AMERICAS BXP0B1 CORK (\l\i/.i) i\ EUBOPE. 27 
Benting the quality of grain purchased and to assume all risks of 
deterioration in transit. Therefore, the greater portion of the corn 
exported is purchased a-- "No. 2 Corn" and "Mixed Corn," because 
those jrades are presumed to be of a qualitj thai maj be expected to 
carrj in transit with reasonable safety from deterioration. The lower 
grades are \er\ little dealt in, principally because of the presumably 
greater risk from deterioration in transit. 
The Bale of grain ii| >> >n any of the other contracts than thai of the 
' • inspection certificate final" term-; places the American exporter at a 
disadvantage, because l>\ their terms all differences are required 
to be arbitrated in Europe. They also place the European importer 
at a disadvantage because, first, he is necessarily obliged t<> puree 
at a higher price to cover the added risk assumed by the exporter, and, 
second, unless the purchase is made for his own use or consumption 
it involves reselling in Europe al a relatively higher price upon samples 
or special representations as to the quality <>f the grain, a process 
which makes the marketing <>f the grain cumbersome and undesirable 
from the standpoint of grain-trade practice-. 
nil Mini <>i [JNSATISFACTORl DELIVERIES <>i AMERICAN GRAIN. 
European interest in the condition of grain, and especially the 
condition of corn, in the United States, as well as in the cargoes of 
such grain arriving in Europe, is very keen, and t he means of dissemi- 
nating information is good. Information to the effect thai the corn 
is in poor condition or that one or more cargoes have arrived in 
Europe in a damaged condition has been known to cause a consider- 
able apprehension among the importers, resulting in sufficiently 
reduced bids to cover the presumably greater risk in purchasing and in 
some cases the avoidance for long periods at a time by some importers 
of purchases of corn from the United States, in favor of corn from 
other countries in which the moisture content is generally nol 30 
high, their risk in handling consequently not so great, and which may 
generally be purchased upon European terms or upon a basis of 
arbitration in Europe of any differences arising out of the transactions. 
LHERIC W ( <>i:n PRE] BRRED. 
Generally the American Dent corn. "Flat maize," as it is known in 
Europe, i- preferred to the corn from most of the other corn-exporl ing 
countries, because better results are said to have been obtained from 
its use when it is received in good condition. This i- especially tine 
with the disl illing interests, which use large quantities of corn and are 
said frequently to pay large premiums for American corn when it is 
not plentiful on the European market-. 
Prominent grain merchants of nearly all of the grain markets of 
the grain-importing countries of Europe were questioned regarding 
[Cir.55] 
