The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-10-19

ly discussed on change this morning.
So carefully had the movers for the
new plan worked that many men
prominent on change did not know Of
the proposition until they saw the an
nouncement in h e ] ur a | Sat-
urday. President Marshall of the
chamber had not been approached,
but this is hardly surprising, as Mr.
Marshall is closely identified with one
of the big milling companies and the
inferred that he would not favor It.
AS president of the chamber, Mr..
Marshall refuses to commit himself
either way. AS a amiller and one of
the largest cash wheat buyers in
the local market or for that matter
In the country, he would likely be
against it. -.' -. +...
-. May Drop the Idea.
Former president John Washburn Is
against it. ..".' " .-@- l.
| There is notable lack Of desire on
| the part of grain men to commit them
selves irrevocably to either side. It is
Egenerally conceded that it would be a
serious matter to make the change
and now that the millers have shown
such opposition it is questionable
whether the promoters will push the
plan.
The fact that there is necessity for
some change, elevator men say, is evil
denced by the small proportion of NO.
1 northern now coming in, as an Illus
tration of which there is the state in
spection report, of this morning cover
ing the movement Of Saturday. Only
i car of No. 1 hard was found and
only II of No. northern. OF No. 2
northern there were SO cars, of NO. 8
wheat "a cars, Of. rejected % and of
no grade wheat 179 cars. Here are
316 cars and only 8 Of them of con-
tract grade. Practically speaking,
there is no contract grade this year.
There is now the smallest proportion
of No. 1 in the daily receipts ever
known and this is expected to con-
tinue, altho the proportion may in
crease later in the season. If the No.
IL northern were a contract grade,
much of the low grade wheat could
be raised to that grade by the admix-
ture of No. / northern and Mime
apolis would not be in the position OF
maintaining for standard a single con-
tract grade of which there is less every
year and less than ever this year as
result of bad weather. --'
The Millers' Position.
Suppose a miller sells flour to-day
for future delivery" said James
Bell. "He, Of course, cannot tell VIVA
the price Of wheat will be when HI
comes to make the flour. It may bt
rs cents a bushel higher. But whe1
he sells his flour for future delivery HI
: can instantly step into the pit and blu!
T wheat for future delivery to cover 1t
He knows that when he calls for tn
: wheat he will get No. I northern. Thi
t is the contract grade, has all alonl
been the contract grade, and If it b.
r true that No. northern wheat /
scarcer now than formerly, the. NOR,
reason that he should be. sure he ]
to get it, since he must, have goo
wheat to keep up the standard of hi
flour.
Now, under the proposed arrange
4 ment, a seller could, on delivery day
tender the miller No. 2 northern an
compel him to take it. Where woul
I he be? There would be less and les
- No. northern, for the elevators woul
use it more and more to mix wit
lower grades to raise them to No.
quality. Certainly, the miller woul
receive cents a bushel difference
but he could not grind the nickel. TIL
miller does not want any compromise
S He wants to know that he can get tn
wheat he buys and stands ready
take and pay for"
A Grain Dealers View.
ct have no opinion to express as
the merits of the proposition said {
F. Eve, NOR is the Van Dusen Hal
IS rington company committed to eithe
Il to change, as I understand it, arise
s from desire to benefit Minneapolis. A
# present, No. 1 northern only is cor
e tract grade in Minneapolis. In Oh
IS cago either No. 1 northern or No.
t, red may be delivered on contract, an
n No. hard winter may also be deliy
e cred upon payment of a scent differ
u entail. In New York No. 1 norther
and No. red are both contra
. grades, and No. hard winter is ais
deliverable at 2 cents difference. Nov
man who buys cash wheat in Mime
apolis to put in store, often wants
n protect himself against decline in prit
while carving it by hedging or sci
ing it for future delivery. If he shou
lS s hedge it in Chicago or New Yor
~ and there should come a great crc
~ calamity or other. factor advancir
:, :. prices materially he has fair chan,
~ to make good his contract witho1
n, being ruined, and 1t Is pretty hard f,
~ ~ Letter to corner wheat on him wit
" " three grades available for delivery.
o. he hedges in Minneapolis, howeve
he binds himself to deliver No. nortl
=. erh, and In year like this, when
~ much wheat has been lowered in graz
% q by bad weather, it is dangerous f
% q him to hedge for some one mig
- -, get control of the No. 1 northe
90 grade and squeeze" him hard. Henc
e. could be delivered, even by payne
- Of a penalty, much more thedgin
~ y would be done here and a more acti
. business result .5E.. -
III Appeals to Warehousemen.
T. Our position is. neutral said F.
ne Wells Of the F. H. Peavey compan
la ''The proposition appeals to war
b. houseman, who, under some circur
ne stances, might be benefited by bell
Ill enabled to make delivery of eth
n, grade on contract. There are t1
re sides to the proposition, however, al
& while it is of a nature to enlist t
sympathy and support Of elevator |
Eterests, we have taken no decid
e. stand in the matter"
to John D. Mcmillan of the Osborn
n Mcmillan company says the plan
to one that would help the trade of t
Sc Minneapolis market and that the e.
o. vators are favoring it for the reas
that they could hedge with COZ
"a parative safety against their ca
as sales. M
Lst How hard the movement will
m pushed cannot say" said Mr.. N
x MILAN. can understand the DO
of ton of the millers, which is natul
rs one for them to take; yet there 6
he two sides to it. Personally I am I
oy concerned as to whether 1t is adopt
80 or not, but I@think it meets with fay
Z from elevator men generally"
/ sIEg 5r+lEr