The Grange advance., 1874-09-09
4 HUGE COMBINATION.
Organization Of q Corporation Cor
the Purchase of Wheat i'm the
West and for Its Shipment to the
Sca.Rosard and Europe.

UCD1 x&AA IVA Ato PAAACAAI ~ AAdC
Sca-Boxrd and Europe.
N. Y. Special (Aug. 81 Chicago Times.]
A report has reached here that a
large combination Of capitalists, grain
dealers, bankers, and railroad men is
being formed for Transporting grain
from the west to the Atlantic seaboasd
and Europe, and for protecting sales of
wheat in London on commission, ncgn-
tiaticns being effected here by tele-
graph. The prospectus Of the new.
company,.as contained in the preli1ni-
nary articles Of agreement, which were
signed Saturday last, III New York: b.
a few CT 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 hvsiness WITH Europe, and
to sati,:fy tie 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, foc the transaction Of
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 s,heat
or other grain that can be purchased.
1hc main office will communicate with
t3ae London office. All communications
il 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 buv
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
1ner 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 it's desti-
nation, to cover losses and commission,
when the farmer will receive the final
payment of the balance due. The COM
missions will be one-half per cent.
The company will also have a
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 ky ;
the company. They will avoid paying
the present enormous expenses Of max
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 intiu-
cnces 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 OrviIle Grant, the Presidents
brother, is one Of the ostensble pro-
moters, and other friends of the gov
ernment stand in the background, with
large capital to operate with when ar
are all perfected, which
will be in about six weeks.
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 the
western agencies, and it is said that the
whole programme will be made public.
Amsng the names signed to the orig
inal prospectus are those Of r. A.
Moore, banker Of New York; Giroud
Bros. & Co., Brice & Co., G. H. Bowen,
and julius Wolff. The principal par
ties in interest have not yet been dis
closed, though it is certain that there
will he large and influential backing
Of capital and business talent.
Ensr T:,>so tho SoxaSns1