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THE GRAIN TRADE 



the exchanges are scrutinized carefully. Few farmers' companies 

 thus far have sought membership, partly owing to the high cost of 

 membership and partly owing to the present efficient selling 

 service rendered by the commission merchants. The Minneapolis 

 Chamber of Commerce has three farmer companies as members. 

 The Chicago Board of Trade has two farmers' companies among its 

 membership. The applicant for membership must show good 

 character and sound financial standing. 



A visitor who sees for the first time the trading floor of one of 

 the great grain exchanges is most impressed with the visible 

 facilities for receiving and disseminating market information 



FIG. 70. The exchange floor of the Chicago Board of Trade, the principal grain exchange 

 of the United States. Cash grain department to left; pits on right. There are four pits 

 wheat, corn, oats and provisions. Samples are from the Illinois State Grain Inspection 

 Department. This picture was taken during the World War, and shows the members 

 pausing at the noon hour for a minute of silent prayer. (Photo by Moulton.) 



the scores of telegraph and telephone instruments the weather 

 maps and charts the blackboards with statistics as to price quo- 

 tations in all large markets, visible supply, exports, receipts and 

 shipments, in and out inspections, grain afloat, and so on. The 

 traders are certainly trading with their eyes open, so far as the 

 latest and fullest market information is concerned. All exchanges 

 have strict rules against spreading rumors and false reports about 

 crops conditions or other market factors. The Chicago Board 

 of Trade has a standing committee on Market Reports, and this 

 Committee employs an expert a grain dealer of long experience 

 to devote his entire time to supervision and censorship over 

 crop reports, market reports and market quotations issued from 

 that market. 



