St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-10-27

Mills Will
Soon Go.

last evening Il reporter
Mills Will for the GLOBE met a
leading member of the
Soon Go. Minneapolis board of
trade. who has for a
number of years had confidential rela-
tionS with the Pillsburys, Washburns
and other large fiour-milling interests.
The gentleman having advised that he
was ''endeavoring to locate a party OF
four friends, who were incognito," the
reporter proceeded to institute an in
veStigation, but could not make head
way as the quartette failed to appear.
and the MinneapOlitan declined to
throw any further light upon the sub
ject of his mission. Presenting the
meeting was to be In relation to the pro-
posed transfer of the Pillsbury and
WaShburn flour mills to an English
syndicate, the reporter resolved to
breach the matter to his friend, who
finally admitted that he had called to
meet a party of gentlemen who were
identified with the old and well-known
firm of Jesse HOyt, of New York, who
are, perhaps, the largest flour
dealers in the East.
MAY l ask" said the reporter,
whether the proposed meeting has
anything to do with the contemplated
sale of the Pillsbury and Washburn
millS?"
Yes, indirectly. Ihave no objections
to stating that [ have been assured by a
confidential source that the arrange
ments have already been cOnSummated,
and the transfer will follow just as soon
as the cash or securities shall be forth
coming from England"
"What have the Hoyts to do with the
sale?"
81 presume they are either the agents
of the syndicate or are among the prin-
cipals. The HoytS are immensely
wealthy, and. naturally, may want to
double their piles"
but what part of the transaction are
you supposed to take?"
Between us, cOnfidentially, | repre-
sent a small concern in Minneapolis,
and would like our prop erty included in
the deal; for, if we don't unload, we
shall be showed under"
"PleaSe explain"
The English "Why, 1 mean that
the success of the En-
to Rule or glish syndicate must
of necessity result in
Ruin. the crOwding out of
the small mills, or their
absorption at ruinOuS figures Ito their
present owners) by the English-Ameri-
can junta. These parties have already
secured a large line of elevators, which,
in conjunction with their control of the
principal mills, will permit them to
make both the price of wheat and its
product. Do you understands"
swell. l cannot see how they can con-
troll the product"
"WeIl, for the sake Of argument, let
me ask you one question. Who makes
the price of wheat at Minneapolis"
1.-The demand"
every true, theorists say that the
supply and demand establishes prices,
yet how often it is that carriers run up
the price of the commodities Of life,
both the necessities as we'll as lux
uries? Suppose then, for speculative
purposes, in order to d~epreciate mill
ing property and enhance the value of
grain to be used by small millers, the
big English syndicate, with its millions
of dollars on tap, should quietly buy
up in advance, at low figures, q
suficieney of the wheat product of
the Dakotas and Minnesota, in order to
give them control of the product: sup
pose, further, the price they have paid
to ba from 60 cents 10 Is cents, and the
small millers, in consequence of the
manipulation, would have to pay 80
cents, what would the result be? Sim
ply that the small fry would have to
give up milling or manufacture at a loss.
In the face of this situation. the strong
| would gather in the weak and in a very
short time the English syndicate would
have a monopoly of the flour business
of the Northwest Octopus-lik it
uOuld suck the vitality ont of all the
small concerns"
at is impossible to corner the wheat
of the Northwest. II would take too
much money, and, Furthermore, theIrail-
| roads, some of which own elevators, or
are interested in them many hundred
thousand dollars, would not be a party
to the transaction. Yon remember the
fate of the Dig wheat corner at Chicago
ahout three wears 9OOO1