The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-10-21

this year are forced to turn their money
over every ten days at the outside
They have just enough to pull through
their business on, most of them. / hap
man wanting to borrow $500, 900 for
sixty days had to pay per cent in
terest and 2 per cent for an option on
the gold in which to refund 1t. This
made charge of 11a per cent for two
months interest, or total charge of
312 per cent for two months, for the
use of the money, or at the rate Of 21
per cent per annum. But, even with
money at this high rate, 1t is possible
at present for a wheat operator to
make money.
Today wheat sold at approximately
rs cents. December wheat is at rs
cents. There is a profit Of four per cent
on ones money for the period from now
until Dec. l, six weeks, or 36 per cent
per annum. Any one can go into the
market and get 100 bushels of wheat
at that price. You can go; can go; the
editor of the New York Journal can
go'-and Mr.. Hills eyes twinkled as he
remarked-"he can make more money
there than he can in the newspaper
business
AS soon as confidence in the United
States is restored, wheat WILL rise to
seven to ten cents a bushel above
present prices, or above the current
prices at the time that such action
Is taken to restore that confidence. I
believe that wheat ought to sell at
20 cents a bushel,s if there was money
in circulation to buy it with. Condi-
tions are different now from what they
were in the panic of 1898. Then the
banks had their money out. They
could not get it in. Now the banks
have plenty of money, but no one else
can get it. They are not going to take
any chances.
'But," Mr.. Hill concluded, sthere Is.
no use of wasting words on this mat
ter. The situation explains itself to
any one who has given 1t the study
which people In this wheat belt ought
to give what is nearest Their welfare.
Far from being engaged in any effort to
corner wheat,it was only yesterday that
I was visited by COMMITTEES of grain
men who asked me to help them in
getting their grain to market That
Is the fact. Why do not the news
papers get at the facts instead Of
printing stories like this in the New
York paper"
Mr.. Hill suggested that the grain.
men could throw some light on the
situation, and accordingly President
d. M. Robbins, Of the Northwestern
Elevator company, was visited.
Mr.. Robbins secuted the story of
combine, and stated that Mr.. Hill ac-
lively aided the grain men in so far
as in his power by furnishing prompt
car service for the shipment tf grain
Delays Of days in shipment meant
serious embarrassment to the men
who were engaged in moving a heavy
wheat crop on small funds, compared
with what have usually been available
for the same purposes. The margin
Of profit on wheat shipments between
here and New York was larger this
year than last, although for the last
few days the fluctuations in the mar
ket every hour of the day made accu-
rate figures as to this margin impossi-
bic to give off hand. On acc ount, how
ever, of the fact that so little money
was available for the hauling of the
crop, the elevator companies had been
depressing prices at the purchasing
elevators in order to discourage the
farmers from pressing their grain
through at a time when funds were
SO scarce. Mr.. Robbins was confident
that, with a removal of the financial
uncertainty, the price Of wheat would
increase from to 10 cents, probably
nearer the latter figure than the for
mer. No wheat was being held in the
elevators Of the Northwest, where cars
could be secured to carry 1t. Money
was tighter than he had-eyer seen it.
but the grain was being shipped as
fast as possible.