Mr. VICTOR POLACHEK, Managing Editor Chicago Examiner, Chicago, Ill. CHICAGO, MAY 18, 1914. DEAR SIR: A copy of this morning's edition of the Examiner, containing the article furnished by me for publication is now on my desk. I can not conceive of why you should worse than nullify its publication by putting the three words "advertisement" over the top of it without submitting such a proposition to me Very truly yours, Secretary Board of Trade of the City of Chicago. The following letter illustrates the method of purchasing the spaco for exchange: Mr. JOHN M. HODGE, CHICAGO, DECEMBER 24, 1913. Financial Advertising, Chicago Daily News, Chicago. DEAR SIR: Referring to the proof of the article I furnished you, I beg to inquire if it is clearly understood that the cost to this association is to be $150. I have had the lines counted and am wondering if the matter is thoroughly understood. This association would rather not have the article published at all than to exceed this amount. Yours very truly, Secretary.21 COUNTRY NEWSPAPERS AND JOURNALS.-Publicity through the country press has been designated as "giving them support in the way of advertising." This policy is outlined in the following letters: Mr. GEO. S. CARKENER, President Kansas City Board of Trade, Kansas City, Mo. CHICAGO, June 12, 1917. DEAR MR. CARKENER: As you are probably aware, the American Cooperative Manager is virtually the official organ of the farmers of the United States. Formerly its attitude was very antagonistic to the exchanges. I am pleased to say that under its present editor, Mr. M. R. Meyers, its attitude has changed, and recently they not only have been friendly but very helpful to exchanges in many matters, including pending legislation in Washington. I believe their consideration for the exchanges in regard to this should be recognized, and to that end here in Chicago we are giving them support in the way of advertising. In consistency with your views, I would like to suggest that your members show them the same consideration. Very truly yours, "Correspondence of the secretary's office for 1917 disclosed the same policy. President. That such publicity has not been confined to the Northwest appears in the correspondence had in 1914 between the president of the board and one E. J. Best, of Columbia, S. C., viz: BOARD OF TRADE CITY OF CHICAGO, Mr. E. J. BEST, Columbia, S. C. Secretary's Office. CHICAGO, October 29, 1914. DEAR SIR: I inclose a memorandum statement of the amount of grain received in and shipped from Chicago during the month of September. Please have one of your papers print this as a news item, as I think it will be of interest to many of their readers who are not informed in regard to the commerce in grain which passes through this market. I also inclose copy of an article from the New York Times on the grain exchange question, which may be of interest to you. I inclose check with voucher, which please receipt and return. Anything which you write which is published in your papers please send me a copy, as we are very anxious indeed to educate, or rather to inform southern sentiment, in regard to the situation surrounding the transaction of business in this great market. The one point we lay stress upon is this, that attempts to restrain or which impair the freedom of trade in a very large percentage of instances prove harmful. Very truly yours, Mr. E. F. BEST, Columbia, S. C. President. CHICAGO, October 26, 1914. DEAR SIR: I note your telegram of this date. In a day or two, as soon as our finance committee and our other committee that has the matter in charge has a meeting, I will see that a check is sent you for your services. Matters of this kind all take a few days to fix, as they must go through routine channels. I remain, Very truly yours, President. CHAPTER IV. DEVELOPMENT OF OTHER MARKETS AND EXCHANGES. Section 1. Milwaukee. ORIGINS.-Milwaukee claims to have been in its early days the principal primary grain market of the country. The origins of the market were quite similar to that at Chicago. The first recorded shipment of wheat consisted of 4,000 bushels carried across the lake to a Canadian port in 1841. With the advent of the railroads after 1850 Milwaukee did become for a time the largest western wheat market. This supremacy continued up to the Civil War. The fifth annual statement of the chamber of commerce (1862) claimed that the market was "now the greatest primary wheat market of the world." The following tabulation of receipts and shipments of wheat in 1862 showed its superiority over Chicago: Chicago receipts of wheat rarely exceeded those of Milwaukee until 1879 when the former market received 34 million as compared with 17.8 million bushels at Milwaukee. Since that date the Milwaukee wheat market has remained in a static condition, at times struggling for existence, while the receipts at other markets have continued to expand. The receipts of wheat for the 5-year period. 1912-1917 averaged less than those for 1860-1864. In receipts of corn and other coarse grains Milwaukee has never exceeded Chicago, although the competition for rye has been close and a steady volume of barley (see p. 22) has been attracted by the breweries and malt industries. The question may well be raised why Milwaukee with a natural harbor superior to that at Chicago, and lying nearly 100 miles nearer Buffalo along the lake route, was surpassed by Chicago in quantity of grain marketed. The railroad map of 1877 (p. 134) offers the primary explanation. It will be seen that whereas Chicago was already a terminal for western and eastern trunk-line railroads, Milwaukee was situated off the main routes and could make all-rail shipments only via Chicago. THE MILWAUKEE CHAMBER OF COMMERCE.-Out of a group of grain dealers and millers who had met customarily to transact business in the railroad yards the Milwaukee Chamber of Commerce was organized in 1858. The association was incorporated 10 years later under a special act of the Wisconsin Legislature. From that time on the Milwaukee chamber operated a trading floor, regulated the sampling, inspection and delivery of grain, and performed the recognized functions of a grain exchange. Its charter, however, did not differ substantially from those of other general commercial bodies (see p. 191) and sundry packers and other business concerns were represented in the membership. Membership. The association started with 99 members, increased to 365 by 1868 (the year of incorporation), and reached the maximum of 630 in 1883. Since then there has been a progressive decline in numbers, owing to the absorption of the futures business by Chicago operators and the efforts of the Milwaukee chamber to eliminate unused membership certificates. As with the majority of grain exchanges, memberships are acquired by the transfer of a certificate from a retiring or deceased member. The transfer fee, which is $10, is comparatively low. During recent years the active grain trade has constituted a minority of the membership and the commercial value of certificates prior to 1919 had not exceeded $100. Under present conditions it is doubtful whether the initiation fee" of $5,000 will have to be increased to prevent the issuance of additional memberships. The present annual dues are $70. Table 34, which follows, shows the trading groups dealing in grain on the Milwaukee Exchange. TABLE 34.—Classification of resident members in the grain trade, Milwaukee Chamber of Resident members: Cash commission.. Line elevators. Shippers c. Future commission ₫. Out-of-town members: Members of other exchanges.. Not in grain business..................... Commerce, 1917. a Feeders, and all not included in other classes. Millers, maltsters, etc. c Operating without terminal elevator facilities.. d Including wier houses. • Several county elevators included. As provided in the charter of 1868. |