The producers news. [volume] (Plentywood, Mont.) 1918-1937, 1934-02-09

A1Cer TOUR Gays OF 1t the whole |
thing is one big blur, and you can
toss up the coin. firing out the |
jurors is part of the game.
The case i1self was a case where
the Brown Grain Co., of Mime
apolis, sued Albert Spoklie of the
Coalridge country for the payment
of a note signed by him in 1880.
The amount being $2,348.
AS far as this "fairminded"
jury could see, here was a man
who had signed a note and they
were going to make him paw it.
They themselves at least "tried" to
pay their obligations, and they
were going to make him pay his.
The Brown Grain Co. was rep
resented by Greer and Hoven.
Howard M. Lewis handled the case
for Albert Spoklie. ALI attorneys
doing their best and succeeded in
making the case last four DAYS.
In 1880 the Farmers Elevator in
McElroy was in a hopeless fl
nancial condition. At that time it
owed to the Brown Grain Co. $685.
600. 1t was still run as a "farm-
ers" concern, but outside of put
ting the 0 K on anything the
Brown Grain Co. told them to, the
farmers had nothing to say about
it. The elevator and grain buyer
were entirely in the hands of the
Brown Grain Co. and run by them.
At that time the farmers were
advised by the grain company and
its buyer, Mr.. Wells, to haul their
grain and sell it, then buy options
and speculate in the future mar
ket. The price of wheat was bound
to go up-The Brown Grain Co.
wanted to be kind to the farmers,
wanted to give them tip and give
them a chance to make a lot of
easy money, they said.
Apparently the Brown Grain Co.
was working a little shell game all
of its own and the farmers fell
for it.
The farmers started buying OPP
tions through this Farmers" ele-
vator. To the elevator they paid
the money required on margin
The elevator and grain company
is in fact the same thing, but are
operated as two Independent and
different concerns.
When the price of wheat started
to drop, something peculiar hap
pened. The specializing farmers
were not closed out when the mar
gin paid by them was exhausted
as is always customary. But, thii
: $50, 000-in-the-hole elevator thel
started financing the deals anC
: furnished credit to the farmers b!
! making out elevator checks pay
able to the grain company.
: At the time the price of whea
had dropped about 20 cents, tn
: farmers were closed out by tn
!. grain company. It wasn't ALDER
!, Spoklie alone-about twenty NOR
farmers were caught in the sam
mess, and notes were given b.
I them to the elevator. These note
again turned over to the Brow
| Grain Co. as collateral. What tn
; total amount involved amounted
was not disclosed at the tria
I probably $4,000 or more.
II No person with ordinary sens
| could imagine that the Brow
Grain Co. did ali of this of kind
ness to the farmers. To me
looks like a shell game pure an
! simple planned to hook the farm
ers. It is safe to say that tn
= Brown Grain Co. was pretty we
- posted on the way wheat price
\ would go, and very likely the maj
' gin paid never went any turtle
than to their office.
At any rate, when they actual
= started financing the Trainer
they had a way to hedge again
| losses and protect themselves, wit
the result that notes signed b
the farmers would be clear velv
to them, if they are able to co
lect.
The case against Spoklie was
- test case because he is a big farm
er and would be most able to pa
. But it was started for the purpo
of frightening the other twent
farmers into paying their note
And all this "fairminded" ju,
| could see was an unpaid note.
returning a verdict in favor OF t
Brown Grain Co., they put the Q
on their little she'll game and le
- the road wide open for Brown a.
| others to skin the farmers to the
hearts content any way they S
fit.
That the whole transaction "
, nothing but gambling from the :
ginning can not be denied. In q
i, case the Brown Grain Co. claim
tn he the "innocent third part!