CHAPTER XIII 



BOARDS OF TRADE 



THEIR ORGANIZATION AND BUSINESS METHODS 



The large grain and provision markets have established Boards 

 of Trade. Their purpose and operation are here outlined, taking 

 the facts from the Chicago Board of Trade, which* is the largest and 

 most important in the United States. 



THE BOARD OF TRADE OF THE CITY OF CHICAGO. On 

 the 13th of March, 1848, thirteen men, representing the commercial 

 interests of Chicago, organized the Board of Trade of the City of 

 Chicago and laid down the fundamental principles and policies which 

 have made this Exchange the greatest of its kind in the world, as well, 

 as a model for all similar exchanges since formed here and elsewhere, 

 and have given this city premiership among the world's grain and 

 provision markets. 



What the founders of this institution aimed to accomplish and 

 what it has stood for during nearly two-thirds of a century of its cor- 

 porate life, was thus enunciated in the Preamble of the Rules and 

 By-laws : 



"To maintain a Commercial Exchange to promote uniformity in 

 the customs and usages of merchants ; to inculcate principles of jus- 

 tice and equity in trade; to facilitate the speedy adjustment of busi- 

 ness disputes; to acquire and disseminate valuable commercial and 

 economic information; and generally, to secure to its members the 

 benefits of co-operation in the furtherance of their legitimate pursuits." 



So comprehensive and satisfactory is this expression of commer- 

 cial, ethical and civic ideals, that it has never been found necessary to 

 modify it in any particular, and it stands today as when it was first 

 voiced, the fundamental article of the organic law of the Chicago 

 Board of Trade. 



The charter members of this commercial exchange had been 

 engaged in the infant trade of the city from the time of its incorpora- 

 tioHv They were enthusiastic believers in the future, full of courage, 

 hope, and determination to live up to the opportunities which they 

 =;aw around them on every hand awaiting development. These men 



