The Minneapolis journal., 1902-10-16
Receipts, Shipments,
MEMBERSHIP.


"In looking over our membership, we
note a. vast change in the last year. Sew
enty-s memberships not generally owned
by members actively engaged on the floor
have been disposed Of to active members,
which accounts for the large increase In
cash and future trading for the past year.
BUCKET SHOPS.
while we are a prosperous organ1a-
ton, there is one thing that menaces our
prosperity. One Of the worst features OF
the trade and one which our board OF
directors have been taking measures to
suppress, is the bucket shops.
1.-The bucket shop Is bad. 1t is ire
sponsible 1t is menace to legitimate
trading 1t is offensive to responsible trad
ers. 1t Is sore spot that must be re-
moved by heroic measures. 1t has got to
go, and we hope speedily.
Some little headway has already been
made by your board against this great
evil, and the work must still go on Great
praise is due to the Chicago Board OF
Trade for their vigorous efforts against
this uncommercial and dangerous institu-
ton, and the appreciation of all CONNER
cial bodies is due the president OF the
Chicago Board of Trade for his unrelent-
ing and vigorous warfare against bucket
shops, which have long brought disrepute
on all legitimate grain organizations.
conven1ng next winter will be urged to
pass vigorous laws similar to the statute
laws of the state Of Illinois, against these
monumental dealers who operate the
bucket shops.
CORNERS IN GRAIN.
Corners in grain are a great detri-
ment to legitimate trade, unduly disturb
ing the market, checking business, de-
stroying confidence; and rule should be
adopted whereby corners in grain could
be prevented on this exchange.
"This market, if it is to show a sub
stantial increase-to which it is entitled
by it's location and financial strength
should have additional rules to those al
ready in force, to prevent corners In grain.
! Every precaution should be taken to avoid
even a suggestion of corner.
'While we have rules intended to pre-
vent corners, yet more precautions are
necessary. A rule should be adopted al
| lowing the next lower grade to be applied
at O. proper difference on contract for
q higher grade Of grain, such difference
in Price to be established by the board OF
directors, or by a committee from the
board. representing the several interests
of the board.
| RECIPROCITY
"Canada has a. larger area than the
| whole of the United States. Situated al
the threshold of the Canadian northwest
| we as body should use every influence
possible through reciprocity, to bring
| about a commercial union between the
i two countries.
| "Seldom is such an opportunity offered
for the development of trade as at pres
ent, If recip1 ocity with Canada can be
accoup plished. The wheat belt is grad
ually but surely moving northward, ant
this grain belt being tributary to Mime
apolis, the removal of the duty would bt
Of inca'culablc benefit to our trade.
'While Canadian wheat can be grount
r in bonG-and the recent experiments il
this connection have been exceedfngl!
gratifying-yet in time Canada will b.
we'll supplied with storage and shipping
facilities. and the margin Of profit in mill
ing Canadian wheat will be SO small tina
it will not be practicable to use thei
!, grain, and the abolishment of the presen
, duty Of Is cents per bushel should b
: strongly urged by this body. 49,.
1.-THE interruption Of business by tn
officers of this body, to make announce
, nents from, the gallery, is a custom whicl
should be discontinued. In market sen
sltive to, and depending upon, the f1uctua
, tiuns of other markets, serious loss Nigh
be occasioned by even q brief suspenslo
of trading and / would advise that a.
lannouncements-and | even the holding 9
| this, our annual meeting-should tax
place directly before the opening, or i'm
mediately after the closing Of our dali
session.
President Washburn complimented tn
building committee, consisting Of l..
. Brooks, G. M. Harrington, George Chris
. tian and G. G. Bagley, upon its efficie1
T work in connection with the erection
the new building. He referred to the d.
. lay in the completion of the building
. which he said, had been due to change
: in the original plans. The delay had RI
Il suited in the finest office building in tt
J.. city. -. -
), While the building had cost more tha
was anticipated, said President Wasl
;, burn, there had been larger demand Fl
- | office rentals than was expected. He pr
;, dicted financial prosperity for the Chan
ber, as soon as rents began to flow
from the new building. Upon this poll
Mr.. Washburn said: -s.. s- -s-s..
r ."rhe new building (the first floor e:
d cepted) is now ready for occupancy al
it will be the aim of the management
give to the tenants the best Of servic
n The exchange room will be ready NO
!. l.. Owing to these numerous delays
n has been thought better to defer openi1
lr of the new building, until the offices
both buildings are finished. It would see
as though everything ought to be con
e plete, so that the new exchange roo
J can be formally opened by New Years
In retiring from active participation