on the face of it that it was propaganda pure and simple. They could not 

 have pulled a thing like that with marketable hogs or, rather, commercial 

 hogs and it had to be pulled in this way: Some shipper out in the country, 

 evidently I don't know whether this is true, but I know that it could not 

 have been pulled any other way that stood in with some old line commission 

 company shipped this stuff to this other company and they sold it for him 

 on Friday to a speculator. Then they told him what they got for the stuff, 

 and the shipper thought the matter over and told them that he wasn't 

 satisfied with the sale and he wanted the hogs back. They never thought of 

 the trick. They wanted to accommodate the man and they went to the 

 speculator not a packer they went to the speculator that bought this stuff 

 and they told him they would like to get this stuff back; they wanted to 

 know whether this shipper could get it back. Of course, the speculator was 

 in on the deal, and he says: "Why, yes. If he wants the stuff, let him 

 take it back." They turned this over to the old line company. Then the 

 old line company turned around on Monday and sold it for $211.80 more, I 

 think, than the stuff was sold for on Friday. The question is, who put up 

 the $211.80; whether it was a bunch of those fellows that got it up together 

 and made up the price, or whether there never was a second sale made. It 

 might have been just propaganda, pure and simple, but it made a very 

 interesting article in the newspapers, both in St. Louis and Chicago. I think 

 one of the market papers in Chicago put a frame around it. That is the 

 whole story of that little frame-up. 



Now, to go a little further. A week or two after that I happened to be 

 in the office one day and a young fellow came in with a telegram. I noticed 

 he was a little nervous. He said he wanted to know where the manager 

 was. The bookkeeper told him the manager was out. He said he so'd some 

 sheep that morning and he had a telegram from his father stating that he 

 wanted to get the sheep back; he wasn't satisfied with the sale. Well, now, 

 as near as I could get at it, these sheep were sold by our company. They 

 sold the lambs at thirteen and a half and sold the ewes at six and a half. 

 Then the boy telephones to his father out in the country, and the father 

 telegraphed back that he was not satisfied with the sale and to recall the 

 sheep. After the manager came back he asked him what about it? He said: 

 "Now, here, just tell the people that the Producers Live Stock Commission 

 Association never sells stuff but once. When it is sold it is sold, and that is 

 the end of it. They had a chance to look us up. We have been doing busi- 

 ness several weeks. They could find out whether we have been responsible, 

 whether we are getting satisfactory prices. If they are not satisfied we are 

 very sorry about it, but not to come back any more. If they find they were 

 mistaken we would be very glad to handle their stuff in the future." The 

 fellow came back in half an hour and wanted to get a job with us, wanted a 

 job as yard boy. Since then we have had a load of hogs from the same man. 



Here is the provision that is made there: The shipping associations 

 over the country take out a membership in the terminal association. This 

 membership is based on a dollar a car for the first fifty cars shipped during 

 the last year, and fifty cents a car for the cars over that. They pay that 

 into the terminal association as membership, and that gives the terminal 

 association a capital stock to work on. Now, then, in order to take care of 

 the men out in the west, where they do not have shipping associations, where 

 they send great trainloads in there are some men there that will ship in as 

 much live stock in a year as some of our small county shipping associations 

 in order to take care of them we had to make a universal rule that any 

 farmer or producer of live stock might take out an individual membership 

 of ten dollars and ship himself. 



DIVISION OF PROFITS. 



Q. You spoke of the profit in the year. How do you divide that? On 

 the basis of a number of animals, or how do you figure that? 



Mr. FULKERSON: It is figured on the amount of commission paid in. 

 For instance, we will say, just to make it easy; suppose at the end of the 



