, 1874-02-08

days. with provision for extra storage in certain
cases. The rates now charged are 2 cants TO,
rhe frat twenty days OF part thereof, and 1 cant
for each succeeding ton days or part there
Of; but the ratcs charged for winter storage,
from Nov. Is to April l5 areless than the local
rates. Although the bill for this Warehouse law,
or that portion OF it which relates to oWarchouEes,
Was prepared by the Directors OF the Board OF
Trade. the section that relatcs to rates OF com.
pensntion was opposed BY the Directors, and
especially by Secretary Randolph, who. 1nntier-
stood, favored the rates that are now charged.
The law was passed during the Presidency Of S.
H, 3lcCrea. was not . member OF the Doaru OF
Directors at that time, and oply speak from
hcarsay-
R.porter-Do you think it good policy tor the
Legislature to III the rates Of storage?
llr. Culye1--There arc two answers to that
question: In the first place, when tile rate VAS
hEeo by law TINT charged by elevators Vas con,
storase,-that is, after the first twenty tiayB-1zc
for each five days, although at former period
their rates were now, but taer persistency
in charging ]5c for extra storage c-ch i've
days WIS generally considered outrageous, and
have no doubt had its effect op the
Legislature in its fixing rates Of storage.
On the other hand, the liking OF rates by tho
Legislature has tho effect to deter capitalists
from Investing money in e1osator-property.
For the argument is that, If tho Legislature can
name any rate, they are quito likely to name one
ever distrnstful, will not eeek Investments
that arc liable to be made nnproductiEe
by Legislative aoactmonts. Every winters
experience demonstrates the need Of more stor-
ago room in this city. Eren last fall when
navigation was open, the warehouses;. became 80
crowded that canal boats had to wait toccks for
place to unload. Any legislation that permits
the building Of elevators here has the same
effect upon the interests OF producers
and. the trsde OF this city as does
IL.
or compilation Of railroads centering hero-dis-
astroy.s in the extreme. Tho power OF tho Leg
islature to do q thing and the policy OF oxcrcis-
ing that power, are two different things I am,
on general terms; opposed TO the Lega]atnre
aB1z to esnas dc what e.a the Rs0 II 5sfRsI s
7 believe that the elevator proprietors Of this
city, in the light OF past experience, will see that
it is for their interest to charge for storage no
more than reasonable rates, and should bo
glad to see them mako storage, say. for first 10
days el 1@c, TOR each succeeding 10 days OF part
low rate for long storage. The smaller
the first storage, the better for tho
producers. But after the property gets into the
hands OF the speculator, he, and not the former,
is effected by rates Of storage charged. Not one
farmer in q hundred holds his grEin in Chicago
more Than ten days, and as fur as my observa~
ton extends, country dealers who sell their grain
on arrival IN Chicago make the most money As 3
rule.
GENERAL AGnEEdENT.
Tho gentlemen conrersed at sonno length Oh
the point made By the last speaker. They
agreed that it would be best for tho warehouse
men, for the farmer, and tho traders Of this city
that the first storage DO made short and cheap.
The large quantities Of grain that so round Chi
cago, directly to the East. do 90 principally be-
cause the shippers avoid our storage charge. II
that wsro made less, the advantage offered By
Chicago as market, in which produce can al
ways be bought OF shd. in as small or large
quantities as may be desired, would fully conn-
terbalauce the effect OF such small rate. Ctlica~
20 is the natural grain market OF the
Weat, and would be universally resorted 70 rs
such, were tt not for the sl.ortsghted policy OF
Dur Tarehousemen. Thoso gentlemen must re-
member, however, that while they may snccced
in perpotuating q monopoly OF tho business in
his city, they cannot cut off competition on the
7ars OF the world around them, and must recog
1ize that Fact il they would retain aud increase
he grain handling busineas.