CONTENTS. Acknowledgment. Letter of submittal.. CHAPTER I. COMPARATIVE SIZE AND IMPORTANCE OF THE MARKETS. Section 1. Factors determining size.. Futures markets.. Cash markets... Section 2. Volume of cash trading.. Section 3. Receipts....... Wheat receipts.. Corn receipts. Oats receipts.. Barley receipts. Rye receipts.... Comparative importance of secondary markets. Receipts of all five grains... Section 4. Local consumption.... Introductory.. Wheat consumption. Corn consumption.. Rye consumption.. Consumption of all five grains.. Section 5. Elevator capacity........ CHAPTER II. CONTROLLING FACTORS IN THE DEVELOPMENT OF TERMINAL Section 1. General survey.. MARKETS. Section 2. Location of grain markets with reference to the production areas.... Primary markets and wheat production.. Primary markets and corn production.. Primary markets and oats production. Primary markets and barley production Primary markets and rye production... Primary markets with reference to total grain production. Section 3. Influence of production upon the development of markets.. Section 5. Freight rates as related to the development of grain markets.. Inspection systems. Weighing.... CHAPTER III. THE CHICAGO MARKET AND THE BOARD OF TRADE. Section 1. Origins..... Historically a forwarding market. Section 2. History of the transportation problem. Water vs. rail transportation.. The Erie Canal movement... Ex-lake rates...... Rail and water differentials.. Section 3. The Chicago Board of Trade....... Charter of 1859.... The exchange hall.... Membership-admission and assessments. Classification of members... Current revenues and expenses.. Section 4. Facilities developed by the exchange. The trading floor.... Page. 59 61 62 66 67 68 70 71 72 72 73 74 75 76 76 76 77 78 Transportation department.... The Central Elevator Co. case, 1898 Department of grain sampling. Section 5. Conflict between receivers and elevator buyers on the board... In general........ Restrictions on direct buying imposed by the exchange.. The call rule...... The to-arrive rule.... Section 6. Enforcement of rules....... The Nelson case, 1896 Commission rules.... Section 7. Terminal elevators and the warehouse controversies.. Factors in the problem at Chicago...... Growth of storage capacity and concentration of control..... Dealing in grain by public warehousemen. 78 79 79 79 81 83 85 86 87 88 90 90 90 91 96 99 Trading in privileges-puts and calls--indemnities-bids and 110 113 116 Indemnities...... Section 10. The quotation service and the bucketshops.. 118 121 The antibucketshop crusade..... 122 Public interest in exchange quotations. 123 Agreement with the telegraph companies.. 126 Section 11. The open board of trade... Quotations are property within the control of the exchange.......... 127 128 |