The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-29
TARIFF HITS CORN
RAISERS IN WEST
Imports From the Argentine
Bring Price Down 10
to Is Cents.
NEW YORK Is NEW CENTRE
Instead Of Receiving Grain 1t
Has Become a Primary
Market.

lue Western farmer. as well as tho
manufacturers, particularly the steel maxi
es as illustrated In the greatly reduced
earnings of the Steel Corporation. has
been hit by the tariff.
corn prices have been greatly reduced
through the importation of Argentine corn
The drop has been from 10 to Is cents
from tn. high price Of SEA cents for cash
corn paid in New York in September.
Argentine importations are steadily In
crcasng The Corn Products Refining
Company one Of the largest users OF corn
in this part of the country. already has
imported 1900, 900 bushels from the Ar
gen;.ne. 1t Is being purchased at a net
price to 10 cents lower than domestic
corn could be bought In New York. The
Corn Products Company has a capacity Of
over lis, 900 bushels daily.
The rush of American grain traders as
well as the large Eastern users OF corn
TO import the Argentine product resulted
Immediately in bringing down the price Of
the domestic product.
keusch & Schwartz. members of the
Produce Exchange. brought in the first
arrival of Argentine corn under the new
tariff one day after the President signed
the bill. About five Produce Exchange
houses are now specializing in the i'm
portation. Prices Of Argentine corn now
form a regular part OF the quotation list.
Produce Exchange figures show that up
10 january O,Oot,vVV UuSuelS VI GOTH
had been imported from the Argentine
since the tariff went into effect on Oc-
tober ..
New York Has New Market.
The result OF the tariff. say dealers. not
only has reduced the price but II has
made New York primary market for
corn.
Last September. before the effect of the
reduced duties had been recognized in
Chicago grain dealers there bought corn
in big volume. bidding the price up TO
high figures. They were counting on the
short crop and a big demand. After they
had piled up large amounts OF corn at
Chicago they suddenly found that there
was no demand from the East for e.
Argentine corn had arrived here and the
Eastern demand was being satisfied from
the sea coast. Prices in Chicago imme-
diately tumbled and New York dealers
who had bought Argentine corn and sold
al Chicago to hedge profited decidedly
Argentine corn is SO much cheaper than
The domestic product that importers are
finding IL profitable to ship 1t as far in
land as Buffalo and as far south as Bal
tlmore. New York lie the distributing
point All the railroads have taken steps
10 reduce rates to carry the new bust
ness The dealers are developing New
England. and Argentine corn Is finding
u way into this section rapidly. The
New Haven has practically agreed upor
lowering OF rates to meet the new traf.
A..
kafir corn for live stock feeding Is
being imported from India under the new
tariff II is being shipped as far wes'
rs Buffalo and il there being sold cheaper
than tn" domestic corn shipped from Kan
sss city.
The large consumption of Argentine
corn by the Corn Products Refining Com.
rany here Will take away big amount
~ business from the railroads. which they
will not be able to make up in westbount
'raffic. The tariff In this respect there
fore tends tn reduce railroad earnings or
this commodity.