New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1920-03-10
FUTURE TRADING IN
GRAIN IS GAMBLING
BIG BROKER FIRMS ADMISSION
PROVES CHARGES MADE
BY FARMERS
N-SHEPEERDSON CO. ASKS
AND SECURES DIRECTED
VERDICT.

One of the biggest grain brokers
holding a membership in the Mime
apolis Chamber Of Commerce and Chi
cago Board OF Trade-rhc Quinn-Shcp-
hcrdson CO.-admitted in Hcnncpm
country district court the other day that
buying and selling grain for future de-
livery was gambling, says the Minnesota
/ Leader
Because such a transaction was galnb-
ling and, therefore, illegal, L. K. Eaton,
attorney for the Quinn-Shepherdson
Co.. asked Judge W. T. Hale to direct
q verdict for the commission firm The
verdict was so directed.
The admission OF the attorney for
; the Quinn-Shephercison Co. was made in
open court, in order to prevent the jury
from bringing in a verdict for James
A. Morrow of Aberdeen, S. D., who was
suing the grain firm for 1905. OF this
sum 1865 constituted profits made in
January, 1915, by Morrow, through
future trading in rye, oats and corn.
Denied 1t Was Gambling.
Fer years the Minneapolis Chamber Of
Commerce has insisted that future
trading is not gambling. The Minnesota
law enacted through the influence of the
Minneapolis Chamber OF Commerce,
declares that future trading is not ga,nb-
ling unless both parties to the transac-
ton admit that no actual delivery Of
grain was contemplated. Heretofore
grain brokers in the Chamber Of Com
nercc have always insisted that they,
at least engaged in future trading with
tie honest intention of making deliv-
g..
Il this slit Of Morrow against the
G0inn-S Stephenson Co., the commission
l'rnI Violated all the traditions of the
chamber CT commerce by telling the
trttA What the Minneapolis Chamber
Of Commerce soviet will do is hard to
say. The soviet has authority to dis
ciplmc its members and under the ironical
| rules OF the organization members have
to appeal to the courts.
| Farmers Were Right.
BY admitting that future trading is
nothing less than gambling, the Quinn
Stephenson Co. admits all that the
NonparJisan League, the American So
ciety Of Equity and other farmer or
CARNATIONS have charged for years.
This admission, made to save lawsuit,
may be far-reaching. .a.:.". +.
in directing the jury in the case ia
! bring in a verdict for the defendant
! The Quinn Stephenson Co., Judge Hale
said, in part:
'Thc defendant had made a motion
! for an instructed verdict on the ground
that it conslusively appears from the
evidence that this transaction was a
gambling transaction and prohibited
| By law. 1t becomes now a question
| OF law for the court to decide, no lrat-
ter how unpleasant it may be. :: :"
Il am satisfied, from i'll evidence in
the case, that the uncontradicted evil
dcnce shows that these parties were en-
gagged in q gambling transaction. | do
not relieve the defendant from this
either; it was not in
tended Or expected by the Quinn-Shep-
herdson company or by the plaintiff
that this grain would ever be delivered.
I.
market might lose. Fourteen hundred
dollars was put into the same bag, so
to speak, to be used in tins scheme OF
specializing. The courts all over the
country censure such transactions. They
are immoral. A man gets something
for nothing if he wins 1t is not an
honest, straight transaction There
IS too much Of it in this country now.
| am obliged to grant the motion that
the jury find a verdict for the defendant.
Higher Than Court.
This matter may be taken up by
the plaintiff, as.l suppose, before the
chamber Of commerce. which may be
'~''it w 'Cdi Will IL Iii u Inherent way
than the court is able to, and if there is,
anything Justly and equitably due
the plaintiff they may be able to settle
that, but the court has 10 such p0wcr. !"
In his complaint Morrow alleged
that he deposited 81 ,44O with the
Qulnn-Shepherdson Co. between jan
uary 3 and IS, 1919, to buy and sell
corn, oats and rye. Morrow alleged
that ne made $50 ON one deal, $500 on
another, 500 on another and $500 on
still another. After making these pro
tits Morrow says the Quinn Stephenson
company paid him only 1885 and refused
to pay him the balance.
NJ. p. Schuster, junior member Of !
the local firm Schwendinger & Schuster,
painters and decorators, went to Mount
Iron on the Iron Range, last week Mon
day. he was accompanied by Emil
Mueller, John Dorm, JOS. Stadick and
Otto Kaping who started work on a
school house there for the local firm.
Mr.. Schustpr rat,lrnad to 't]Jis. so;t,y ~,