THE WHEEL OF FORTUNE 



Q. The value you send deducts the freight rate 

 from that point into Minneapolis? 



A. Into Minneapolis as a general proposition. 



Q. Does it deduct the margin of profit? 



A. Yes sir; a maximum margin of profit. 



Q. Who determines that margin of profit? 



A. That maximum margin was determined when 

 we first organized to give out this information. It 

 was, as nearly as I can recollect, the consensus of 

 opinion of the majority of subscribers. 1 



The meaning of this seemed sufficiently 

 clear. It was an arrangement by which the 

 prices the country elevators were to pay for 

 wheat were fixed in Minneapolis (on the 

 general basis of the wheel of fortune) and 

 the elevators notified. Further questioning 

 elicited the fact that there were also agree- 

 ments to divide the gram that came in at 

 the country stations. 



Question. Since your association was formed, what 

 is the greatest number of points that have been affected 

 by these agreements to divide the grain? 



Answer. I do not remember more than 125; per- 

 haps 130. 2 



Nevertheless the nature of some of these 

 operations seemed to be fairly well indicated 

 by the following extraordinary document, 

 which was now put in evidence: 



1 Before the Interstate Commerce Commission. In re Relations 

 of Common Carriers to the Grain Trade; testimony, p. 967. 



2 Ibid., p. 969. 



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