Evening star., 1922-10-14
COMPLETES PROBE
Of WHEAT SQUEEZE
Federal Trade Commission
to Report on Recent vari-
ations in Prices.
FACTS GO TO THE SENATE
Investigators Also to Consider Re-
fusal of ]. 0dgen Armour to
Supply Records Requested.

CHICAGO, October 1.-THE Fed
eral Trade Commission, which has
beer conducting hearings here pur-
suant to a Senate resolution request
ing information as to whether recent
variations in wheat prices were oc-
casioned by manipulations or were
the result of the unhampered opera
tion of natural causes, completed Its
investigation here yesterday and the
members left last night for Washing
ton.
Members said that upon their re-
turn to Washington they would go
over the evidence obtained at hear
ings in Washington. New York and
chicago and then prepare A report TO
lie submitted to the Senate without
conducting any further hearings.
Armour Case Considered.
They will also consider the point
10 furnish the commission with rec
ords Of his purchases and sales of
grain or the future transactions of
the Armour Grain Company from
July. 1920. to last May. When Mr..
Armour appeared before the commits
sion Wednesday he refused to give
the information until he had consult
ed his attorney, and yesterday he told
the commission that on advice Of coun-
sci he would not reveal his transactions.
Vice Chairman Victor Murdoch.
after repeatedly urging the packer
and grain dealer to give the informa-
IIon sought, excused Mr.. Armour with
tic statement that the refusal to give
The information would be taken under
consideration. Last night Mr.. Murdock
said he did not know what action the
commission would take in the case.
Tells OF "Squeeze" in May.
James W. McCulloh. the last wit
ness called yesterday, testified regard
ing his opinion of the squeeze" of last
May. he having been chairman of a
committee appointed by the Chicago
Board of Trade to investigate the May
wheat situation. He said that wheat
futures were being bought by eastern
stock brokers at the time, and he de-
duced that the tip to buy came from
Washington, since. he said. stock
brokers are not usually spectators
IN the pit. Contrary to expectations.
he said. the price of wheat did not go
up and the brokers lost. 1t had pre-
rfouSly been testified that the Armour
Grain Company and the Roscnbaum
Company were two large firms which
brought wheat here. and the commits
sion had made attempts to discover
why the car delivery rule allowing
delivery of wheat in cars instead of
in warehouses and which resulted in
thS upset III SHC IIldIh6S was invoked
IT had been testified that an emer-
Eency existed because warehouses
here were full.
Minneapolis Miller a Witness,
Frank Crosby, Minneapolis miller,
said that future trading benefited the
miller because 1t enabled him to take
wheat from the market when needed
Within the last two years, he said
the hedging security had been re-
duced, owing to the high premium in
the prices of desirable milling wheat
over the prices OF Chicago futures.
Howard Jackson. another witness,
said the public elevators should be
operated by the railroad companies
rather than by grain dealers, as is
now the case. Other witnesses yestet-
day included J. F. Barrett, T. J. SulIi-
van and L. l. Winters.