The Toledo chronicle. [volume] (Toledo, Tama County, Iowa) 1873-1924, 1874-09-10
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Sea-Deard ana Europe.
NV YoaK, August, 0oth, 1874.
; A report has reached here that >
large combination Of capitalists, grain
dealers. bankers and railroad men Is
being formed for Transporting grain from
the West to the Atlantic seaboard and
Europe, andfor protecting sales of wheat
in London on commission, negotiations
being effected here by telegraph. The
prospectus Of the new company, Is con-
tanned in the preliminary articles Of agree
ment, which were signed Saturday last,
in New York, by few of the original
promoters. sets forth that this company
has been formed in order to take advan-
tage of the present opportunities for doing
large grain business with Europe, and
to satisfy the popular demand for some
means to relieve the farmers of the West
by bringing them into immediate connec-
ton with buyers and consumers in Europe
The prospectus also shows that the pro-
moters Of this enterprise have already
established strong financial business con-
nections both in England and the United
States, with large credits, for the trans
action of business on an almost unlimited
scale, Contracts have also been entered
into with railroad and steamship com
panies for cheap and uniform rates Of
transportation. The scheme of this en-
terprise is briefly stated. The main Office
will be in New York. Agencies will be
established in Chicago, st. Louis, San
Francisco and other cities of the West
and in London and Liverpool. The agent
in any Western city will inform the main
Office of the amounts Of wheat or other
grain that can be purchased The main
Office will communicate with the London
Office. All communications in making
sale will be sent BY telegraph. The Lon
don agent will sell, say 10000 tons of
wheat to deliver in thirty days at the rul-
ing rate, and will telegraph the transac-
ton to New York The agent at Chicago
will be instructed to buy wheat to fill this
order.
The company has European credit, so
that it can draw exchange against wheat
upon sending bills of lading. The agent
at Chicago will pay the farmer s. per
cent in cash according to the price Of
wheat in London on that day. Fifteen
per cent will be held back until the wheat
reaches its destination, to cover losses
and commission, when the farmer will
receive final payment of the balance due.
The commissions will be per cent. The
company will also have large profit from
the sale of its exchange on London. The
Farmers will be benefited by making
prompt sales at London prices, less COM
missions only, and will gain the advan-
tage Of cheap transportation secured by
the company. They will avoid paying
the present enormous expenses of making
sales.
An Office will be opened in New York
this week, and next Saturday an agent
will be sent to England to establish offices
there. Oryille Grant. through his bust
ness connections in Chicago aud the West,
will probably control the Western agen-
cies, and it is said that the whole pro
gramme will be made public.
Among the names signed to the original
are those of II. A. Moore,
banker. of New York, Giroud Bros. & Co,
Brice 6 Co., C. n. Bowen, and Julius
Wolff. The principal parties in interest
have not yet been disclosed, though It is
certain that there will be large and in
fluential backing of capital and business
talent