;us 



CORN 



IN THE PIT 



iPicture taken In- Robert H. Miailtont 



FUTURES. It is difficult to realize the vast volume of business 

 transactetd on the Board of Trade and Produce Exchanges of this 

 country. To one who hears only of speculation and manipulation, the 

 Exchanges seem to be founded for no other purpose than to provide 

 facilities for speculation. Speculation is the sensational feature of 

 the trade, and the newspapers devote the most space to that class 

 of news, for the reason that it is sensational. But speculation is a 

 mere incident of the grain and cotton trade, and grew up after the 

 exchange had been established for the purpose of bringing buyers and 

 sellers of cash property together at one common point. 



As the volume of cash transactions increased and facilities were 

 provided for storage of products at market centers, contracting for 

 future delivery developed gradually. At first these contracts were 

 irregular as to quantity, time of delivery and grade of goods, but they 

 slowly assumed uniformity and the Exchanges, recognizing their 

 validity and value, regulated them by rules. It was not until early in 

 the 6o's that these "future-delivery" contracts became general in the 

 grain trade and the Chicago Board of Trade dignified them by adopt- 



