The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-11-27
BANKERS REPORT
GIVEN HARD JOLT
Duluth Scores Rather Heavily on
North Dakotans in Grain
- Grade War. ~T~~ :
Special to The Journal.

special to The journal.
Duluth, Nov: PA dispatch from
Fargo a. few days ago giving the re-
port of the North Dakota Bankers
association against the Duluth Board
of Trade would have excited more in
Eterest here if Secretary W. D. Mac
Fadden of the bankers association had
mot been on the stand before the inter-
sstate commerce commission and been
fcross- examined on the report. This re-
port gave the receipts and shipments
of one of the elevators at Duluth for
a period Of three months. In sub
stance it showed shipments Of 300 per
cent more No. / and No. northern
than was received. larger shipments of
No. than receipts, and no shipments
Of No. 4 and no grade, tho upwards
of 100000 bushels was received.
/: When Mr.. MacFadden read this re-
port to the commission 1t gave the i'm
preston that the figures had been taken
from one of the terminal elevators.
he replied, aElevator r., Nov Now. this this
is, not terminal elevator at all, but
what is known as "wheat hos.
pltal.' It makes a business of buy
ing poor wheat and making better
wheat Of it.
NO money IN IL NOW.
Further questioning brought the in
formation from Mr.. MacFadden that he
figured the profits Of the house in that
period at prevailing prices at little
more than $4,000. Also that in the
house he found 10000 pounds of dust
which he was told was extracted from
$4,000 bushels Of wheat.
John F. Mccarthy, owner Of the ele.
vator, said on the stand that the fig
.ures were for the year 1904, the great
est year for the mixers and cleaners
that was ever known, owing to the
great percentage Of no grade wheat
caused by the black rust visitation, but
that instead Of making $50 900 in three
months, the house made less than half
that in the entire year. Without mix
ing houses there would have been no
sale of off grade wheat that year.
Early his year he sold this house, which
the North Dakota bankers try to make
Hout 50 profitable, for $4,000 because
he could make no money out of it. The
statement that 10000 pounds Of dust
was found in his house taken from So
900 bushels of wheat was multiplied by
ten, being 1000, and moreover, in this
house. the grain is weighed before the
dust is extracted.
Shot to Pieces.
This was fair sample Of the report
from start to finish. When the cross
examination was finished a great big
hole had been punched in the charges,
and it was clearly shown that the bank.
ers had much to learn about the grain
business.
Some of the Duluth Board of Trade
members are suggesting thta an in
vestigation Of the usurious rates of in
terest charged by North Dakota bank
ers is now in order. Many members
Of the board here are former North
Daket ans and know something about
the rates.
Federal Inspection welcomed.
AS to the matter Of federal inspec.
tion, fully half the members Of the Du-
luth Board Of Trade would welcome
liz. The others only hold off from de-
claang for it because they believe the
present system is better than the gen.
Eeral government would give. This will
be rather sprprisin & news to the nlep
who hare been pushing the campaign
Eagainst the Duluth board, but it. is true
and has been fer a long time.
= Some Of the largest grain men in the
Duluth market have been, and are, be-.
levers in a federal inspection. Uni
formity in grading is the thing most
needed, and they believe that it would
be secured with the federal govern
Em0nt doing the work. -