, 1873-06-16

morning TINT oil tho No. 2 corns In TINT house
was hot, and though tho quantity was but anall
(2o,8 bu) tho announcement Ind most do.
p{Ssg pap oass ss a, v % opo1sSfsa nsca esfaa % that
'' TOW dsys. a wo vi havo - staEsd what appoaf
to ba tho faots in tho case in
nrs9sang Rarsgssn = TS H. ts So's # os %ss
te se poow n S tho hsFo oo for @ edS dTa S
mouth Is hatf ovor. II was roally tlin!ionlt to
dispose Of cash corn at any price, rs tho ehfppora
esa p e osen ths By se so saeasa 5 esn o' ne
OPTIONS to dollyor in future months. Thofo. was
not very much ofrering In options, especially
.sa f lS's 10 T ss 0a ny ssYs red esa + & e. eSS Se
year in whlah tbe baianco Of not ofD pfobabill-
tios is In favor Of no moro than about haIf q
Inclined to MI in, preforring to await tho chances
Of Of still further doolino; henoe lttlo wns dono.
the day being ono Of the dullcat Of tho .seaaon:
Seller August was tho option principally dealt
onsa 70 aso. oloe1ng it os1@o. 8ollcr July sold
month or regular No. 2 sold at 32@9so,
closing at a2}7SSo: Strictly fresh recoipta closed
1oportod Of 200 bu No. 2 Of 95o; 200 bu DO Of
400 bu DO at eA1foi 17,2do bn Do at 94o 4, 900
W uo 4t $50 10 uOl bu do at 314o.; ~ QbU bu do
200 bu do At a2o ,56o bu do st a5o aaosti
1000 bn No. at 8G11fc; $1,000 bu rotooted al
asaoi 1900 o. bu do at aso; goo bu DO ct 900
s5n s9st a foo ba gg grso. s s bu do at
:, Oats wore aotivo and weak, declining no fur
thor, undor a rather hoavy pressure to sell
options for next month, which constituted tho,
S f hod fsss sss MANY IL o oats lord saa
Tor several weeks pnat. wore gelltuR out ycBter-
day and to-day. Seller July openod At 2so,
advanced to 2s1o, aud declined e 27596o Ct the
eloao: e'a Seller August sold At 27H@2$o; Seller
closing at tho inslde. 0aah salee wero reported
seeeipss) at 27o; u, 900 By u 2esloj 6ooo By 1t
aao % taSst ao 4eo &c., b } 5s}GSasd sa at a4' 6u
Ryc was dull and caster, in sympathy with
irmnosg. Sales wore limited to 400 bu No. . At
el}Sci LOGO BIZ Do at Clio !; 400 bu by sample at
Barley was Inactive and norninally unchanged.
Wo quote No. 2 at 85@68o; No. 8 ut 50@65o;
and rotootod at 90@35o-- inside at tho Rock
Island Elevator, aud the outside in other
honhcB.
a. ths Kissor Of 1ns Chicago tribune:
In viow OF tho important questions now at iB.
sue regarding tho Doard OF Trado and tho rela-
tion In which 1t stands towards ita members, It
seons proper that ali sides should bo fully dia-
euBsed.
Il is not charged By any ono that tho Board
desires to oct un Justly towards any Of its menl-
borB, and 1t ia only necessary to nane its officials
where those gontlomon are known, to establish
asa bodyare not only equally FREQ from imputaton
on this score, but arc conspicuous for nborality
and In the main for o lack Of al1 personal feoliDg
10 the handling Of questions arising amongst
thom.
A Board Of Trado in q city through Which
pasaes annually over ono hundred millions Of
bushels Of grain, besides millions Of lollara
worth Of other products, must, with the growth
OF tho country tributary to it, assume enormous
proportions and draw towards 1t from all quar-
tors membership cosmopolitan in It's char
actor.
Iu such an institution It is to DO oxpooted that
questions will from time to time arise touching
the legality Of some action and. parties who
may fancy their rights Ut any time 10 bo abridged
will now and then appear, aud test tho correct
ness OF such action: such proceeding, however,
whero not known to be Malicious arouBing no
aontimonts. of hostility, but zathcr those Of
Now as to the power Of the Board to pass
raleB, bylaws, etc. Tho impression sooms to
be general that there is no limit to this power,
and that any rule passed by d majority vote ID
It certainly approximates 30 closely to tho fact
that but fow will be found who can quatfy It.
As tho recent discussions hayo thrown some
light on tlis aub5oot, many Of the members have
covered, whore this limit is; and this sido Of tho
question is briefly stated as followa:..
The Board Of Trado ia q corporeto body, with
only such powers as are granted by its
aud by-laws by virtue Of this chsrter, such rules
become in effect statutory, and bind It's members
proclsely as though they we're 1egislative enact
mentB. It is q public corporation, and should
5ssvs D,5 int bs Its sssss IT, ns sppsan G nhs
By the organization, or who might be bonohted
by auoh q connection, even toa limited degree.
It ia not meant that all persons haVo right to
membership aa laWyers. doctors, or others,
perhaps show their claims to the benefits Of tho
institution. Dut any dealer In tho products uBu-
ally changing hands on the Board has right
there, unless ho be legally disqualified.
Now, as this Board exists Independently Of it's
mombers, ~ membership is not conferred By tho
vote Of tho body, but may bc claimed aa a right
by evory person LOCALLY qualified; and as this
right Is derived sololy from tho people, through
tho Legislature, the question is pertinent: Can
established principles OF the common Law, or in
any manner abridges tho rights OF citizons7 For
instance: a grain-desler with ample capital ap
plies Tor admisalon. Ho is reoolyed. 1t is e1-
fostering and promoting trade In tho grea staples
Of the West must require that upon entering
this association, ostnblBhed- by law, having no
exBtonce Unless unler the lRw, o man must on
CtAi1kGI t1lb G11EcNis4ta blWh1H AttGla0hAt upou
discretionary power to oust him from his busi-
ness and contlscato his franchise in tho sattlo-
mont Of questions involving judicial digcrimi-
nation On tho contrary, ia ho not entitled to
the protection Of tho law Of the State which
brought tho institution into existence, and out
side Of which 1t has no legal Btatus2 Is it rea-
aonab1o to require q compulsory assent to any
rules paased by It even should they DO IN direct
antagonisn to well-ostabished principles Of lawa
1t It il said TINT his aasonf is not compul-
p1rV 11nt
AZ he ploasos, 1t may ho anaworod that he has q
right to Join II legally qualified, and, Il illegal
rules are bar to Lis ontry, ths corporation, In
atead Of being public benoht, msy be consid-
cred chartered monopolys which Is nowhere
claimed. In short, must q man, having legal
right to admission, be obliged to surrender many
Of big othor legal rights in order to enjoy this
right7
1t may then be asked, what becomes Of tho
power granted BY tho charter to mako such rulos
DO, aB it may think propor7 The answer to this
question might clearly DO that, wlailo the Board
llaa The right to mako rules for the transaction