Pullman herald. [volume] (Pullman, W.T. [Wash.]) 1888-1989, 1890-01-11
UnIucky English Spectators.
q chicago story as to the Facts in the
caee-TI at Storage Advance.

AChicago story as to the Facts in me
Case-Tr at Storage Advance
The New York Herald's Chicago special
saws: The English syndicate which bought
the Wheeler & Munger elevators, paying
IS, 500, 900 for them, have given notice OF
an advance OF more than cent bushei
in storage rates, and there is big row IN
consequence.
There is something OF story behind
this attempt to raise the storage rates.
When the English syndicate bought these
elevators 1t thought the property
would pay or s per cent upon the invest
ment. Now the story il that the elevators
have not paid any dividend Tor the past
two o. three years, when the real snip
ments to Chicago for storage are taken in
to consideration, aud that the EngH5h'
men have not such a big thing as they at
first thought. The value 0f elevators here
and elsewhere is, OF course, determined by
their earning capacity. The elevators
themselves have some real estate value,
but this is small when compared with the
price paid by the Engiishmen.
Reports from London are to the effect
that the elevator bonds are not selling well
there. and in addition to this the Tact ex
lists that year by year less grain ID coming
to this city for storage. The syndicate
De ople, by their contemplated raise Ill stor
age rates are also doing what they can to
drive grain away from mere, and this as
can readily be- seen, will not he any money
in their pockets. 1t would seem as though
the Englishmen had bought Chicago white
elephant.
The commission men on the board OF
trade are up in arms against the advance
in storage rates. A meeting OF the board
OF directors will be held next Tuesday TO
consider the matter and take steps to pre-
vent the new rate from being put INTO Ell
feet. Said d. w. Irwin, OF Irwin, Green d
Co wnen asked to give his opinion on the
advance III Rates, II don't think the com
mission men viii stand 1t. The advance
Is more than l cent IL bushel. The waIe
housemen seem to think it is Tor the good
OF their trade, but it isn't. 1t will drive
grain men from this city to Baltimore and
Buffalo. The owners will transfer the
grain to vessels which will store it, and
wheII navigation opens in the spring ship
it to the East at a rate cents lower than
what the elevator men now ask.
Armour and Couuselman AMI one or two
Others have 25, 800, 900 bushels in their
own elevators paying no storage. That is
nearly two thirds OF all the grain in Chica
go. The commission men get nothing for
this The advance OF course, is not neces
sarly permanent. 1t simply likes a maxi
mum rate for the year, this beng the only
tine OF the year when under the law an ad
vance can be made. Perhaps in q mouth
from now they will return to the old rates.
The elevator men think they can get some
thing out Of the grain in this way, but they
will find themselves mistaken. they Will
only drive away the trade"
A great deal OF grain is now going on
around Chicago bv way OF ElPin, Aurora
and Joliet. The Western Indiana belt line
takes much grain around the city, and now
another belt line, called the Calumet Ter.
minal line is being built. The grading OF
grain here is o severe and close that ship
pers do not want TO send their grain here
il thew can help it. Elevator men welcome
ANYTHING in the nature OF a corner for
hem. The grain 10 shipped in here to
meet emergencies, but corners are not run
as formerly.
The efforts Of the Euglshmen to make
th-r Chicago elevators pay will be watched
with a great deal of interest, as the results
mny have an effect upon other purchases
contemplated by British ca oitaliets, not
only here, but in other parts OF the coun-
trv, Very often Chicago elevator men
weI Q enabled to pay dividends by buying
grain outright in the Northwes and filling
up their houses with it, selling it against
futures.
Whether the Englishmen will adopt this
plan has not yet transpired.