Evening star., 1928-05-31
IA SALE STREET.
CHALLENGES WALL
Chicago Board of Trade Aims
to Move. Financial Gen.
ter to West.
BIT FREDERIC WILLIAM VILE.

la Sale Street" has declared war.or
'wall Street" as the supreme symbol
of American money and is determined
TO bring about Chicago's independence
of New York The West is no longer
willing to acknowledge the capitalistic
sovereignty of the East. Federal finance
authorities at Washington place that
Interpretation upon the news that the
Chicago Board of Trade, historic citadel
of the wheat pit, has voted to add the
handling of securities in that market
70 its former exclusive business of trad
iag in grain.
Chicago bankers and brokers freely
concede that the purpose is to establish
q great Western Stock Exchange, de-
signed to rival in importance and in
fluence the now ail-dominant prestige
Of the New York temple of high finance.
The scheme springs from the theory
that Western money. now drawn upon
lavisl1ly for Eastern operations. can be
Just as usefully utilized IN a Chicago
market as on Manhattan Island, In
vestment and speculation. like charity
say the breezy Westerners-should be-
gin at home.
RestiveneSs Grows.
Chicagos restiveneSs under New
Yorkis financial overlordship has been
steadily gathering in momentum since
the World War 1t reached its climax
IN 1927. when the Federal Reserve Bank
Of Chicago. as spokesman of the para
mount section Of the Middle West, re-
belled against the Federal Reserve
Boards dictation of rediscount rates.
Last Winter the Chicago bank won a
hslated though decisive. victory for its
point of view. About the same time
AIidwestsrn banker. Roy A. Young Of
Minneapolis. was appointed governor of
the Federal Reserve Board. in success
sion 10 D. r. Crissinger of Ohio. re-
signed. Mr. Young's appointment was
widely hailed as i1eralding the ascend
sncy of "westernism" In the councils
of the national supervisory banking
body Further indication of the Vests
growing insistence upon bossfng the
country's business was the recent trans
fer of executive control in the United
States Chamber Of Commerce to prac-
ticsiIy sll-Western group-with William
Eutterworth Of Illinois as president.
succeeding a New York banker. and
Joseph n. Defrees Of Illinois installed
as chairman Of the board.
West Crews industrial.
The Chicago wheat pits plan to ex-
pand into q stock exchange is nat
urai expression Of the Vests new
economic character. The open spaces
tributary to Chicago long since ceased
10 be purely agricultural They are
now highly and almost primarily indus
trial Within nights ride Of Chicago
are all the principal seats Of the Amer
lean motor tndustry-in Michigan. Ohio.
Indiana and Wisconsin. Motor securi-
ties. as al the world knows. are now
adays the classic speculative and in
vestnsnt STOCKS
~Osls" are issues that derive their
real Talue from soil Of the West. 4
host of the rails" which the share and
bond-buying public likes. is Of Western
origin. The big nlail-order houses.
whose shares are specula tire features in
Wall Street, are Chicago concerns
STadzstrsaiS" without number are
Western corporations. Three or four
great national bond-issuing houses
which rate as leaders IN their line are
chscagoan By birth and principal dom
tciie
II IS Chicago finances claim that hun
6.eds Of millions Of dollars nowadays
loaned t1Yougs. New York are in fact
the dollars Of Western capitalists and
small snTeS.orE II Is ChscaEo'g further
claim that a tremendous percentage Of
Wal Street dealings in stocks and
boT6x is on Western account. II is
finally CascagOs contention that as the
Beard Of Trade. al the foot Of La Sslie
street. has ready AZ hand al the ma
cntnery, especially private wire Ess-
TENS. requisite for trading In secairitaeE,
there's 10 reason fl the world shy .
Chsczeo stock Exchange should rot su-
tonasssesIly Be brought into furnishing
ezsste1ce.
Action Il Hailed
TIE Beard Of Trade has more than
800 members. Nearly half 81 them
raas1saSa ofsces outside Of ChacaZo, dis
ty1syuge6 al oTef the West Many Bozfd
Of Trade houses hare Seats On Eaae New
York Stock Exchange. and control the
business o4 huge clientele.
A Eosrd of Trade ofacsai VINO ed the
movement 70 make La Sale 6t.ee1s
nsean To the Wess Ef1zt Wall Street."
50 iong fzzx meant % tiae wOri1. Dr.
caSres that the 0rg2naz2tfog's action -
1he rno9s naoaenta1g ever taken 70 put
The Like Michigan metropolis On 2 IeTel
ooHrseneSyafe With The WeStis snOo.-
tame as . governing fsctor 10 Asaerl~
ezn wealth
fGoDsfighs. 5s2S.g
A. elaborate exhibit of Indian har6i-