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Newspaper
Cheyenne State Leader
Location
Cheyenne, Wyoming, United States of America
Date
Mar 03, 1912
Page
3
An overview of the United States grain marketing problem and the role of the Council of Grain Exchanges. It explains how futures trading developed to distribute 5 billion bushels, defines bulls and bears, and describes the tension between producer and consumer interests shaping price levels.
A historical note recalls the origins of the Chicago board of trade, begun March 13 1848, led by grain merchants T Richmond and W L Whiting. It outlines founders aims to establish a merchants exchange, standardize trading practices, promote justice in trade, resolve disputes swiftly, and share economic information for members' cooperation.
Philadelphia through Its Commercial Exchange is an active member and founder of the Council of Grain Exchanges. It serves a vast western shipper market with strong exports and a broad local trade. Captain John O Foering heads the inspection department, known for honest grading and protecting western shippers in distant markets.
The Omaha Grain Exchange shifted from both futures and cash trading to a stronger cash market, abandoning the option market. Traders report average daily sales of over 100 cars on the floor from 10:30 a.m. to 12:30 p.m. with strict rules preventing misuses and late-day carryover, aiming to give shippers the highest bids through open market preimports.
The Cairo board of trade is an institution of grain and hay merchants grocers and progressive citizens in Cairo Illinois. It emphasizes Cairo as a key distributing center for grain and hay and notes the board now supervises the watching and departments to safeguard local interests.
The Merchants Exchange of St Louis is among the oldest and third largest primary receiving markets in the United States. It handles the transfer of farm products to consumers, maintains a traffic bureau to guide transportation and freight rates, and runs a weights department to ensure accurate weighing of goods handled by members and their shippers.
The Toledo Produce Exchange highlights its winter wheat and clover seed markets with strong demand from shippers and interior mills. It notes top prices for white grades, steady local commission mills, and daily call bids in afternoon papers.
The San Francisco Grain Trade Association of the San Francisco Chamber of Commerce runs futures trading at the Merchants Exchange building 431 California Street with two daily sessions 9:30 to 11:30 and 1:30 to 2:00, excluding Saturdays. Grain in California is sold by sample and much exported grain is inspected.
The Buffalo Corn Exchange promotes its grain market status, highlighting its exclusive cash grain market position. It cites advantageous location at Buffalo, rail and water transportation links, and its role as a bridge between western production and Atlantic consumption, stressing facility and throughput.
The Minneapolis Chamber of Commerce outlines a membership focused on wheat marketing. Minneapolis is described as the world's greatest hard wheat market and largest milling center with terminal elevator capacity over 40,000,000 bushels, marking the city as a key distributing hub.
Peoria market operates on cash grain only with no option business. It serves as a major accumulation and distribution point for corn and oats, with storage capacity around 2.5 million bushels and elevator transfer capacity near 200 cars daily. Peoria is a large corn consuming market, grinding about 50 thousand bushels daily for glucose and distilling, drawing receipts mainly from Illinois and Iowa, though lower grade corn arrives from western and southern states for local use. Grain for shipment is sold to eastern and southern points. grain inspection rules align with the Grain Dealers' National Association.
The New York Produce Exchange has long stood as a major market hub in New York City. Its 2,046 members cover a wide range of commodities from grains to animal fats and oils, with trades conducted under specialized rules for each commodity and general exchange governance.
The article argues that Wichita’s railroad links and location position it as the ideal center for a primary grain market. It emphasizes Kansas leading wheat production and highlights Nebraska and Kansas as major grain states, underscoring the city's business advantages for future growth.
The Duluth market stands as the leading flax and durum wheat market in the country. When durum wheat expanded, Duluth export free surged to foreign markets and helped generate strong demand for American durum abroad.
The Milwaukee Chamber of Commerce operates the weighing and inspection of grain locally, a system praised for its quality and absence of state supervision. Each year about 60,000,000 bushels pass through Milwaukee’s grain market, with few complaints about weights or grading as grain moves by rail and lake to mills and malt houses.
Kansas City stands as the country’s largest primary winter wheat market and a major milling center. The 1910 figures show high volumes of wheat and other grains with extensive storage, daily milling demand, and active futures trading linked to St. Louis Chicago and Minneapolis.
Grain arriving in Baltimore is placed in elevator yards and weighed by chamber staff with railroad representatives. The grain is graded, contracts are checked, and unloaded if instructed. Samples are sent to consignors, and transfer of receipts, listing party, bushels, price, date, and contract, records a conclusive transfer and delivery.
The St Joseph Board of Trade in Missouri operates near the center of the Western grain fields. It represents a major grain market with extensive yearly business and emphasizes rapid shipment and delivery to support rail and warehouse operations.
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