People's Pilot, Volume 5, Number 12, Rensselaer, Jasper County, 12 September 1895 — SENSATION AMONG MILLERS. [ARTICLE]

SENSATION AMONG MILLERS.

New Rule Will Cause Heavy Loss to Innocent Purchaser*. St. Louis, Mo., Sept. 12.—A fight is developing among the handlers of wheat in St. Louis, which promises to create a sensation In all parts of the country. After several years’ effort, St. Louis commission nouse' last year overcame the opposition of i. ’lers and exporters and passed a rule on the Merchants’ Exchange, allowing the delivery of No. 2 hard winter wheat on No. 2 red wheat contracts for future delivery. This rule went into effect July 1, 1895. Winter wheat millers are, as a rule, only prepared to grind soft winter wheat. This year with a great scarcity of winter wheat, the shortage being estimated at nearly 100,000,000 bushels, as compared with last year, and the quality being unusually poor, millers in Illinois, Missouri, Kentucky and Tennessee, who have been unable to obtain all the good winter wheat in their own sections and see where the exhaustion of such wheat is near at hand, are coming to St. Louis for their supplies. They have bought innocently, both for September and December delivery, expecting that when delivered they would get soft winter wheat. Under the rule and in view of the lower price now asked for hard wheat, the lattep will be delivered to them.