MB, WALCOTT AND THE WHEAT KING. 201 



CHAPTEE XVI. 



THE PATRONS TRIALS AND TRIUMPHS. 



THE WHEAT SHIPPING BUSINESS THE WHEAT KING AND MB. WALCOTT ADVANCE 

 IN FREIGHTS IN 1872-3 EXAGGERATED ESTIMATES OP THE CROP OF 1874-5 

 MR. WALCOTT S VARIOUS ENTERPRISES THE SACK PURCHASE FAILURE OF 

 MORGAN S SONS PROVES A BLESSING IN DISGUISE CALLKD MEETING OF THE 

 GRANGE PRACTICAL FELLOWSHIP ALL S WELL THAT ENDS WELL DISCONTIN 

 UANCE OF DAIRY AND PRODUCE AGENCY THE BUSINESS ASSOCIATION FORMED 

 OFFICERS AND ARTICLES OF INCORPORATION OF THE GRANGERS BUSINESS AS 

 SOCIATION. 



THE reader who has patiently followed the history of the farm 

 ers movement thus far, has not failed to notice the competition 

 established in the years 1873 and 1874 between the agent of 

 E. E. Morgan s Sons, Mr. Alfred Walcott, and the &quot;Wheat 

 King,&quot; Mr. Friedlander. The latter gentleman, of high stand 

 ing in the business circles of San Francisco, had for many 

 years controlled the grain shipping interests of the coast. He 

 had numerous agents along the lines of railroads, and through 

 out the wheat-growing districts, and was ready to advance 

 money to the farmers for the purchase of machinery, or to meet 

 their pressing debts, to provide for harvesting expenses, pur 

 chase of sacks, pay of help, etc. The difficulties and ill-feel 

 ing which arose between the parties who had thus mortgaged 

 their crop and the party who had the power to fix its value, was 

 incident to the peculiar condition of wheat culture on this 

 Coast, which had partaken largely of the speculative character 

 which marks the transitional period of our industries. 



So heavy were the operations of the single firm which com 

 bined the functions of money-lender, merchant and shipper, 

 that any opposition which appeared was immediately absorbed, 

 and the farmers were fully persuaded that firms purporting to 

 act independently, with branch houses in Liverpool, were really 

 the agents through whom the Wheat King received his orders 

 for cargoes. The advances in the foreign markets being tele 

 graphed to San Francisco three or four weeks before the great 

 body of the farmers could avail themselves of it, the prices of 

 wheat and rates of freight were practically beyond their con 

 trol. 



The appearance of a competitor whose paper was good for a 



