Report of the Federal Trade Commission on the Grain Trade

Commercial line houses_.

Mill houses __

SEC. 9. Variations of different types of elevators in cleaning facilities--

Cooperatives and independents_-

SEC. 10. State variations in cleaning facilities_

SEC. 11. Warehouse cleaning facilities___

SEC. 12. Summary of interviews in regard to cleaning-

Northwest territory----

Iowa and Illinois__.

CHAPTER VIII. PRICES, MARGINS, GRADES, DOCKAGES, AND WEIGHTS.

SEC. 2. Average number of services employed.

SEC. 3. Relative extent of use of different sources_

In total

Price cards

Price currents

Market telephone and private wire services_

"On-track " and "to-arrive" bids..

Main office.

C. N. D.'s____

SEC. 4. Type variations in the use of price information services__

Results of tabulation___--

Price cards and telephone and private-wire services_.

On-track and "to-arrive" bids__.

Main office

186

Page.

SEC. 5. Determination of country prices---.

Local competitive conditions_

Calculation of country price.

Pacific coast_

SEC. 6. Nature and scope of study of margins..

Method of obtaining price data__.

Representative character of data__

Method of computing margin__

Grains selected

SEC. 7. Analysis of results of study of margins..

Average margins found__

Margins by grains__--

Margins by types of elevators_.

Margins by months

SEC. 8. Summary of interviews on buying margins___

SEC. 9. Scope of study of grades, dockages, and weights_

SEC. 10. Statistical method employed in study of grades, dockages, and

weights___.

198

SEC. 11. Analysis of results, grades, dockages, and weights_.

All companies combined

Individual companies--.

SEC. 12. Explanation of the profits and losses involved..

Errors and inaccuracies_.

Effect of competition____

Psychology of the line agent.

Explanation of weighing profit.

SEC. 13. Profits and losses, houses other than line.

SEC. 14. Conclusions____

CHAPTER IX. HEDGING OPERATIONS OF COUNTRY HOUSES.

SEC. 1. Theory of country elevator hedging__

SEC. 2. Theoretical hedging operations and results.

Basis of illustrations employed__.

Loss on cash and profit on futures_.

Speculative possibilities in connection with hedging-

Limitations of profits----

SEC. 3. Some technical details of country elevator hedging.

SEC. 4. Extent and prevalence of hedging_.

SEC. 5. Geographical variations in hedging-

Extent of variations__‒‒‒

214

Effect of consignment business..

215

216

Effect of the presence of commercial line elevator companies

on hedging...

Effect of commission house financing on hedging_

Individual and cooperative variations_.

Mill elevators___

SEC. 7. Hedging in the various grand divisions.

SEC. 8. Factors affecting the extent of hedging.

SEC. 9. Markets employed by country elevators for hedging-

Results of tabulation.

Effect of shipments upon hedging markets_

Chicago as a hedging market for country elevators.

Supervision of financed elevators_

SEC. 5. Contrasts between northwest and other areas__

SEC. 6. Country elevator interviews on sources of loans_

SEC. 7. Maximum amounts of capital borrowed___.

SEC. 8. Rates of interest___

Rates reported

Country elevator interviews on interest rates.

CHAPTER XI. COMPETITIVE CONDITIONS IN COUNTRY GRAIN BUYING.

SEC. 1. Scope of inquiry regarding country competition_.

Sources of information___

Period covered by the correspondence__

244

SEC. 2. General statement with reference to competitive conditions__

SEC. 3. Factors in competition__

Effects of competition between towns on local agreements_-

Railroads and town competition__

SEC. 17. Division of receipts--

SEC. 7. Competition in storage, elevation, and cleaning charges.

SEC. 8. Competition in side lines---.

SEC. 9. Character of cooperative, or farmer, and mill elevator competition_

SEC. 10. Reasons for severity of mill competition-----

SEC. 11. Reasons for the severity of cooperative competition.

Opposition to line companies.

Friendly attitude of farmers toward cooperatives..

Effect of dividends_____

SEC. 12. Independent elevator competition_.

SEC. 13. Line elevator price policy-

SEC. 14. Relation of Grain Bulletin to price competition.

Basis for agreements_

Probable influence of Grain Bulletin__---

SEC. 15. Line-elevator competitive policies on grades, dockages, etc.

Grades, dockages, and weights...

Elevation and storage charges__

SEC. 16. Line-elevator policies in meeting competition.

Reasons for paying competitors' prices_.

Meeting competition on grades, dockages, etc_.

Cooperation of line companies in meeting competition__

Competition for "fair share" of business__

Agreements and understandings on division of receipts.

SEC. 18. Closing and wrecking elevators on a rental basis_

Explanation of practice__.

Rates for closing-----

Wrecking and not rebuilding.

SEC. 19. Relation of commission houses to local competition___.

SEC. 20. Agreements and understandings among local agents..
Local elevator agreements..

Agreements by direction of head office__

Securing harmonious action among local agents.
Broken agreements‒‒‒‒

SEC. 21. Effecting agreements and understandings through traveling super-
intendents

Competitive adjustments by individual superintendents_

SEC. 22. Agreements, understandings, and cooperation between line and
head offices___

Joint efforts by superintendents----

Table 1. Number of elevators and warehouses at stations and proportion
reporting to those reported______.

Page.

294

296

298

300

301

303

306

307

310

312

Table 2. Geographical distribution of all elevators and warehouses re-

porting and reported---

Table 3. Average distance between stations distributed according to the

number of elevators and warehouses at each station..........

Table 4. Average and most frequently recurring number of elevators

and warehouses per station in specified States and grand

divisions

Table 5. Elevators in specified States constructed prior to specified dates

in comparison with the average number per station____

Table 6. Average number of elevators per station in principal grain-

producing States as compared with average distances between

elevator stations, acreage of improved land per farm, and

railway mileage per 100 square miles---

Table 7. Numbers and percentages of different types of elevators and

warehouses in the United States__.

Table 8. Proportions of all reporting elevators and warehouses con-

structed in specified periods‒‒‒‒‒

Table 9. Period of construction reported by different types of country

elevators and warehouses_-

Table 10. Percentages of different types of existing elevators and ware-

houses constructed in specified periods___.

Table 11. Percentage distribution between types for all elevators and

warehouses constructed prior to specified dates___

Table 12. Percentage distribution between types of commercial line, inde-

pendent, mill, cooperative, and maltster houses constructed

prior to specified years_-_.

Table 13. Proportions of commercial line, independent, individual, coop-

erative, and mill elevators in specified States___.

Table 14. Proportion of cooperative elevators in specified States in com-

parison with the proportion of existing elevators built prior

to specified dates__

Table 15. Average capacity of elevators and warehouses in the United

States by types and by States and grand divisions_.

Table 16. Average elevator capacity in specified States in comparison

with the proportions of specified types of elevators_

Table 17. Comparison of average capacity of specified types of elevators

with average number of bins per elevator and average

capacity of bins_.

Table 18. Comparison of average elevator capacity in specified States

with average number of bins per elevator and average bin

capacity

Table 19. Materials of which elevators were constructed in specified

periods.

Table 20. Construction materials of different types of elevators and

warehouses in the United States__

Table 21. Proportion of commercial line and individual mill elevators in

specified States in comparison with the proportion of wooden

elevator construction

Table 22. Distribution of mill elevators by specified States in comparison

with hard-wheat production_.

Table 23. Numbers and percentages of cooperative elevators and ware-

houses paying and not paying patronage dividends in speci-

fied States and grand divisions__

Table 24. Number and percentage of elevators in specified States report-

ing direct loading by buyers in their vicinity and extent of

such loading reported__----

Table 25. Variations in crop production and country elevator marketings

of the five principal grains in the 14 principal grain-produc-

ing States in the crop years 1912-13 to 1916-17---

Table 26. Proportions of different kinds of grain purchased by different

types of elevators during the five crop years 1912-1917-----

Table 27. Average number of bushels of specified grains purchased annu-

ally by specified types of country elevators in 14 States dur-

ing crop years 1912-13 to 1916-17-----

Table 28. Average number of bushels of specified grains purchased annu-

ally by country elevators in specified States during the crop

years 1912-13 to 1916-17_.

Table 29. Monthly distribution of country elevator purchases of five

principal grains in the 14 principal grain-producing States

expressed in cumulative percentages, crop years 1913-14

and 1916-17 __

Table 30. Ratio of elevator capacity to average purchases (capacity turn-

over) in eight States__

Table 31. Monthly distribution of total grain purchases in specified States

in the crop years 1913-14 and 1916-17____

Table 32. Capacity turnover in specified States in comparison with the

proportions of elevators handling specified grains and combi-

nations of grains____.

Table 33. Rate of capacity turnover (capacity into purchases) of houses

of specified capacities in seven States.

Table 34. Number of cars shipped to specified markets receiving more

than 5,000 cars and proportion of total shipments reported by

by country elevators and warehouses, crop years 1912-13

to 1916-17----

Table 35. Destination of total shipments from all reporting country eleva-

tors and warehouses for the five crop years 1912-13 to

1916-17---

Table 36. Distribution of total shipments of five principal grains from

country elevators and warehouses in specified States and

grand divisions according to specified destinations during

the five crop years 1912-13 to 1916-17__.

Table 37. Distribution of country grain shipments to specified terminal

markets as reported for crop years 1912-13 to 1916-17‒‒‒‒‒‒

Table 38. Proportion of country elevator shipments to terminal markets

from specified States in comparison with the proportion of

terminal market financing____.

Table 39. Proportion of total country-elevator shipments from specified

States to mills, crop years 1912-13 to 1916-17, in comparison

with proportion of individual mill elevators_.

Table 40. Proportion of country elevator and warehouse shipments of

specified grains going to specified destinations, crop years

1912-13 to 1916-17__.

Table 41. Distribution of country-elevator shipments of specified grains

from specified States to terminal markets during the crop

years 1912-13 to 1916-17----

Table 42. Distribution of country-elevator shipments of specified grains

from specified States to smaller points during the crop years

1912-13 to 1916–17---.

Table 43. Distribution of country-elevator shipments of specified grains

from specified States to mills during the crop years 1912-13

to 1916-17----

Table 44. Distribution of country elevator shipments of specified grains

from specified States to feeders during the crop years 1912-13

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Report of the Federal Trade Commission on the Grain Trade, Volúmenes1-3