The Hope pioneer. [volume] (Hope, N.D.) 1882-1964, 1886-10-01
work Of boring the large well was resumed.
The workmsn hi charge Of the machinery
claim the surface indications to be equal to any
in the east and predict a grand ind at no
great depth. u. Is. Y.
storing whenf.

/ SssoeS sE
great depth.
------------------e = o. s--------
Storing wheat. a
We have reason to believe that the recent ex
posurs by the Journal OF the scheme by which
the wheat pool was attempting to enrich itself
at the expense OF the farmers, on an unfair ae-
justment of margins aud prices, has contrib
uted somewhat to better and more equitable
relations between city and country prices. The
business Of grain buying on margins is pe.-
tectly legitimate one, and we are not disposed
to interfere with 1t, unless, as happened re-
| Gently, we ind the buyers taking advantage
OF circumstances-for which circumstances
they are themselves responsibility exact
heavier tribute upon the producer than, as
mere middlemen they are fairly entitled to.
Under such circumstances it Is plainly the duty
OF an dependent journal to enter such protest
as we have recently made.
We have not, however presumed to give
advice to any portion of our readers about their
business; but there Is feature of the grain
traffic in the country which we may with pre-
priety explain, SO as to present the effect Of a
not uncommon practice in different light
from that in which it may have been viewed
by its generally none too thrifty victims. The
practice Of storing wheat in elevators early in
the season is referred to. It not infrequenty
happens that wheat stored in elevators is re-
celpted for with the agreement that the eleya-
tor company shall deliver to the owner of the
wheat an equal amount Of the same grade
whenever he calls for 1t, or shall pay him the
market price for his wheat This is perfectly
fair and the farmer has no ground of CON-
plaint against the elevator company. But the
effect Of this innocent transaction is not always
so harmless. Very often this grain stored by
the farmer is shipped out and goes to swell
visible supply in some shape, and thus contrib
utes to the depression Of prices The wheat
having been shipped and sold, the elevator
company gets the use Of the money till such
time as the farmer chooses to sell the grain he
had stored or to call for delivery Of the grain
itself. The elevator company during the ill.,
terval may be able to use the money in largo
number OF transactions without paying interest
for 1t, and, indeed, while tlle farmer is paying
storage Oh grain that is not In store, hoping
that prices may advance. There Is no fraud
about this, but it is almost universally losing
game for the farmer.
This is not all Of it, however. The grain is
often stored as collateral for loan. The
farmer is not ready to sell because he believes
wheat will 60 up, but he needs money, and
by storing his grain the elevator company will
give him an advance on his crop. The funds
so loaned to farmers come, In part at least,
from the sale Of grain upon which they are
paying storage. That Is to say, the farmer
stores his wheat at the risk of Its going into
the visible supply and helping to depress prices;
he pays storage on the wheat which may or
may not be in store; and II the wheat on which
he is paying these elevator charges has been
sold, the elevator company is able to loan tho
money back to him which it received for lis
own wheat at higher rate Of interest.
Why would 1t not be better for the farmer
to sell at first, so rs to be able to use his own
money and avoid paying interest? Or why
would it not bs better still to keep his
grain In his own bins at home than to allow
it to go into the visible supply aud then try to
sell afterwards at an advance? Or why would
1t not be better to sell at first than to pay stor-
age and interest both while waiting for All ad-
vance In market which he had helped to
overload? The an wer is, of course that the
farmer is naturally "bulp' iu the market and
| expects rise.
But the farmer is not the only one that gets
| caught In schemes Of this kind. Some Of the
heaviest millers aud grain dealers in Minneap-
oils undertook last winter to buy up all the
wheat and store it in anticipation of a rise
which would pay storage, insurance, interest
and profit The Minneapolis millcrs are pur-
suing different course this year. They arc
not storing wheat, but are buying wheat as
they need it from day to day. They Sly they
did not find the storing of last years crop
profitable If they cannot mako it pay it is
difficult to understand how the farmer could
hope to make it profitable when he has to
borrow money to do it.-Min,seapols Journal
| Carrier Pigeons.
The carrier pigeon Nettie, which flew from
Hoiyoke to Philadelphia recently, made the air
line distance Of about 2l0 miles in 227 minutes,
an average Of mile in 1.08 minutes, which is
very good record. Those who think it is fast
to travel forty miles an hour on railroad train,
can imagine the great speed which the bird
made-some fifty-fve miles an hour on the
average. The weather was rather thick at
Philadelphia upon the birds arrival. This was
against speed, since with clear atmosphere
the carrier pigeon attains the greatest speed
in flying, aud for the reason that these direct
their flight by sight.
|
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