Little Falls weekly transcript. (Little Falls, Morrison Co., Minn.) 1894-19??, 1897-12-10
THEY NEED. THE WHEAT,

and Peavey companies are trying
to buy up u lot Of wheat, y said an
official of the cham Der Of Commerce
to the Tribune Yesterday. but
that is not necessarily admitting
that they are trying to effect .
corner on wheat in Minneapolis,
A corner is where Que or more
men enter into scheme to buy
UP all the wheat there is, and III
addition make contracts with firms
for the future delivery of enormous
ou>ntisies. When the time comes
for tn delivery Of the " heat, the
contractors find that all the wheat
has been bought up, aud they can.
not supply perhaps one'tenth Of
the number of bushels they had
agreed upon. But.they must keep
their cont, act to supply the wheat,
and in scurrying around to get it
they find that they must pay a
ntuch higher price than they re.
ceive. They are really buying the
wheat from the very men they are
selling it to.
A@But this is n vt what the wheat
men are up to now. Those who
are buying up wheat are doing SO
to supply the necessities Of their
own demands, as / Will show you
by actual figures. The report that
the wheat in Minneapolis would
probably newer reach Chicago has
no signifca. Zoe, for why should
there be amy reason for the Mime
apolis wheat going to sChic'go any
more than Chicago wheat coming
to Minnea ;olis! The fact is, there
is not enough wheat in the North.
west to supply the demands Of the
mills.
@'During the last crop year three
wero 100; 100000 bushels Of wheat
used in the Northwest, that is to
say, in Minnesota and the two d.
kotas and ;Supenior, Of which co.:
coo; 900 bushels were used in this
city. You can figure that out for
yourself. There were nearly 49,.
SOC; 00o barrels ,of flour manufac.
tured here, and ittakes very nearly
II bushels of wheat for every bar.
rel OF -four. Duputh and Superior
used over 14,000, 900 bushels of
and the other mills in the
three states $4,000, 900, and about
Is, 600 1000 were saved for seed.
"There are about IS, 200, 900
bushels in the Northwest now.
1t is distributed between the Mn.
neapolis. the Dusath and Superior
elevators, the country elevators,
and the rest is i'll the hands of the
farmers. In order to keep the
mills going until the new wheat is
tit to grind, 100000 bushels
will be needed, if the mills run the
way they did last year, calculating
On loo, 900, 600 bushels being used
last year, and that onc-quarter Of
The crop year has gone. The Min
neapolis mills will need As, N0, 900
bushels alone, whereas there is
only, between 5000, 900 and 8, W0,.
700 bushels in Minneapolis at the
present time.
NEED THE WHEAT.
1T is therefore very clear that
Pillsbury and Peavey have a need
If buying q large amount of
wheat. Mr.. Peavey has a great
many elevators, and their capacity
is probably about 5000, 900 bush
,ls, while he has only about 1,00o,'
200 bushels III them. He has
built these elevators for the pur'
pose Of filling them, and they are
a dead lot on his hands unless he
loes fill them so, of course, he is
buying. Mr.. Pillsbury has the
mills that need wheat for grind
ing all the time, and if he was not
hussling for wheat now he would
be obliged to shut down some Of
his mills.
SHOW, this buying up of wheat
may have some of the effects OF
corner. If after they have bought
up what they want there is a
scarcity, prices will go up, it will
. i