CHAPTER XXX

THE BOARD OF TRADE-INDUSTRIAL PEORIA-USES MORE CORN THAN ANY CITY IN THE UNITED STATES-MILLIONS PAID THE GOVERNMENT YEARLY IN REVENUE-GREAT MANUFACTURING PLANTS AND MANY OF THEM.

Peoria is situated in the center of the most productive agricultural state in the Union. At its very door lie rich deposits of coal and underlying it is an inexhaustible vein of pure water of easy access. It is situated on the Illinois river, which gave it the earliest means of transportation facilities.

These natural advantages drew to it manufacturing enterprises, many of which were large consumers of grain and so in an early day made Peoria a grain market, and as early as 1857 there was duly incorporated a Peoria Board of Trade, with John C. Grier as president and A. G. Tyng, Sr. as vice president, with fifty members, all of whom have passed away with the exception of B. L. T. Bourland.

This association was organized for the furtherance of the grain business, and like all other boards of trade, was instituted to meet a commercial need. It also undertook to further all other commercial interests of the city. This organization was succeeded in 1869 by the present Peoria Board of Trade, with Horace Clark as its first president. While this exchange was instituted as a distinctly grain exchange, it has always taken a lively interest in national, state and city affairs. Its rules, like all other exchanges, insist upon just and equitable business methods on the part of its members and also provide for the arbitration of all business differences and while differences will occur, courts of law have rarely, if ever, been resorted to for adjustment.

The great movements of recent years have been along the lines of organization and cooperation and the Peoria Board of Trade secures its members these advantages to successfully and intelligently meet the exigencies of the ever changing conditions the world over, which invariably affect the grain trade more or less.

Boards of trade and their members have been subject to much adverse criticism from persons who cannot or will not distinguish the difference between a gambler who risks his money on a chance and the speculator who buys or sells on his judgment after scanning the news of the world as to supply and demand, or the man who buys to provide against future needs or sells for future delivery to better advantage than present prices will return.

While the members of the Peoria Board of Trade, like other prudent and conservative men in the grain trade, take advantage of the future markets when they offer assurances of securing profits, yet the Peoria Board of Trade is rather distinctly a cash grain market.

The local consumption of grain at Peoria demands about 60,000 bushels per day, while the demand from shippers and for storage purposes is only limited by the price at which it is offered. The constant demand for these purposes insures a strong and healthy competition at all times.

The inspection of grain is according to the uniform rules adopted by all western markets and is what may be termed commercial inspection. Since the

adoption of the moisture test it has been given to the patrons of this market without extra charge. The inspectors are employed by the board and are under the supervision of a committee representing all interests in the trade: receivers, shippers, consumers and producers. These inspectors are men who have grown up in the trade and have been promoted from helpers as vacancies occur, which is the rule followed.

The weighing department consists of a chief weighmaster with the necessary corps of deputy supervisors at all industries and elevators and a scale expert, who are all employed directly by the Peoria Board of Trade. All defects or leakages are carefully noted on certificates sent to the consignor, which may be used as evidence if a claim is to be made for shortage.

There are fourteen railroads running into the city and it is a division point of all the roads. Three public elevators with 2,500,000 bushels capacity, with every facility for transferring and conditioning grain quickly, are at the service of the trade: Burlington elevator, 1,000,000; Iowa elevator, 1,000,000; Central City elevator, 250,000.

Switching facilities are the most perfect of any market, requiring no multiplicity of switching orders, and Peoria is noted for its prompt returns. Many cars are daily accounted for the next day after arrival.

In the days when country banks were few, the members of this board supplied this deficiency with their means and credit in financing the movement of crops during harvest and to hold grain until demand and markets would receive it. They are still doing this as reasonable requests come to them. It will always be the aim of its members to further the mutual interests of those engaged in the trade and distribute free of charge all news that can be gathered affecting the market.

The benefits to accrue in future years from the Peoria Board of Trade to the city and the grain territory tributary to Peoria can certainly be contemplated with hopeful expectancy, for since its organization millions of bushels of grain and thousands of tons of hay, totaling millions of dollars in value, have been handled and accounted for by its members with the utmost fidelity and

care.

Peoria has come to the front rapidly as a primary market during the past few years. Its importance as a handler of corn and oats has attracted the attention of the whole country. Peoria does not claim prominence as to wheat, rye or barley, though considerable business is done there every year in these cereals, and its industries use large quantities of rye and barley of the best grades.

This city does claim a place in the very front rank as a receiving market of corn and oats every day in the year, and is equally well known as a shipping point to all parts of the south and east. Peoria's system of inspection and weighing, every feature of which is directly under the jurisdiction of the Board of Trade, has proved entirely satisfactory to the country shipper as well as to the consumer, the country over. And it is not on the program that any backward steps will be taken. On the contrary, the Peoria grain market during the past few years has successfully met and won every controversy which threatened its supremacy.

Peoria is the largest daily consumer of corn in the world and, in addition to the corn ground up there every day, supplies a very large portion of that used in the neighboring city of Pekin, which is only ten miles away and contains three large corn industries.

The motto of Peoria grain dealers is: "Treat your customer fairly every time, and you will keep him, if your market values are in line.”

Receipts of grain at Peoria during four months prior to May 1, 1912, amounted to 266.835 bushels of wheat; 7,885,181 bushels of corn; 2,324,110 bushels of oats; 89,175 bushels of rye; and 716,711 bushels of barley, compared with 208,954 bushels of wheat; 6,413,883 bushels of corn; 1,706,125 bushels