CYRUS HALL McCORMICK 



As wheat Exchange cities, London, Liver- 

 pool, and Chicago outclass all others. Neither 

 Italy nor France have any central or dominating 

 market. In Paris, Antwerp, Hamburg, and 

 Amsterdam the Bourses, as the Exchanges 

 are called, are public buildings, and the members 

 of each Bourse represent the local situation 

 and nothing more. One of the most ambitious 

 and speculative of the European Exchanges is 

 the one at Budapest, which stands beside a 

 dainty little park where the brokers eat their 

 lunch in fine weather; and the youngest of 

 all Exchanges is the one that was born in Buenos 

 Ayres in 1908, representing a surplus of a hun- 

 dred million bushels a year. 



Besides the brokers, in their Exchanges, there 

 must also be inspectors in the marketing of the 

 wheat. In some countries these inspectors are 

 government officers, as in Germany and Canada; 

 and elsewhere they are local officials or private 

 employees, as in the United States. A carload 

 of wheat, passing from Dakota to New York, 

 will probably have from three to six inspections. 



Also, the insurance agent takes his place in the 



