The Omaha morning bee. [volume] (Omaha [Neb.]) 1922-1927, 1922-10-14
Grain Probe
Is Blocked
by Armour
Victor Murdock Tries in Vain
TO Shake Decision of Pack.
er Not to Reveal Wheat
Future Trading.

Chicago, Oct. 13.--tBy A. Pp-J.
ogden Armour again today refused TO
give the federal trade commission.
which In investigating trading In
wheat futures, the figures showing
the extent Of his grain trading In
1920, 1921 and the early months OF
1922. Mr.. Armour, on the stand
Wednesday, had refused to give de.
tails OF his grain transactions and was
excused until today.
Victor Murdock and other members
OF the commission tried In vain 10
shake the decision Of the witness.
Finally Mr.. Murdock, vice chairman
OF the commission, excused Mr.. Ar.
mour and said the commission would
decide later what 1t might do.
Are YOu Alone"
In hearings in the east as well az
thus far In the inquiry, conducted
here, Mr.. Murdoch said, the commits.
sion had been able to obtain from
every witness, except Mr.. Armour.
such information as II sought
commissioner John y. Nugent, as
well as vice chairman Murdock, took
a hand at questioning Mr.. Armour.
Are you alohe the only man un.
willing TO tell the commission these
figures?" Mr.. Nugent asked.
Declines to Answer.
II must declipe to answer" Mr. Ar.
mour said.
"Of all the witnesses you are the |
only man who has refused to answer" |
Mr.. Nugent continued. Shall we re. |
port that to the senator"
Il don't believe have anything to
do with that" the witness answered.
The MAY Squeeze"
l.. l.. Winters, who followed Mr..
Armour on the stand, was questioned
fluctuations In wheat
prices between January and June Of
IaAt year. He said "a rising market"
early In the year was largely due to
the speculative demand. The May
he said was not due to any
effort on the part OF large
interests to squeeze out the bears, but
because OF warehoue crowding which
would prevent the shorts from making
The bull movement in the
May future, he said, was a legitimate
speculation.
The invoking OF the emergency car
lot delivery rule left the bulls" with
y lot Of wheat on cars in their hands
md to escape paying demurrage they
lnloaded, forcing the market price
lown, the testimony developed.
Without Breaking Market.
Had the wheat been delivered In
public warehouses, Mr. Winters
lgreed, spectators probably could
rave merchandised ii without break
ng the market.
Evading a direct answer as to the
fleet OF the new "anti.corlier" rule
which permits defaultlng when caught
n q squeeze" Mr.. Winters said he ;
lad never defaulted on a contract. ,
George Il. Marcy, president OF the
\rmour Grain company, testifying
Wednesday. blamed traders for not
aking advantage OF the rule, and said |
he would not hesitate to default II |
aught short and unable to buy back
he wheat at a fair price,
Two Clash.
The witness and examiner clashed ,
ver the exact shade Of difference
etween a squeeze" and a corner,
hartman Murdoch finally settling
he differences by laying down the I
ule that squeeze" was "a haby
orner" "and corner is an adult !
queeze Mr. Winters denied that the
ossibility ~ catching some one In a :
squeeze is held forth as a bait 10 !
eep the speculators interested and
4 the market, No one who bought 1
rain with the intention Of accepting :
elivery was hurt by the actual coz I
er last May, he declared, The only +,
ufrerers. he said, we're the specula i
ars. and the chief henehciaries We're J
he hedgers, who comprised the hulk ,
short interests. Il