The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-09-12

! where competition existed, that great interest
which they were all clarnoriug for-the grain
trade of our CONTRIBUTIONS a produce ex-
change.
When Minneapolis and Duluth organized
their exchanges they were then young and
tottering cities striving to gain prominence.
Their location as manufacturing and shipping
points was good. They were Wide-awake to the
TACT that IL required combined prompt action to
secure 10 them that vast and important interest
that belonged to them, and they inaugurated
the only available system by which the vast
gram trade OF our country can DO successfully
handled
well remember the time when they started
thelr exchanges. The average Chicago grain
broker put on his knowing smile and said to his
Dtother broker, Let them try. II viii amount
70 nothing" And in this short lapse of time
minneapolis and Duluth stand as peers in the
handle more cash grain than does Chicago.
when first visited the Northwest in the
spring OF 1872, Minneapolis was a small village.
She had two or three small Touring mills. with
no prominence, buying wheat from the farmers
wagons and no elevator. Duluth! why had to
look to find it. Minneapolis, with a population
OF $4,000, handled upon the floors OF her ex-
change last year the enormous sum OF $50 100000
bushels OF cash wheat, besides the oats rye, bar
ley, etc, which were proportIonately large. she
mas thIrty-one elevators with g capacity OF H.
OU0OOO bushels, while Duluth stands her rival IN
the volume OF business.
Seattle is as favoraDly situated TO command
the vast grain fields lying east OF her either
Minneapolis or Duluth were TO command the
grain helds lying west of them VIII Seattle
Coast Is wearing that same knowing smile that
Chicago did years ago. Portland, wide-awaks
to the benefits to be derived from the vast wheat
fields OF Washington, Is organizing produce
exchange TO reach our and further control this
vast Interest 1t is then TO be- hoped that our
onterprising citizens Will turn their attention
10 successfully handling the products of our
heurishIng state that are now ready 10 come
forward
Eastern capital is seeking safe investments
and, as illustrated by the exchanges of our
country, with an established daily market, with
legal grain inspections ana certified elevator re-
ceipts, our banks would BE- safe in advancing
the capital By which to forward our products.
for the value OF II bughel OF wheat to loan money
upon under such elevator receipts was long ago
decided by our Eastern banking firms to be as
good value as the soil that produced it. and ad-
yances can be obtained from such elevator re-
ceipts.
AL of our leading cities have exchanges. and
you have only TO refer to the bank clearing
house reports TO single them out. They are in
variably At the head OF the list. Will Seattle
have stock and produce exchange worthy of
the name? In looking over the situation, al
though l am in no way connected with the
grain business, feel that while Seattle mas
doomed certain interests TO the verge OF injury,
she has sadly neglected Others OF great import
ance. 1t has been repeatedly said that we
should more fully develop the agricultural in
terests OF our state. hat we admit, but il is
the wise man who first taxes care OF what he
has
D. H. Vail, of the ffm of Vail & Hubbeu, grain
and feed dealers, said:
am certainly in favor of a produce exchange
l know II would be great benefit TO Seattle
We really have no grain market here If a
farmer telegraphs for the market on yheat we
have 70 answer that there IS none IL would
have 20 be- started on a email scale as all those
in other large cities have been but as soon "a IL
started dealers Will do their business throngb IL
ana in time II would probably begin dealing in
futures. This Is gam bling in a sense, but nons
but gamblers are injured by IL, and * tends 10
build up market The result OF making seat.
tie general produce market would be ty(.fold.
The produce OF the farm would come here for
sale and our merchandise would 20 out iu the
same proportion. We must have an exchnnve
before we can lay claim to having n market