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REPORT OF THE BOARD OF DIRECTORS.
To the Board of Trade of the City of Chicago:
Gentlemen—Your Board of Directors has the honor to submit herewith its report of receipts and expenditures for the fiscal year ending January 4, 1897:
FINANCIAL STATEMENT OF THE BOARD OF TRADE OF TDK CITY OF CHICAGO. FOR THE FISCAL YEAR ENDING JANUARY 4, 1897.
From annual assessments $119,995 00
From 150 transfers of memberships 3,750 00
From Visitors' tickets 3,290 00
From Messengers" tickets 1.175 00
From table and drawer rentals 3,700 70
From Board of Trade Clearing House 5,350 lf>
From sales Messenger badges 45 00
From rentals of Telephone room 221 05
From Appeal fees held In trust in case not tried 10 00
From collections for East St. Louis sufferers 5,256 00
From Real Estate Department 109.395 16
Cash on hand January 7, 189ii 38,971 05
Interest on bonded indebtedness ($1.250,000.00) $ 59,545 00
Taxes on Real Estate, 1895 39,515 45
Insurance on building, rentals and casualty 9,328 98
Construction on contracts 1895-1896 19,550 25
Expenses of Real Estate Department 50,759 17
Salaries Office Department 15.576 61
Salaries Exchange Hall and Visitors' room employes 7,799 46
Salary of Manager Clerks' Department 900 (X)
A. W. Green, Attorney's salary 4,000 00
Other legal expenses -418 52
Janitors' salary, including scrubbing 3,865 00
Soap, towels and sundries for lavatory 427 11
Ice '3tt 75
Washing towels I 399 77
Chicago Freight Bureau 4.277 73
Annual reports and rules 2,103 00
Stationery, printing and postage $1,351 35
Telegraphing 1,254 21
Market Department, cable service C 5,544 68
Market Department, ticker service
Market Department, black board clerks' services
Expenses of delegates to National Board of Trade 619 50
Expenses of delegates to Hay Dealers' Convention, St. Louis. 106 25
Expenses of delegates to Monetary Convention. Indianapolis. 49 75
Balloting expenses 150 00
Furniture for Exchange Hall, Visitors' room 508 33
Newspapers, circulars and books 130 94
Repairs 398 85
Expenses of Warehouse Committee 4,462 35
Expenses of Transportation Committee 469 38
Statistical information: New York, Buffalo, Custom House,
Stock Yards, Illinois and Michigan Canal 1.426 SO
Special Service 13,383 10
Construction .account of 1894 truss work in Exchange Hall... 12,075 00
Advertising in reference to members and non-members 561 86
1,000 lists of members for distribution 279 00
Uniforms for Door Keepers 53 00
Wm. Fries, expert accountant, examination for 1895 75 00
Telephone in office, to January 1, 1897 104 17
Insurance on furniture 56 00
Engrossing resolutions on death of Messrs. Lightner and
175 Messenger badges 25 00
Stenographic work, German Option Law, etc 182 70
Miscellaneous expenses 317 28
Paid E. G. Keith, Treasurer, for East St. Louis sufferers.... 5,256 00
National Transportation Association assessment 155 00
Paid Appeal fees held in trust from 1895 10 00
CASH ON HAND JANUARY 5, 1897.
In hands of Treasurer $13,910 95
In Office: Checks, vouchers and currency 3.625 41
Bonded indebtedness $1,250,000 00
Accrued and unpaid interest on bonds $17,860 00
Due on contracts of 1895, 1896, Real Estate De-
Chicago, January 5, 1897.
This is to certify that the foregoing report of the receipts and expenditures of the Board of Trade of the City of Chicago for the fiscal year ending January 5, 1897, is true and correct. I audited all the books of accounts, proved the record of receipts and disbursements, and examined all vouchers.
January 9, 1897. Auditor.
The total bonded indebtedness of the Board remains the same as it was one year ago, viz: $1,250,000.
The receipts derived from rent of offices in the Board of Trade building amount to §109,395.10, as compared with $106, 648.60 in the year 1S95, and $109,841.77 during the year 1894.
Expenditures real estate account during the year have been on the following accounts:
Interest on bonds $59,545 00
Taxes 30.515 45
Insurance 9,328 98
Construction account, 1895 and 1890 19.550 25
Expenses, including salaries of engineers, janitors,
light, water 50.759 17
Construction of 1894 (payment enjoined) 12,075 00
The present membership in this association is 1,840, and the number of transfers made during the year was 150, yielding a revenue of $3,750.00.
In accordance with the recommendation of the President at the last annual meeting, which received the unanimous support of the association, your Directory has made every effort to suppress bucket-shops and to bring all those connected with them to condign punishment. Its efforts have met with signal success. Your Directors recommend that such continued and vigilant attention be directed against bucket-shops and bucket-shop methods a3 will render this pernicious imposition upon the community unsafe and utterly disreputable.
At various times during the last few years the engineer of the board has called attention to the fact that the machinery in our building was being over-taxed, especially our engines and dynamos; and also, that our elevator machinery was in need of thorough repair. The views of the engineer being confirmed by outside experts, your Directors decided to put in, substantially, a new plant.
The Board of Underwriters condemned the system of electrical wiring formerly used in our building, which rendered it absolutely necessary to re-wire the entire building. The work was done in the most approved and thorough manner in accordance with the plans submitted by our electrical engineer. To supply the electricity required by these changes thei-e were installed two new dynamos, and as the compound engines required a higher steam pressure than our old boilers could supply, these were replaced by five new boilers constructed of heavy steel.
There has also been added a condenser and cooling apparatus the working of which shows a marked saving in expense. Your Directors decided to replace the old hydraulic elevators by the Sprague Electrical Elevators.
The old method of driving our ventilator fans by rope transmission was replaced by electrical methods.
A short-lift elevator has been constructed to run from the ground floor to the Exchange Hall floor, which, besides relieving the other elevators from excessive loads, and providing greatly improved elevator service to the tenants of our building, is of special advantage to the members of the Board during the hours of 'change.
Your Directory, also, has made a much needed change in the old "Call Room," so that it is now used as a Visitors' Room and is of great convenience both to the members of the Board and their customers.
In order to arrive at an estimate of the value of this room to members of the Board, your Directors caused an investigation to be made of the number of entrances to the room during the session of the Board, which result shows from 4,500 to 5,000 entries during a single session.
Your Board of Directors is satisfied that the expenditures connected with the Board of Trade Building have been abundantly justified in the light of efficiency, safety and economy.
Every room in the Board of Trade Building is now rented.
An arrangement has been made by which a reduction of $1,250.00 per annum has been secured in the rate of insurance paid on the building.
Your Board of Directors has placed the assessment for the ensuing fiscal year at §70.00, and is gratified that, notwithstanding extraordinary though necessary expenditures, it was not obliged to make the assessment for any larger sum.
The receipts of grain and flour in its grain equivalent aggregated in 1896, 253,802,131 bushels, as compared with 189,432,819 bushels in 1895, and 187,553,469 bushels in 1894; and the shipments aggregated in 1890, 219,710,781 bushels, as compared with 171,461,137 bushels in 1895, and 148,638,822 bushels in 1894.
The number of cattle, hogs and sheep arrived in the market during the year was 13,850,603, valued at $179,870,997 ; as compared with 14,162,513 arrived during 1895, valued at $200,584,380.
The shipments of meat in a great variety of forms during the year aggregated 1,729,375,732 pounds, as compared with 1,697,953,700 pounds in 1895, and 1,750, 376.155 pounds in 1894; of pork during the year 1896, aggregated 258,200 barrels, as compared with 300,029 barrels in 1895, and 222,076 barrels in 1894.
The amount of clearances reported by the Board of Trade Clearing House for the year 1890 was $81,814,059.63, and the aggregated balances for the year amounted to $29,004,348.19, as agiinst $78,133,437.50 and $2S,720,490.75, respectively, for the year 1895.
After the payment of all bills the Clearing House paid to the association $5,350.15, which is $1,031.88 more than the revenue derived from the business of 1895.
Your Committee on Transportation has frequently convened for the consideration of questions within the scope of its jurisdiction and has, in co-operation with the Chicago Freight Bureau, guarded the interests of shippers and receivers against all acts or contemplated acts on the part of railroads, inimical to Chicago or in violation of equity in freight rates and in terminal facilities.
Your committee trusts that members of the Board will bring all matters to its attention, however apparently trivial, involving the principle which should govern the distribution of transportation privileges, viz.: absolute equality of the patrons of transportation lines with respect to freight rates, and an impartial enjoyment of all the advantages which railways arc empowered to confer.
The Commissioner of the Freight Bureau, whose ability and experience peculiarly qualify him to deal with transportation problems and the intricacies of tariff schedules, will in due time make his report, which will show in detail the work of the committee and the important questions which have engaged its attention during the year. It is only by incessant watchfulness that encroachments upon the rights of the public by transportation lines can be prevented and railway managers reminded that railroads were made for the public and not the public for railroads.