day to day.
Exerts Control.
That the board OF trade OF Duluth
controls the market at Duluth and
operating In conjunction with the
board Of trade of Chicago and the
chamber of commerce Of Minneapolis
makes the price OF wheat for the