The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1892-10-07

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the quarter, either Imperial quarter,
(496 pounds) or common quarter (48O
po7lnds.) On the same date, March 80,
the London quotations for the leading
M.Anesota grades were as follows:
No. Northern, 81 to 3Ss per Imp. or,
No. hard, 3ss Cd to s9s I'D per Imp. Or.
Computing these figures in bushels
and cents we fnd that on March 20 No.
Northern was quoted in Liverpool at
Sill per bushel. ard in London at 81. %
Der busheL On the same date No hard
was quoted at u. l3 III Londen, while
Liverpool does not give any quotations
for this grade on that day. The Mime
apolls price on the same date was 7Sc
per bushel. This, plus 80 cents allowed
by The Great West for freight and other
Charges, eqrals $1.08. In other words,
the Liverpool price was 2 cents higher
than the closing price at Minneapolis,
AMI the London price only / cent higher
This, then, is the extent OF the robbery.
If the figure given bv The Great West
mao Deen the real instead or supposed
quotation, the difference would have
been about so cents, as claimed by Don
nelly's paper. But the editor of that
sheet was not in the business
OF telling the truth. His object was to
mislead and deceive Iy juggling with
figures. He made use of figure ap-
preaching the retail price of wheat in
London at that time, but which had no
relation whatever to the wholesale price
in the English market. But that did
not trouble MS conscience. He attained
his purpose of deception and undoubt-
eddy congratulated himself upon his sue
cess
If a'profit of 30 cents and upwards
could be realized on e. cry bushel of
wheat shipped from the Northwest to
England, there would be no more profit
able busine in the United States than
that of exporting grain from the North
western wheat fields to Europe. The
elevator managers and grain men of the
Northwest are generally recognized as
able and keen business men who know
all there is to know about the grain
trade. 1t stands to reason that they
would not be slow in taking advantage
of such exceptional opportunities
for the profitable employment of
their brains, energies and capital. We
are, however, confronted with the singu-
lar fact that a grain exporter is a very
rare bird in the Northwest. None of
the elevator companies in this section
are exporters of wheat. Several of them
have experimental in this line, but their
experience was discouraging; they lost
on the business and went out of
it. Among the commission houses we
find only two or three exporting firms,
and even these send out cargoes only
now and then. Men who make it their
principal business to export grain to
Europe or other foreign parts are not
found in the Northwest, although they
could make profit of 81 to go cents on
every btlshel exported-if such public
as Donnelly, doc" Fish and |
their followers are to be believed. Is it |
not astonishing that the "wheat robbers"
Of the Northwest should be so utterly |
blind to such magnificent opportunities
for getting rich without risk or effort?
The plain truth of the matter, as any
and sensible man will soc
and understand, is. of course, that
;he growing intensity of COMPETE
ion and the continued improve
nent and perfection of the va
.ious means of transportation have re-
luced the margin of profit to mini
mum in the grain trade as in all other
ines of business. The export of gram
s, moreover. business which is subject
20 exceptional risks and uncertainties.
As an illustration of this, below is given
full account of the sale of a cargo of
wheat shipped from Duluth to Glasgow.
t consisted of 1929 bushels No. /
Northern, was shipped from Duluth to
Buffalo via steamer North Wind and to
Glasgow via steamer State of Indiana.
t was sold at Glasgow June 30, 1890. at
Il .O9 per bushel, 80 days credit.
The charges and account of sale, etc.,
cad as follows:
Per Blu. |
Elevator at Dulutn.
freight to Buffalo. ....................... .0375
Ilevasing at Buff tlo. .................. .OUS75
Extra storage al Buffalo. ............... o Ol0