26 GRAZING FEES — GUARANTY PRICE ON WHEAT. 



Mr. Clement. Exactly. 



Mr. Young. And you put your money out in good faith in the 

 ordinary channels of doing business in that industry ? 



Mr. CuEMENT. Exactly. We had nothing whatever to do with the 

 market. As you suggest, we followed the market. The law of 

 supply and demand made the market, and there was an excessive 

 ■demand, and naturally at that juncture when these reports were 

 emanating from Mr. Hoover and the other authorities here, to the 

 effect that we were 400,000,000 bushels short of the required amount 

 of food the market was in an ascending state. 



Now, if you want any evidence in the world that the grain dealers 

 were acting in the best of faith, on evidence and information that 

 they believed to be true, why, look at the course of the market. If 

 there had been one dissenting view to the effect that there was going 

 to be, or that there appeared to be a probability of the fixing of the 

 price of wheat, you never would have seen an advancing market. 

 It would not have been possible. If we had not believed, not only 

 the grain dealers of these States but of all the States — if they had 

 not been convinced that there was not going to be a price fixed on 

 wheat, they would have protected themselves. 



Mr. Young. Let me put this question now. This matter will be 

 gone into, so we had better get every suggestion on it. You gentle- 

 men, as grain dealers, knew the world conditions and knew the 

 necessity of the world for wheat, and that there was a short crop of 

 wheat ? 



Mr. CuEMENT. Indeed we did. 



Mr. Young. Now, during that particular season, was there any- 

 thing in your method of handling grain that varied from prior 

 years ? In other words, what I mean is this. Knowing of this world 

 shortage in wheat, were you gentlemen gathering, together great 

 volumes of wheat and holding it for the purpose of reaching the 

 ultimate higher prices that would necessarily come unless there was 

 some restriction, or were you simply going on as you would nor- 

 mally? 



Mr. Clement. We did absolutely. And I will state this for your 

 information, that our claims are an aggregation of small claims. 

 There are no large claims among them. That proves conclusively 

 that there was no general holding of wheat. The. largest claim our 

 Texas delegation has is, I believe, $28,000. 



Mr. Dorset. There is one of $39,000, but that gentleman had 15 

 country elevators. 



Mr. Clement. There was no disposition to hold the wheat. 



Mr. Young. The point I want to make is this : Was there any dis- 

 position on the part of those trading in wheat, whom you gentlemen 

 are representing, to hoard wheat? 



Mr. Clement. Absolutely none. 



Mr. TiNCHEE. The only fellow that was hoarding wheat was pro- 

 tected — the big miller. 



Mr. Clement. You are absolutely correct about that. 



Now, gentlemen, I believe I have presented all of the facts con- 

 cerning our case that I have to present. I do not believe there is a 

 single point I have not covered. 



Mr. TiNCHER. How many bushels of wheat did you say there were 

 on hand in the United States at the time this law was passed? 



