The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-12-21
SPLIT OF 1R DERS
FEARED IN / CHG AGO
J Destructive Shoals Loom Up
Strong Before Board Already
Tottering.
Big Elevators, Angered Over
Small Traders Triumph,
Threaten Bolt.
Journal Special Service.

Journal Special Service.
4 Chicago, Dec. 21.--The Chicago Board
of Trade is in danger of splitting in
twain as the result of the dissensions
which for months have taken attention.
from the markets and made the floor of
the exchange a great debating school.
Two votes by the general membership
Yesterday accelerated the movement,
which has tended toward a break. I'm
less radical change occurs there will
be two boards of trade in few months.
. One amendment voted down provided
for the fling OF claims against mem.
bers WkO are in debt and the COM
pulsory transfer Of their memberships.
This change was intended TO do away
with the class Of members who, in the
words of an ex-president, are pos
sessed only of a trading card and a
lead pencil. - It is asserted that bad
business has added to the numbers Of
this class until there are several hun
dred of them all trying to live off the
efforts of others to bring traffic here.
5s6 Vote It Down.
The vote showed that there was little
hope to give creditors chance to col
lect out Of the memberships Of debtors,
for $50 voted against the change, while
only I23 favored it.
Then another amendment by which
members out Of town would be permit
ted to vote by proxy instead of in per.
son, went the same way, the vote on
this proposition being 636 against and
IS for
The two votes showed that the local
traders were in absolute control Of the
board and were certain to elect their
officers at the election now close at
hand.
The elevator men, who, it is claimed,
have overstepped the laws Of the land
in their efforts to bring grain to Chi
cago and who have fought the city's
battle with gulf ports and all other
corners in order to protect the grain
trade Of this great market, felt as if
there was nothing else to do than to
leave an organizat ton which seemed to
them to be given over to small traders
whose chief asset was membership
that could not be touched for debt. 81
John Hill Causes Trouble.
The recent crusade Of John Hill, who
has become the leader In the war upon
the elevator men, added to the ill feel
ing, which ran to a high pitch thruout
the session. ss5:S t g Il
This threatened disruption Of the
great institution at the foot Of La
Sale street is due to the era Of i bad
times IN the speculative grain trade.
People were more interested In stocks
than in grain. Joe Letter, by his CID,
rious but unfortunate dash in wheat one
winter and spring, brought back signs
of the cid life. but when his, accounts
were turned oyer to an elevator COM
pany to settle, trade was back I in its
old rut.
George McReynolds tried in vain to
stem the tide toward bankruptcy by
juggling with warehouse receipts. The
elevator companies fought bravely
against the competition Of other grain
centers, which were taking the real
grain away from Chicago and the lake
route. In this fight, the middlemen,
who formerly. had handled great deal
Of the, grain from country shippers, dis
appeared from the trade. They could
not stand up against the power of the
big elevator companies, which were
bent on bringing grain to Chicago re-
CARELESS Of all other routes.
" Harmony Committee Works.
Hundreds Of elevators were bought
by the Chicago concerns in order to
keep the grain coming in this direc-
stton. For. while it went all right, but
the speculative trader remained aloof.
Commissions were too high. They were
lowered. Still orders did not come.