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Judge Chytraus issued an ex parte injunction against the Board and also against Mr. McNeil, who preferred the charges. Subsequently this judge dissolved the injunction as to the Board, but let it stand to enjoin Mr. McNeil from pressing his charges, or testifying before the Board of Directors, thus indirectly stopping the disciplinary proceedings. The case was appealed by the Board, and the Appellate Court reversed Judge Chytraus and dissolved the injunction in toto.
In August numerous suits were commenced against sundry members and the President of the Board to enjoin the signing down of margins put up on July oats, and Judge Chytraus granted injunctions, holding that the controversy over the right to the margins should be decided by the courts, instead of a committee of the Board, whenever either party insisted upon it. The Apellate Court, upon appeals, affirmed all but one of the cases. The result of this decision is that neither party can be compelled to accept the decision of the Margin Committee as to the right to the margins, but may, in case of a dispute, have the matter adjudicated by the courts. The Board of Directors may, however, suspend or expel the objecting member if found guilty of bad faith or dishonest conduct in violating the agreement involved in the putting up of the margins. So much of this decision as is adverse to the Board will be appealed to the Supreme Court, as the question of charter power involved is an important one.
Mr. Woods, of Minneapolis, upon being expelled, commence in the Federal Court an action against the Board for $400,000 damges. We have no fear as to the outcome of this.
James M. Love, May 15.
Samuel H. Richardson, May 24. James H. Dole, February 16.
Alexander Geddes, July 2.
John C. Cantner, July 30.
Henry P. Wadhams, August 23. Jacob Spielman, Jr., May 2.
James R. Willard, September 6.
Gerald P. Stockdale, May 5. and on December 19th, Sylvanus H. Stevens, Chief Inspector and Registrar of Flaxseed. Mr. Stevens enlisted as a private in the Chicago Board of Trade Battery on July 21, 1862, and was discharged as Junior First Lieutenant on June 30, 1865. He joined the Geo. H. Thomas Post No. 5, Department of Illinois, Grand Army of the Republic, on February 23, 1897.
Mr. Stevens was a conscientious and painstaking officer of the Board, peculiarly qualified to perform the duties of Chief Inspector and Registrar of Flaxseed. He was uniformly gentlemanly in the discharge of his duties, and will be remembered with pride as a representative of the Board in the Great Army that fought for and preserved the union of these States.
REPORT OF THE TREASURER.
To The President and Board of Directors of the Board of Trade
of the City of Chicago:
GENTLEMEN: As Treasurer of the Board of Trade, of the City of Chicago, from the 7th day of January, 1902, I beg to report that
I had on hand January 7, 1902 .......
....... $ 9,354 43 I have received in sundry deposits from the Secretary of the
Board from January 7, 1902, to the close of the fiscal year,
I have paid 822 checks drawn by the Secretary and duly countersigned, amounting to......
. $278,451 50 Leaving a balance on hand at this date of..... ............... $ 16,866 96
ERNEST A. HAMIL,
January 6, 1903.
ADDRESS OF REUBEN G. CHANDLER, PRESIDENT.
Fellow Members of the Board of Trade:
It is only quite recently that I have fully appreciated a very familiar quotation, which reads: “Some are born great, some achieve greatness and some have greatness thrown upon them.”
In accepting the great honor which you have so almost unanimously accorded me, I entertain a profound recognition of its duties and responsibilities, as well as a sincere and grateful appreciation of your confidence and esteem.
I do not flatter myself that my election without opposition is an evidence of personal popularity, but rather that it indicates a united membership, firm in its purpose to continue the policies which have been instituted and progressed in such a satisfactory and successful manner. We can not overestimate the benefits which are bound to accrue from such a unity of purpose.
I regard it as a cause for our hearty self-congratulation that the varied and sometimes conflicting interests of our difforent branches of business are being subordinated to a general desire for our common good.
I recognize the splendid achievements of the outgoing admin istration; achievements which have raised our Board in our own esteem, which have raised it in the esteem of the public, which have raised it in the regard of state and federal courts, which have raised the value of our memberships, which have increased the volume of our business and the compensation for doing it, and which have already suppressed the bucketshops in the State of Illinois.
It shall be my purpose, so far as my personal efforts may avail, to rigidly maintain the Commission rule, to zealously defend our right to control our quotations and to pursue without ceasing, the efforts now in progress to suppress bucketshops wherever they exist.
Relying on your cordial and loyal support, I look to see the enemies of legitimate trade exterminated, and the good influence and prosperity of our Association increased.