The Omaha morning bee. [volume] (Omaha [Neb.]) 1922-1927, 1922-10-12
Speculation
Defended
by Armour
Capitalist Say. Grain Market.
ing Praclicr T. Aid 10
Farmers Declines 10
Answer Questions.
To Appear Again Friday

thlDuFoi not n tBy A. pJ.J.
ogden Armour meat plcltef and zap.
ilpllTi, declined for he paent ~
leusi 10 reveal 10 the +, = ! trade
Itlinnitalou the extent ~ hpncua
ilons IN wheai and corn dur ~ The
period from July 10, ig2o. 70 May 81,
lgg2.
MI Armour Vii appear aKnin m.
day morning, after comforting with
lils attorneys, and tell no commission
sheiher se viii ~ viii not Eiys Il
The figures sought
Admitting Tint ho b1d beep IN ihr
market occasionally" ~ fpheulaiur
+ during Tho period under lnHeHtigi
ton, Mr. Armour declined ~ name
/ his brokers or fryonl The lump pDin
~ bs long or short lines on any given
\ day
y cant answer that ofrhand and
! don't know how Thai ran interest
his corS Spsaon' he replied WHOM
Victor Mufdoek, vice chairman, press.
sd him for Tho figures.
"Wero your operations quite ei.
! fNVFff't fH' hN'NffV'IN hFFtif
/ - presume TINT would depend on
q nnn's point ~ view" Mr. Armour
H1ld.
Defends Speculation.
Mr. Armour defended speculation IN
grain and the marketing machinery
wh'ch npkos II possible, becnuse The
| f1fDcr is afforded nm opportunity 10
sell lilH product on my day " ths
| year IN nn open m1rket THE pro.
durer does moi nlwlts got Tho price
he ~ entitled 10. he admitted, but on
The average, he said The farmer doeA
| benefit by tlte system.
Iils Views on tho speculative mar
kei were brought out by Mr. Mnf.
dock, who recalled mis- acquaintance
With " -. Armour, foui der ~ ths
Armour fortune Hnj father ~ tbs
present head of tho house.
u was T. y Armour who broke iln
great JOE Letter wheat corner IN 1921
letter had 100000 bushels Of whqnt
purchased md ae delivery day ap.
prodchod ihe elder Armour WIS
! go0o,o0o bushels short with no Wbcnt
| IN the market, He rushed Ice bfenl..
Ing tugs 10 the straits of N9cklngc
| and the BOO and Kept the channels
open while his freiRherr brought
down tho grain from Duluth
When The day for settlement cpmc
Armour not only met his own sholt
sales. but from the peemingly bottom.
Ioss pits Of his grain elevators poured
another 5000 900 bushels into the mar
k1t aud broke The corner.
"IJo you believe from your own
observation. that the speculative plan
Of the future market gives tho pro.
dncer square deal?" Mr.. MnrdoclS
asked.
siabiIiIes Conditions.
Mr., Armour weighed the question
for moment, and then said
"On tle average, ! think II has,
boeausc the farmer has a place 10
sell his wheat every day IN the year.
lie may not always get the price he
should the price he " entitled TO, but
I think " has stabilized conditions.
Without the speculative future mar.
ket no trader would buy wheat until
he had Il sold. and you know that
some times you have 10 carry wheat
a long time before you can sell II,
Mr. Armour sald he was not fam
llar with the rules OF the Board Of
Trade, had no opinion az 10 the fair.
ness OF upfairness OF the emergency
car load delivery" rule and did not
know whether on the two occasions
II has been invoked, It operated 10
his advantage or disadvantage. The
rulo permits delivery on cars when
the public warehouses are full
Mr Murdock attempted to learn
whether MIR, Armour "eascs' in or
out of market through small loi pur
ehnsos or sales, or whether he ae
cumulatos his long on short line, ~
the caac may be. in large lots, bl'
after considerable sparrlng the most
iIuFu Ia Pay. Tuo. tolutun kih1