GAMBLING IN WHEAT 41 



stuffs, which they only permit to pass to market 

 after their terms are compHed with. These agencies 

 include the railroads, the warehouses, the terminals, 

 the slaughter-houses, and the banks. They all work 

 together through the Boards of Trade. They fix the 

 price which the farmer receives and the price which 

 the consumer pays. In 1915 we produced 1,100,000,- 

 000 bushels of wheat. At 40 cents on the bushel 

 the consumers paid $440,000,000 in speculative 

 prices to the grain gamblers. In the same year we 

 produced 3,000,000,000 bushels of corn, more than 

 1,500,000,000 bushels of oats, and more than 800,- 

 000,000 bushels of rye. This was the total for the 

 entire country. And if the manipulation in wheat 

 is indicative of the gambling tribute on other prod- 

 ucts, the loss to the farmers, or excess sum paid 

 by the consumers, must have amounted to more 

 than a billion dollars. 



In hearings before the Conmiittee on Rules of the 

 House of Representatives during the 63d Congress, 

 witnesses for the farmers and grain-growers of the 

 Northwest laid before the committee how agricul- 

 ture, and especially wheat-growing, was being de- 

 stroyed by the practice at the Boards of Trade and 

 Chambers of Commerce working in harmony with 

 the warehouses, the millers, bankers, and other 

 agencies. The testimony showed that the Minneap- 

 olis Chamber of Commerce is a private and secret 

 organization like a club. It is managed by a small 



