St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-01-03

the point that the bill will practically
ruin 90 per cent of the grain dealers of
the country. the legitimate dealers,
for the sole purpose of getting Ia
the other 10 per cent. or specu-
lators, pure and simple. 1t practically
prohibits any one but the manufacturer
and the consumer from buying wheat
That limits the dealing in it to the
miller and the exporter. The elevator
out of the business. The elevator COM
panies will be seriously crippled be-
cause the bill will prohibit them from
selling in the markets while they are
buying in the country.
President A. j. Sawyer, of the Sawyer
Elevator company, spoke emphatically
of the bill thus:
1.-The millers can't possibly take so
per cent of the wheat the farmers have
10 sell. The elevator men who buy it
must seek another channel for disposing
of it, which must be by export, as all
other buyers are wiped out of existence.
There can be but one result, and that is
very much cheaper wheat. 1t forces
the elevator men either to hold the
wheat where the miller can't take it or
sell it for export at any price the eX-
porter sees fit to pay. The bill is so
ridiculous that most thinking men
feel there is 10 danger of its pas
sage. A / the same time it is having Its
effect on the market now, and the more
it is agitated the lower the market must
sell. There are now practically 10000
900 bushels of wheat being carried in
the visible and invisible supply, and
nearly all sold for May delivery. When
the purchasers of the May delivery
learn they can sell this 75,000.000 and
the accumulatiOnS. now about 100000
week, only to millers and export
erS. | think there will be such a
slaughter of wheat as was never
known in the markets of the world be-
fore, as these purchasers are small deal
ers outside the elevator companies who
are not able to furnish the money and
carry the cash wheat at the price the
miller wants The result must be that
wheat must drop TO point where the
miller and the capitalist feel it is cheap
enough to carry AS an investment. The
bulls have had hard time
enough in fighting the hold
your-wheat letters, without having
to come IN contact with such a bill
as is now being presented by Senator
Washburn. l think it very unfortunate
that the grain interests, the largest in
this country, must be tempered with by
lot of politicians who wish TO make
and l believe the time is rot far distant
when the producer will understand the
situation ami spurn all such nonsense.
The bill and the hOld-your-w wheat are
myth, and is got up in the interest of a
few spectators and one or two millerS."
Z. H. Graves, of Duluth, made some
remarks that could properly be CLASH
fed as hot shot. The other grain men
were not behindhand. Some of them
used language that did not seem to have
been prompted by any feeling of deli
cacy toward the senator himself or fear
of wOunding his sensitive nature. SEN
ator Washburn talked after the meet
ing. but did not admit that his opinion
of the bill had changed. He spoke much
as he did through the columns of the
GLOBE Wednesday morning. He is
convinced the bill a good piece ofwerk
that may have to be alterated before
being fitted into place among the stat
uteS of the United States. He is certain
that the idea is all right.
The grain men will have another
meeting before many DAYS TO adopt
resolutions. and to prepare a memorial
to congress on this bill.