THE STORY OF THE NONPARTISAN LEAGUE 



times referred in the course of this narrative, 

 was left, after its investigations, with no un- 

 certain impression as to the seriousness of 

 this evil. It made in its report these preg- 

 nant findings: 



That it is the common practice of these controlling 

 members [of the grain exchanges] by concerted action 

 in these three great markets [Chicago, MinneapoHs, 

 and Duluth] offering or withdrawing enormous quan- 

 tities of wheat at the pubHc warehouses and terminal 

 elevators and by concerted bidding and betting in the 

 pit on futures, to depress or raise the price of wheat 

 to suit the purpose of their gambling operations. . . . 



That for each bushel of real wheat actually sold and 

 handled in each of these terminal markets at least one 

 hundred bushels are bought and sold in so-called future 

 trading. 



That the multiplied expense of all such future trad- 

 ing, as well as most of the profits thereof, must come 

 out of the real wheat actually marketed. 



That the only part of the gains of gambling in wheat 

 not borne by the farmer or the buyer is borne by men 

 tempted to speculate in the pit. 



That the number of embezzlements, bankruptcies, 

 and wrecks caused by gambling in wheat futures is 

 appalhng. 



That the members of the Chicago Board of Trade, 

 the Minneapolis Chamber of Commerce, and the 

 Duluth Board of Trade, through whom such gambling 

 operations are made, cover and hide the record of the 

 losses sustained by speculators and refuse to exhibit 

 their books to the state officials whose duty it is to 

 protect the public. 



That the Chamber of Commerce of Minneapolis 

 and the Board of Trade of Chicago, by virtue of a 



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