THE WHEEL OF FORTUNE 



Later, Mr. Welch was instructed to furnish 

 a statement showing the profits and losses of 

 outside traders through his firm as contained 

 in its books. 1 



This statement was never furnished. 



While Mr. Welch was on the stand this 

 colloquy took place: 



Question (by Mr. Teigen, a member of the committee). 

 Now is not this little side-show you have in the 

 smoking-room an absolutely pure, simple gambling 

 proposition? 



MR. MANAHAN (of counsel for the farmers). I think 

 I covered that. 



MB. TEIGEN. You never got yes or no on it. 



MB. MANAHAN. You won't, either. 



WITNESS. I answered that it was to a certain 

 extent. 



MB. TEIGEN. Can't you make a yes or no on that? 



No answer. 2 



When the Interstate Commerce Commis- 

 sion was investigating one phase of this sub- 

 ject it had before it Mr. F. R. Durant, de- 

 scribed as the manager of the Grain Bulletin, 

 a peculiar publication issued from the Cham- 

 ber of Commerce and having a close rela- 

 tionship to the prices the farmers were getting 

 for their wheat. The Commission was very 

 curious to see some of Mr. Durant's books 

 and papers. He never produced them be- 

 cause he averred that all had been destroyed. 



1 Investigation by Minnesota House Committee: testimony, pp. 

 889-890. Ibid: testimony, pp. 904-906. 



165 



