654 IOWA DEPARTMENT OF AGRICULTURE 



Member: Who found this out? 



The Chairman : The Bureau of Markets, because they had 

 the power to investigate these men's books without a complaint 

 being made. They can do it without a complaint being made, 

 and the other people cannot, and that's the difference between 

 them. 



The Secretary : Doesn't the exchange have the right to in- 

 vestigate any member on its own initiative, if any member of 

 the exchange has reason to believe that some member is doing 

 improper business? 



Mr. Stafford: Yes, sir. 



The Secretary: You say they don't need a complaint? My 

 understanding is you don't need a complaint from anybody, do 

 you? 



Mr. Stafford : No, sir. 



Mr. Bray: My purpose in asking Mr. Stryker to make that 

 statement was with the view that he would make that clear. It 

 comes to me that I might have directed that question to the sec- 

 retary of the National Live Stock Exchange, but as Mr. Stryker 

 happened to be right before my eyes, and he was beaming up 

 there like a sunbeam, I couldn't resist the temptation to call on 

 him to answer that question. In my statement relative to the 

 difference in authority between the live stock exchanges and the 

 Bureau of Markets, I referred directly to that particular feature 

 that the Bureau of Markets has authority to go into the books 

 and audit them to see whether there is anything wrong or not, 

 while the live stock exchange comes to them only if there is 

 something wrong with them or with their force. 



Mr. Stryker : In answer to Mr. Wallace's point-blank ques- 

 tion, and I am very glad we are talking these matters over just 

 as we are, we have the absolute right, Mr. Wallace, if one of our 

 members thinks that another of our members isn't doing just 

 exactly the right thing he may come into my office and say, 

 "Frank, investigate the handling of a certain proposition today; 

 I am not satisfied with it," and I go and take it up carefully in 

 every detail, and if there is anything wrong then our machinery 

 takes hold of it. We think that is only as it should be, because 

 only as we handle your business honestly and carefully are we 

 deserving of your support and patronage. 



Mr. White: Do you have to bring out the complaint then? 



Mr. Stryker : No ; any shipper or any member of the organ- 

 ization may come to me and ask me to have a transaction investi- 



