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Miscellaneous expenses......

..... $ 98 54 Geo. F. Stone, balance from 1901 account..........

60 43 National Live Stock Associations for subscriptions collected.. 435 00

$270.056 47 Cash on hand January 6, 1903 ........................... .. 19,411 82 In hands of Ernest A. Hamill, Treasurer.......... $ 16,866 96 Vouchers and cash in office.....

2,514 86 $19,411 82

LIABILITIES.

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

NOTE-Moneys amounting to $16,808. 29 stand to the credit of the Board 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 Conimittees.

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 Board 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 the 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 bucketshops was forcefully inau. gurated, show a uniform and substantial increase in the 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 pursuite.

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 empbasized by the decision of Judge Baker of the Circuit Court, who refused a mandamus to restore to membership Mr. Jobu Dickinson, who was on February 6, 1901, expelled for violating it.

A notable victory has been the decision of the Supreme 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, Ilinois 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 was violating the bucketshop statute of Illinois. If he adheres to this view upon the final hearing soon to be had, the case will be appealed.

This decision of Judge Thompson was, in a suit brought by the Board against the Christie Grain & Stock Company in the Federal Court at Kansas City, repudiated by Judge Hook, who decided that "he Board of Trade performs a most important function in the internal commerce of this country'; upheld our property right in our quotations, and enjoined the Christie concern from stealing or using them. This case has been appealed to the U. S. Circuit Court of Appeals at St. Louis, whose decision, if favorable, will establish our property right in our quotations for all the Federal Courts between the Mississippi river and the Rocky mountains.

The Supreme Court of Illinois has affirmed the decision of the Appellate Court reversing Judge Vail's decision in the Central Stock & Grain Exchange case, and thus has established for all time in this State the principle that bucket shops are not entitled to our quotations.

The campaign against bucket shops has been vigorously pressed during the last year, and injunctions have been obtained against the following persons:,

In ILLINOIS:

Herbert B. Mason, Sycamore; Timothy F. McDermott and George E. Baker, De Kalb; Charles S. Battle and John L. Dickes. as Battle & Dickes, Aurora; Albert H. Babb, Peoria; Max P. Maas, Sterling; Robert S. Hook and James A. Condon, as R. S. Hook & Co., Galesburg; William B. Lloyd and Herbert B. Holland, as W. B. Lloyd & Co., Galesburg; William B. Lundy, Pontiac; Theodore R. Voorhees, Fairbury; Arthur Wolfe, Streator; J. W. Elliott and N. M. Biddle, as Biddle & Co., Wilmington; Robert J. Ried, Marseilles; Frank H. Holcomb, Rochelle; George T. Sullivan, Chicago; Charles 0. Jones and William R. Lockridge, as Charles 0. Jones & Co., R. V. Cleage, Springfield; Charles W. Slade and Roy Maddocks, Lexington; James F. Cooley, Colby; Harry Knapp, Lincoln; Samuel L. Weaver, John L. Keister and Peter Chase, as Decatur Grain & Commission Co., Decatur; Benjamin L. Taylor, John L. Schroll, Frank Dorwin, James H. Stafford, Samuel Durbin and Earl Rundell, as B. Z. Taylor & Co.; Decatur; John Richards and Louis McMillan, as Decatur Grain &

Commission Company, of Cerro Gordo; – McBride, as Decatur Grain & Commission Co., Hement; William D. Mather, Virginia; Oscar Weisenberg, Jacksonville; J. A. Joel, East St. Louis; Robert A. Groch and William C. Applegate of Danville; R. J. Hammond, Pana; Xerxez Wallace and C. F. South, as Wallace & South, Shelbyville; S. Beem, Shelbyville; P. B. Hostrawser, as Olney Grain & Stock Company, of Olney; Thomas A. Gassaway, Charleston; James Moxam, Milford, George T. Ray and C. H. Marshall, as Ray & Marshall, Ezra E. Staninger, Andrew J. Mundy, H. A. Mundy, as Staninger & Co., of Hoopston; Eugene Adler and A. H. Curtis, of Champaign.

In MILWAUKEE:

Wisconsin Grain Company; Cream City Commission Company, W. J. Cary, Joseph F. Cooke, A. L. Cary, Fred W. Upham, C. W. Hotchkin, E. J. Bradbury, Fred L. Rodee, Ebenezer Hadden and Hadden-Rodee Company.

In Kansas City:

C. C. Christie, Christie Grain & Stock Company, its officers and agents.

In all seventy bucket shops.

The injunctions against the three last named persons have not yet become effective, owing to appeals.

The following other suits are pending in the Federal Courts:

At Indianapolis, three bills against the L. A. Kinsey Company and forty-four other bucket shops, constituting practically all the bucket shops in Indiana at the time the suits were commenced. The Master in Chancery has made a report, disagreeing with Judge Thompson, and recommending that injunctions issue against defendants.

At Omaha, against the Boyd Commission Company, H. R. Penney & Company, Frank H. Pierson and Sewell Sleuman. The court has this case under advisement.

At St. Paul, against the Coe Commission Company and its officers.

At St. Louis, two suits against the Donovan Commission Company, the Cella Commission Company, and their officers. These suits are ripe for hearing, and an early hearing is anticipated.

A suit was commenced by Messrs. Portus B. and Charles A. Weare, in the Circuit Court, to enjoin the Board from proceeding to try them on charges filed for misconduct as members, and

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