MARKETING 



were rising there was a tendency to buy on a 

 margin so low that rise in price was necessary to 

 avoid loss on the transaction. Sometimes the 

 expected advance failed to come and the dealer 

 suffered serious loss. When a sharp rise occurred 



FIG. 67. Loading freight cars for shipment from local elevators to central or 

 terminal markets. In this case the elevator machinery was operated by steam. 



the profit was large and this often stimulated a 

 speculative desire which later frequently led to 

 recklessness and disaster. 



Individual ownership of elevators resulted in 

 close buying, and hence full returns to the wheat 

 grower. The competitive conditions, however, 



