The Grange advance., 1874-09-09
4 HUGE. COMBINATION.
Organization Of q CorpokatioAs Cor
tho RAFchase OF Wheat I'm the
West and for Its Shipment to the
Sea-Roaard and Europe. a.

! West and for Its Shipment to the
| Sea-R0aard and Europe. a.
IN. Y..gpecial (Aug. sl) Chicago Times-]
A report has reached here that q
large combination Of capitalists, grain
dealers, bankers, and railroad men is
being formed for Transporting grain
from the:west to the Atlantic seaboaxd
and Europe, and for, protecting sales ei
wheat in London ON e0mmission, nego-
tiations being effected here by tele-
graph. The prospectus of the new
company, as contained in the prelimi:
nary articles Of agreement, 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 advantage OF
the present opportunities for doing a
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
connection with buyers and. consumers
in Europe. The prospectus also, shows
that the promoters of this enterprise
have already established strong busi-
| ness financial connections, both in
England and the United States, with
large credits, for, the transaction Of
business on an almost unlimited scale.
Contracts have also been entered into
with railroad and steamship companies
for cheap and uniform rates Of trans
portation. The scheme of this enter
prise 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 aud Liverpool. The
agent in any western city will inform
the main Office Of the amounts of wheat
or other grain that can be purchased.
Yhc main Office will communicate with
the London office. All communications
in making sale will be sent by tele-
graph. The London agent will sell,
say 10000 tons of wheat. to deliver in
80 days at the ruling rates. The agent
at Chicago will be instructed to buy
wheat to fill this order.
The company has European credits,
so that it can draw exchange against
wheat, upon sending bills Of lading.
The agent at Chicago will pay the far
mer IS 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 desti-
nation, to cover losses and commission,
when the farmer will receive the final
payment of the balance due. The CON-
missions will be one-half per cent.
The company will also have
large profit from the sale of it's
exchange on London. The farmer
will be benefited by making prompt
sales at London prices, less commits
sions only, and will gain the advantage
of the cheap transportation secured by
the company. They will avoid paying
the present enormous expenses Of maxi
ing sales.
There has been some private talk
that this scheme has been projected by
the friends of the administration, in or.
der to conciliate and combine the infu.
ences Of the railroad companies and the
Changers, by making them mutually in
tercsted in this enterprise but this is
all speculation. 1t is fact, however,
that ;Orville Grant, the Presidents
brother, is one of the: ostensible pro-
moters, and other friends. of the gov
ernment stand in the background, with
large capital to operate with when ar.
rangements are all perfected, which
will be in about six weeks. =. /
j An office will be opened in New York
this week, and next Saturday an agent
will be sent to England to establish
offices there. Orville Grant,, through
his business connections in, Chicago and
the west, will probably control tho
western agencies, and it is said that the
whole programme will be made public.
Ameng the names signedpto the orig
inal prospectus are those of r. A.
Moore, banker Of New York; Giroud
Bros. & Co., Brice & Co., G. II. Bowen,
and julius Wolff. The principal par
ties in interest have not yet been dis
closed, though it., is! certain that there
will be q large and influential backing
of capital and business talent:
Fast Time Of the season:
The following tabular record of the
fast time made at the great meetings
during the present season Will not only
be interesting reading. but useful for
reference: 49,: ..,,r
Goldsmith Maid, Rochester,. ......... 2:l4x
Lula, Rochester ...... 80. .... ...... 2:l6x
Gloster. Rochester 900. .. 80. 90. pit
Red Cloud. Buffalo 900. ...... ...... 2:l8
Camors, Buffalo .... 49,. -. -. 49,. .2:l9x
Nambrino Gift. Rochester. ...... 80. 2:2O
Relic Rraafield Rochester .. ,,.. 2:2O