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REPORT OF THE BOARD OF DIRECTORS.

To the Members of the Board of Trade of the City of Chicago:

Gentlemen:—Your Directory herewith submits the following report for the fiscal year ended January 5, 1903.

FINANCIAL STATEMENT OF THE BOARD OF TRADE OF THE
CITY OF CHICAGO FOR THE FISCAL YEAR
ENDED JANUARY 5, INCLUSIVE, 1903.

RECEIPTS.

From 1,796 Annual Assessments (a; $50 $ 89,800 00

From 175 transfers of Membership @ 125 4,375 00

From sales Visitors' tickets 1,395 00

From sales Messengers' tickets 2,225 00

From sales Clerks' tickets $1,820 00

Less salary of Manager in charge of Clerks 840 00

980 00

From sales Messengers' badges 30 50

From sales old furniture 150 00

From table and drawer rentals 6,276 85

From rental and premiums on Telephones in|Exehange Hall... 5,170 57

From rental of Telephone Room 20 274 84

From Quotation Department 28,277 56

From Real Estate Department, for Rents, Janitor Service,

and Electric Lights 129,253 59

From Real Estate Department, for sales Steam Pump and

Condensor 1,505 00

From Real Estate Department, for sales old Metal, etc 360 12

From Board of Trade Clearing House 8,138 22

From Subscriptions for National Live Stock Association 435 00

$278,653 25

Cash on hand January 7, 1902 10.815 04

$289,468 29

EXPENDITURES.

Interest and expenses on bonded indebtedness $1,240,000.00 $ 49,581 32

Interest coupons, paid on 5% bonds, former issue 5 00

Taxes on Real Estate 1901 34,675 88 Taxes on Personal Property 1901 $ 271 13

Insurance on Glass, Real Estate Department 509 75

Premiums on Casualty Insurance. Real Estate Department... 518 98 Construction account, New Elevator, Toilet Room, etc, Real

Estate Department 17,212 27

Repairs to Building, Real Estate Department 18,131 7s

Wages of Employes, Fuel, Water, Gas, etc., Real Estate

Department 47,346 14

Salaries of Secretary's Department 17,257 00

Salaries of Exchange Hall employes 5,785 75

Salaries of Visitor's Room employes 2,636 00

Salary, Henry S- Robbins, attorney 5,000 00

Other legal expenses 24,728 97

Expenses account Revenue law 808 25

Expenses attendant on examination of Grain Elevators 1,230 70

Expenses of Transportation Committee. 539 85

Janitors salary, including scrubbing 3,800 00

Soap, towels and supplies for lavatory and exchange hall 358 80

Washing towels 486 48

Ice 342 00

Annual reports and rules 3,342 55

Stationery, printing and postage 2,318 04

Market Department—Cable service 6,035 14

Market Department-Ticker service 4,838 97

Market Department—Quotations from Duluth, Minneapolis

and St Louis 2,932 02

Market Department—Salaries of Blackboard Clerks 3,630 06

Statistical information from New York. Buffalo, Chicago

Custom House, Union Stock Yards and Illinois and

Michigan Canal 1,643 50

Telegraphing 1,237 05

National Board of Trade assessments and expenses 213 80

Expenses of delegates to National Hay Dealers' Association,

Grain Dealers' Association, etc 689 59

Balloting expenses 240 00

Repairs aside from Real Estate Department 210 55

Expenses, Flax Seed, Inspectors Office 1,832 04

Furniture for Secretary's Office 35 52

Newspapers, circulars, books 108 64

Special service 7,874 73

Insurance on furniture 76 00

Telephone in Secretary's office 175 00

Clock service Exchange Hall 48 00

Uniform suits foreniployes 109 00

725 Messenger badges 72 50

Expeusesincident to Meetings of Directors and Committees... 200 10

Extra Stenographic work 100 55

Auditing books and vouchers 1901-1902 115 00

Chicago Directories for Exchanges and Secretary's office 48 10

Subscriptions to Firemens' and Policemens' Associations 50 00 Miscellaneous expenses * 98 54

Geo. F. Stone, balance from 1901 account 60 43

National Live Stock Associations for subscriptions collected.. 435 00

$270,050 47

Cash on hand January 6, 1903 19,411 82

In hands of Ernest A. Hamill, Treasurer $ 16,868 96

Vouchers and cash in office 2,.r>44 80

$19,411 82

LIABILITIES.

Bonded Indebtedness due 1927- $1,240,000 00

Note—Moneys amounting to $16,808.29 stand to tlie credit of the

Hoard on the books of Telegraph Companies.
Chicago, January 6, 1903.

To the President and B ard of Directors of the Board of Trade of the City of Chicago.

Gentlemen—In accordance with your instructions of the Finance Committee we have completed a careful audit of the Financial Records of the Board of Trade of the City of Chicago covering the period from January 8, 1902, to January 7, 1903.

All the records in the cash book, journal and ledger were proven correct. The cash balances as shown in the hands of your Secretary and Treasurer were checked and proven correct.

Vouchers were presented for all cash payments, properly approved by the Finance and Real Estate Committees.

We also certify that the foregoing report is correct in accord ance with the records audited.

Respectfully submitted,

EVERETT AUDIT CO.,

Eric J. Everett, Secretary.

Chicago, January 9, 1903.

At the close of the fiscal year ended January 5, 1903, there were no outstanding bills.

Cash on hand $19,411.82, as against $10,815.04 at the corresponding date of 1902.

Amount received from quotations during the year last passed $28,277.56 net, as against $4,842 73 for the year ended January 6, 1902.

There is to the credit of the Hoard with the telegraph companies under contract $16,875.

The bonded indebtedness of the Board is $1/240,000, due in the year 1927, bearing 4 per cent, interest, payable on the first day of June and the first day of December of each year.

Disbursements on real estate account, exclusive of construction, interest and insurance, amounted to $66,506.65.

Extensive repairs and important changes contributing to the comfort and convenience of the tenants of the building have been made during the past year.

A new elevator has been installed in the building and has proved satisfactory.

Amount paid for taxes on real estate and personal property is $34,947.01, as compared with $40,050.30 paid during the year immediately preceding.

Amount received from rentals, janitor service and electric lights $129,253.59, as compared with $118,785.32 for the preceding year.

Every room in the building is rented.

The assessment for the fiscal year beginning January 6, 1903, is fixed, in manner as provided by the rules, at $50.00 per capita.

The present membership in the association numbers 1793.

The number of memberships transferred during the year was 175, yielding $4,375.00.

The following persons during the year were expelled from membership:

Lewin A. Wood,
John J. Gardner,
William E. Mchenry.

The clearances of the Board of Trade Clearing House during the year amounted to $83,590,507.50 and the balances $27,668,595.95; during the year preceding, $74,476,955 and $25,341,536.87 respectively; and during the year 1900, $62,227,165 and $22,821,284 respectively; and during the year 1899; $58,366,800.51 and $20,597,677.54 respectively.

It will be observed that the amount of clearances during tho year last past amounted to over $25,000,000.00 more than during the year 1899.

The above statements, dating from the time when a vigorous policy of this Board against buckctshops was forcefully inaugurated, show a uniform and substantial increase in tho business of our members and constitute one of the strongest evidences of the wisdom of that policy.

Your directory is gratified that the undisputed right of the Board to its quotations is fully established, and that its right to enforce its rules is recognized by the courts.

Your directory cannot doubt that the policy so consistently and vigorously pursued during the past three years will not only be upheld but prosecuted with an aggressive and uncompromising loyalty to the highest mercantile standards.

The inviolability of a business contract and the maintenance of all our rules, both in letter and in spirit, must be always insisted upon if this organization shall continue to be what its founders designed that it should be—an organization for the promotion of commerce based upon fair dealing and mutual advantage; and for the inculcation of the principles of justice and equity in trade and for securing to its members the benefits of co-operation in the furtherance of their legitimate pursuits.

Our legal department has been very busy during the year: fifty-three suits have been commenced in which the Board was involved; in forty-six the Board or its officers were defendants; forty-one of these related to margins upon July oats; three sought to prevent the Board from disciplining members, and the rest arose out of the Board's efforts to protect its property right in its quotations and keep them from bucketshops.

Our right to maintain our commission rule was again emphasized by the decision of Judge Baker of the Circuit Court, who refused a mandamus to restore to membership Mr. John Dickinson, who was on February 6, 1901, expelled for violating it.

A notable victory has been the decision of the Supremo Court of Illinois, affirming that of Judge Tuley, and declaring unconstitutional the law of 1896 allowing public warehousemen to store their own grain.

The Board's property right in its quotations, and its right to protect it by injunction, have been still more firmly established by the U. S Circuit Court of Appeals of the Seventh Circuit, which, in October, 1902, affirmed Judge Kohlsaat's previou s decision to that effect. This decision establishes the law for the Federal Courts of Indiana, Illinois and Wisconsin.

In a suit brought by the Board against the O'Dell Commission Company in the Federal Court at Cincinnati, Judge Thompson denied a temporary injunction upon the ground that the Board

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