, 1875-03-27
OUR NEW BOARD OF TRADE.

tint it is possible to drive coach n,ltl six
horses through my net Of Parliament Tint
WIS over passed.. With this In mind. mud
knowing Tint tho men Of to-day are fully rs
ingenious int evasion rs those Of any former
generation, 1t is not wiso 10 praise tho revised
rules Of the Board Of Trade Of this city as iu-
capable Of further crne1ls1atio1. Yet caro-
full pers1sal cnn scarcely fal to lead to the
conclusion TINT thoy aro not only vnst i'm
rrovemcnt, but embrace so rnauy md 80
radical changes as to amount to n reorGaniza-
ton of The 1.,odo in which members Of the
Eoart1 will transact business, if not to the
formation Of new board.
Tho history Of TINT Association in tho past
IN marked by the record Of 30 ,nany sangain-
ary commercial frnys NJ to throw into the
background tho more quiet features which
make that record highly honorable as whole.
Scarcely any year Of Tho past decade las
lapscl without tho occurrence Of more tlan
ono OF those disgraceful and injurious co1n-
n.ercial episodes called ''corncrs." Tho ycnr
1874 was unusually prolific in thiE respect,
not less Than four corners having been ongi-
nccrctl, under the Ssate law for thoir proven
ton, which nominal1y went into effect Inst
june. Tho hoard Of Trade has now under
taken to 10 shat TINT law conld not do; md
with fnir prospect Of succcas in tho effort.
Formerly, tho rs,es Of the IloArd Of Trade
protected any commercial SHrLocK in insist
ing on his pound Of i!csh,-the only excep-
ton to tho rule being in tho case where n
single pound Of flesh wns not left on the
skeleton. Under q mistaken sentiment In re-
gnrd to whnt constitutes honorable dealing, n
member who was ac,,te enough, md rich
enough, could force others, under certnin cir
curnstances, to pay him almost my price his
fancy might dictate, md in worry many
| cascs tho only thing considered in fixing
that figure WINS tho point up to which short
could 10 squeezed without killing him. Tn.
der tho now rules al1 this is prohibited by tho
| provision TINT fair eEtimnto Of valuo shall
be made by disintcrestcd partics, who sllnll
constr,c the rulas ns being designed to secure
| Justice and equity in trade, and by the further
enactment tint anyone found gritty Of at
tt,artiHg to oxtort fictitious price, or who
shall malo or report fictitious purchases or
| sa!es, shall 10 expelled.
These features of tie new r11les, alone,
commend them to the Judgment Of every ono
who desires fair dealing, to say nothing Of
their influence upon the good name and pros.
perity Of the city. Corners have been tho
cancer sores upon Our commercial system,
| aud, wlilo they have seemed toiucroaso trade
mud benefit tho farmer for the nonce, they
havo done fur moro harm, by arrangement Of
tho markets, thnn enough 10 counterbalnnca
the seeming good. And it does not appear
that tho new rule. arc framed 30 rs to dis
eriminase against tho holders Of property,
while presenting m efficient check on nj.
tcmpts at extortion.
There are several other grcat improvements
in tic rules, though subordinate in ilnpor-
tance to the one above noted. We may i'll
atance the sections which provide for the
greater safoty Of money deposited as security
for the duo performance Of contracts, those
providing for. adjustment Of differences in
| disputed cases, anl the ones more particu-
larly framed with reference to preserving
order and personal deoorun, on the Boartl.
These are all valuable features, and, ns
whole, the rules appear to justify tho oxpec.
tation that the Objectionable features of the
organization have been 50 eGcctually purgot
out as to give to Chicago really nav Doari
OF Trade.