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H0f2ai973 AUG 91(79

DEC 2 9 1)80 SEP 1 5 lU _JUN 2 3

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L161 O-1096

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THIRTY-FIRST ANNUAL REPORT

OF THE

Trade and Commerce

OF

CHICAGO,

FOR THE

Yeae EinTDED Decembee 31, 1888.

COMPILED FOR THE

BOARD OF TRADE,

BY THE

SECRETARY.

CHICAGO.: KNIGHT & LEONARD CO., PRINTERS,

1889.

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' ^--SS?se?'^y^^W!p^R''-"^'^"^" ':^~"--a>^ rwK5ris PAGE

Executive Officers of the Board of Trade, 1848 to 1889, inclusive _ _ vii

Officers of the Board of Trade, 1888.-. \iii

Officers of the Board of Trade, 1889 ix

Members of the Board of Trade deceased in 1888 x

Secretary's Eeview xi

Report of the Board of Directors Iv

Report of Treasurers lix

General Statistical Statements 1

Population Statistics of the United States, Illinois and Chicago...'. 2 Exports and Imports of the United States for a series of years

(values) 3

Domestic Exports of the United States (detailed) for three years

ended June 30 4

Imports into the United States (detailed) for four years ended

June 30 5, 6

Recapitulation of Exports and Imports, and Coin and Bullion

movement 6

Exports of Breadstuffs to Europe since 1848 (quantities) 7

Total Exports of Flour and Grain for six years 7

Exports of Flour, Wheat and Corn from the principal Atlantic

Ports (weekly) in 1888, with its distribution .. 8

Exports of Flour, Wheat and Corn from the principal Atlantic

Ports (weekly) in 1888, by Ports of Shipment 9-11

Exports of Hog Product from the principal Atlantic Ports (weekly)

inl888 12

Exports of Beef, Hog Product, Butter and Cheese during the year /

ended June 30, 1888, with its distribution 13

Nationality of Vessels engaged in the Foreign Commerce of the

United States, 1860 to 1888, inclusive .. 14

Statement showing the numl)er of Alien Passengers arrived in the

United States, 1821 to 1888, inclusive 15

European Wheat Crops for the past eleven years 16

Public Debt of the United States annually since 1791 17

Detailed Statement of the Public Debt December 31, 1888 18

Receipts of Flour and Grain at the Principal Western River and

Lake Ports, 1884 to 1888, inclusive 19

Daily Receipts and Shipments of Wheat and Corn at prominent

points, in 1888, by days 20-43

Daily Receipts and Shipments of Wheat and Com at Peoria, 111., in

1888, by days 44,45

369

&:.

r

IV

General Statistical Statements Continued. page

Grain Crops of the United States in 1887, by States, United States

Agricultural Department estimate 46, 47

Product of Wheat, Corn and Oats in 1888, by States, United States

Agricultural Department preliminary estimate 48, 49

Crops of Buckwheat and Potatoes 50

Acreage, Yield and Value of the Wheat, Corn, Oats, Rye and Barley

Crops of Illinois, 1860 to 1888, inclusive 51

Acreage and Product of Wheat in Illinois in 1888, by Counties,

State Agricultural Department estimate 52, 53

Date of First Frost, 1874 to 1888, inclusive 54, 55

Valuations of Property (for purposes of Taxation) in Illinois, State

Debt, etc 56

Valuations of Property (for purposes of Taxation) in the City of

Chicago, Taxes Levied, City Debt, etc. 57

Illinois and Michigan Canal and Illinois River Improvement,

Earnings and Expenses 58

Illinois and Michigan Canal Clearances, Boats Running, Miles Run,

Tons Transported 59

Illlinois Central Railroad Earnings and Tax 60

Statement of Railways east and west of Missouri River, Tributary

to Chicago 61

Xumber of Miles of Railroad in the United States for a series of

years .-. _- 62

^ Xumber of Miles of Railroad in operation and constructed in the

United States, 1830 to 1888, inclusive 63

Dutch Imports of Grain 64

Austrian, Hungarian and German Imports and Exports of Grain. . 64 Production and Imports of Wheat and Flour of the United King- dom, 1868-69 to 1888-89 : 65

Production, Imports and Exports of Raw Cotton, 1872 to 1888 66

English Prices of Money, Cotton and Wheat 1886-87 67

English Prices of Money, Cotton and Wheat 1887-88 68

Indian Wheat Crop 69

Russian and Australian Crops 70

Commerce through Saint Mary's Falls Canal 71

Coal produced in the United States 72

Pork Packing in the Mississippi Valley for a series of years (summer

and winter packing) 73

Pork Packing in the Mississippi Valley, Number of Hogs Packed at

the Principal Points in the last five (winter) packing seasons... 74, 75 Detailed Statement of the Pork Packing of Chicago, winter season

of 1887-88, and aggregates of previous years 76, 77

Number of Hogs packed at Chicago, year ended March 1, 1888 78

Hog Products" Exported from the United States to Germany and

France 79

Detailed Statement of Weekly Shipments of Hog Product 80, 81

Statistics of Cattle and Hog Movement and of the Packing Business

at Chicago for twenty-five years 83 '

Number of Cattle Slaughtered at Chicago for the past three years.. 83

Receipts of Flour and Wheat at Chicago from twenty-nine crops 84

.'i- J^rllc-rt&, : iii*fci*:33.i^^ v\:t Siifc* t-tVti. , ,i-:>:u ^Jur^

.^Jt^i.

General Statistical Statements Continued. page

Receipts and Shipments of Flour and Grain at Chicago for a series

of years ,.. 85, 86

Receipts and Shipments of Various Commodities at Chicago for a

series of years 87, 88

Semi-Monthly Prices of Mess Pork and Prime Steam Lard in

Chicago for nine years _ 89, 90

Lowest and Highest Monthly Prices of Corn for a series of years.. 91 Semi-Monthly Prices of Flour, Wheat, Corn and Oats in Chicago

for seven years 92, 93

Rules Governing the Inspection of Grain in Chicago 94, 97

Commission Charges Established by the Board of Trade, Chicago.. 98

Rates for Inspecting and Weighing in Chicago 99, 100

Detailed Statistics of Chicago for 1888 101

Value of Goods imported and Duties on same 103

Description and Quantities of Imported Goods 103

Duties Collected Monthly for five years 103

Value of and Duties on Imported Goods Warehoused by months 104

Business of the Inspector's OflSce, Custom House 104

Exports from Chicago with Benefit of Drawback 105

Inteftial Revenue Collections, by months 106

Clearing House Statement, bymonths, for five years 106

Through Tonnage by Rail 107

Board of Trade Clearing House Statement for four years 108

National Bank Statements, December 12 109

PostofBce Statement . 110

Inspections of Grain, car loads, by months 111

Receipts and Shipments of Flour and Grain, weekly 112, 113

Stocks of Flour and Grain, weekly 114

Elevator Capacity for Grain Storage ..- 115

Elevator Rates of Charges for Grain Storage 115

Visible Supply of Grain, weekly, 1887 and 1888 116, 117

Stock of Hog Product, 1884 to 1888, inclusive. . 118, 119

London and Liverpool Grain ^and Provision Quotations, Quantities

on Passage and Imports 120-123

Product per capita 124

Bushel Measure 124

Stocks of Pork and Lard in New York, 1880 to 1888, inclusive 125

Direct Exports of Produce to Europe 126

Exports of Produce to Canada by Lake 127

Exports by Lake to Canada for eight years 127

Receipts and Shipments of Various Commodities, by routes 128, 129

All-Rail Through Business in Flour and Grain '. 130, 131

Statement Showing the Entire Movement of Flour and Grain 132, 133

Flour Manufactured in Chicago 134

Monthly Stocks of Flour in Chicago for five years 134

Weekly Prices of Flour 135

Receipts and Shipmenfs of Flour and Wheat, by routes and by

months .-. 186

Weekly Prices of Wheat . 137

Receipts and Shipments of Corn and Oats, by routes and by months 138

. iiut.i"u'ii.;-:3i'":fHi;i7tW\-i'.*kif'ka^nSi^^ ' . /^iiKSSiJciii^j~ii-ii>.!'^-:i'>--,'^':-..- ; -?.:';iiJ;j-'^::,;-:*tiffistj^fciu..f'.i- , .'i-l _!:-i^fei !:,.- .-i .^rili-v.iJ>';-:ji.^EA!L!4viSSsa&i--^

VI

Detailed^Statistics of Chicago for 1888 Continued. page

Weekly Prices of Corn and Oats ... 139

Receipts and Shipments of Rye and Barley, by routes and by

months 140

Weekly Prices of Rye and Barley 141

Receipts and Shipments of Cattle and Sheep, by routes and by

months 142

Receipts and Shipments of Hogs (Live and Dressed) by routes and

by months 143

Weekly Prices of Cattle, Hogs and Sheep 144

Weekly Prices of Beef Product 145

Monthly Stocks of Hog Product for 1888, and for a series of years.. 146 Receipts and Shipments of Hog Product, other than Lard, by routes

and by months _ 147

Weekly Prices of Hog Product 148, 149

Receipts and Shipments of Lard and Dressed Beef, by routes and

by months 150

Receipts and Shipments of Butter and Cheese, by routes and by

months . 151

Weekly Prices of Butter, Cheese and Eggs 153

Distilled Spirits, Manufacture and Prices of 153

Daily Prices of Wheat, Corn, Oats, Rye, Barley, Mess Pork, Lard,

Short Rib Sides and Live Hos^for future delivery 154-177

Receipts and Shipments of Seeds, by routes and by months. 178

Weekly Prices of Salt and Seeds 1 79

Receipts and Shipments of Wool and Hides, by routes and by

months 180

Weekly Prices of Wool and Hides 181

Receipts and Shipments of Coal, by routes and by months 182

Monthly Prices of Coal and Hay 183

Weekly Prices of Beans and Potatoes. 184

Lumber Statistics, Stocks 185

Receipts and Shipments of Lumber and Shingles 185

Cargo Prices of Lumber, Shingles and Lath 186

Freights of Grain by Lake and Erie Canal . 187

Lake (Steam) and Rail Freights Eastward 188 ^

All-Rail Freights Eastward 189

European Through Freights, Rail and Steamer 190

Average Freight Charges, Corn and Wheat, to New York 191

Receipts and Shipments by Illinois and Michigan Canal, by months. 192, 193

Lake Commerce of Chicago _. 195

Opening of Navigation at Mackinac for a series of years 195

Receipts and Shipments in 1888 '.-. 196, 197

Arrivals and Clearances in 1888, and previous years. 198

Vessels Built and Documented and Laid up in Chicago in 1888 199

Vessels Lost in 1888 (Owned in Chicago) 199

Vessels Owned in Chicago, December 31, 1888, with their tonnage.. 200, 201 Members of the Board of Trade, December 31, 1888 203-256

i 'J-iiwiiUjiiiMMrv-t^:-

EXECUTIVE OFFIOEES

OP THE

BOABD OF TRADE

SINCE ITS ORGANIZATION.

Year.

Presidents.

First Vice-Presidents.

1848.

Thomas Dyer,

Charles Walker,

1849.

Thomas Dyer,

Charles Walker,

1850.

Charles Walker,

John P. Chapin,

1851.

Charles Walker,

John P. Chapin,

1852.

George Steel,

Thomas Hale,

1853.

Thomas Hale,

Charles H. Walker,

1854.

George A. Gibbs,

William D. Houghteling,

1855.

Hiram Wheeler,

Samuel B. Pomeroy,

1856.

Charles H. Walker,

George C. Martin,

1857.

Charles H. Walker,

George W. Noble,

1858.

Julian S. Rumsey,

Thomas H. Beebe,

1859.

Julian S. Rumsey,

Thomas H. Beebe,

1860.

Ira Y. Munn,

Eli Bates,

1861.

Stephen Clary,

Clinton Briggs,

1862.

Calvin T. Wheeler,

Asa Dow,

1863.

John L. Hancock,

Nathaniel K. Fairbank,

1864.

John L. Hancock,

Thomas Parker,

1865.

Charles Randolph,

Thompson Maple,

1866.

John C. Dore,

Phineas L. Underwood,

1867.

Wiley M. Egan,

Lyman Blair,

1868.

EnOS V. ROBBINS,

Elijah K. Bruce,

1869.

Jesse M. Richards,

Samuel H. McCrea,

1870.

Samuel H. McCrea,

Benjamin F. Murphey,

1871.

JosiAH W. Preston,

Charles E. Culver,

1872.

JosiAH W. Preston,

Charles E. Culver,

1873.

Charles E. Culver,

William N. Brainard,

1874.

George M. How,

Howard Priestley,

1875.

George Armour,

John R. Bensley,

1876.

John R. Bensley,

David H. Lincoln,

1877.

David H. Lincoln,

JosiAH Stiles,

1878.

Nathaniel K. Fairbank,

William Dickinson,

1879.

Asa Dow,

John H. Dwight,

1880.

John H. Dwight,

Henry W. Rogers, Jr.,

1881.

Henry W. Rogers, Jr.,

Ransom W. Dunham,

1882.

Ransom W. Dunham,

William E. McHeney,

1883.

James B. Hobbs,

J. Henry French,

1884.

E. Nelson Blake,

Charles L. Hutchinson,

1885.

E. Nelson Blake,

George T. Smith,

1886.

A. M. Wright,

James H. Milne,

1887.

A. M. Wright,

George D. Rumsey,

1888.

C. L. Hutchinson,

William S. Seaverns,

1889.

William S. Seaveens,

Geo. G. Parker,

Second Vice-Pi-esidents. John P. Chapin. John P. Chapin. None. None. None. None. None. None. None. None. ' None.

Stephen Clary. John V. Farwell. Ebenezer G. Wolcott. John L. Hancock. Charles Randolph. Charles J. Gilbert. John C. Dore. Eleazur W. Densmore. Calvin B. Goodyear. Jirah D. Cole, Jr. Henry A. Towner. Philip W. Dater, William N. Brainard. William N. Brainard. Howard Priestley. John R. Bensley. David H. Lincoln. Josiah Stiles'. William Dickinson. John H. Dwight. Henry W. Rogers, Jr. Ransom W. Dunham. William E. McHenry. J. Henry French. Charles L. Hutchinson. George T. Smith. James H. Milne. George D. Rumsey. William S. Seaverns. Geo. G. Parkee. E. W. Bailey.

Secretaries.

1848. W. L. M'hiting.

1849 to 1851, inclusive, and part of 1852. Johk C. Dodge.

1852. part of oflBcial year. James E. Daliba.

1853. Laubin p. HiLliard.

1854. James E. Daliba.

1855 to 1858 inclusive. W. W. Mitchell.

1859 to 1861 inclusive, and part of 1862. Seth Catlin.

1862 to 1868 inclusive, except early part of 1862. John F. Beaty.

1869. Charles Randolph to March 1, 1884.

1884. George F. Stone, from July 1. Note. During 1848 and 1849 the Board was a voluntary organization : from 1850 to 1859 it was organized under a general incorporation law of the State. Since early in 1859 it has remained under a special charter granted by the Legislature in February of that year.

^'.r^.^li^^iz. I'^vu^.^f^^Kji*. .1

; . 3'.;~'S7. : J?^?v v?K^% ' -

'TT't-r>^^5K',-'

OFFICEES

OF THE

BOARD OF TRADE OF THE CITY OF CHICAGO

FOfC 1888.

C. L. HUTCHINSON, President. W. S. SEAVERNS, 1st Vice-President. GEO. G. PARKER, 2d Vice-Pt^esident.

Term Expiring 1889.

E. W. BAILEY,

F. G. KAMMERER, N. T. WRIGHT,

S. H. McCREA, C. J. SINGER.

directors : Term Expiring 1890. ERNEST A. HAMILL, GILBERT MONTAGUE A. M. HENDERSON, Z. P. BROSSEAU, J. G. STEEVER.

Term Expiring 1891.

J. C. ROGERS, B. A. ECKHART. J. T. RAWLEIGH. D. E. RICHARDSON, F. J. SCHUYLER.

G. F. STONE, Secretary.

R. S. WORTHINGTON, Ass't Secretary. SAMUEL POWELL, Clearing House Manager.

J. C. BLACK, Treasurer.

SIDNEY SMITH, Counsel. P. WHITFORD, Manager Quotation Dept.

standing committees :

EXECUTIVE Messrs. SEAVERNS, PARKER and McCREA.

OX FINANCE " McCREA, HAMILL AND RICHARDSON.

ON MEMBERSHIP " HENDERSON, MONTAGUE AND SCHUYLER.

ON ROOMS " SEAVERNS, BAILEY AND ROGERS.

ON MARKET REPORTS " PARKER, SINGER and BROSSEAU.

ON PROVISION INSPECTION " \ SINGER, H. BOTSFORD, J. C. HATELY, R. M.

ONPROVIblON INbPliOIlO.N ^ HUFFMAN AND J. ROBERTSON.

_, ( MONTAGUE, ECKHART, CROCKER, I. PIESEK

ON J-LOLK IJNbPECIlOJN ^^ AND C. REIFSNIDER.

nx- t-T 1 V cFirn tvcpfpttav " S SCHUYLER, HENDERSON, S. D. FOSS, JAMES

ON i LAX SEED INbJEUIlON ^ WRIGHT AND LAUSTEN.

ON OTHER INSPECTION " ECKHART. HENDERSON and HAMILL.

ON CLEARING HOUSE " KAMMERER. BROSSEAU AND ROGERS.

ON REAL ESTATE " BAILEY, SEAVERNS and ROGERS.

( BROSSEAU. SINGER, WRIGHT, KAMMERER,

u.-N KLi.i.& ^ ECKHART AND RICHARDSON.

ON LEGAL ADVICE " WRIGHT, RICHARDSON AND ECKHART.

ON COMMISSIONS " HAMILL, STEEVER AND RAWLEIGH.

C WRIGHT, SCHUYLER, MOORE, J. C. HATELY, ON TRANSPORTATION " \ E. O. SEYMOUR, BEEBE, H. F. DOUSMAN,

( GEORGE CLARK and GEORGE M. HOW.

ON WAREHOUSES " BAILEY, PARKER AND SCHUYLER.

ON WEIGHING " ROGERS, HENDERSON AND STEEVER.

ON METEOROLOGICAL OBSERVATIONS " STEEVER. MONTAGUE AND RAWLEIGH.

ON CLAIMS AND MISCELLANEOUS BUSINESS " ) ^'^ER^^^RAWLEmH.' ^''^^''^^' HAMMER-

INSPECTORS :

INSPECTOR AND REGISTRAR OF PROVISIONS C. H. S. MIXER.

INSPECTOR OF FLOUR R. W. RATHBORKE,

INSPECTOR OF FLAXSEED S. H. STEVENS.

INSPECTOR OF SAMPLE GRAIN H. B. OWEN.

INSPECTOR OF SAMPLE GRAIN NATHAN LEDEREP-

INSPECTOR OF HAY DAVID WALSH.

WEIGHER OF PACKING HOUSE PRODUCT C. H. S. MIXER.

WEIGHER OF OTHER COMMODITIES JOHN WALKER.

INSPECTOR OF GRASS SEEDS ....JOHN PAX.

Term Expiring 1889. r. g. chandler, adolph seckel

H. F. DOUSMAN, C. T. HAUGHEY,

NATHAN SMITH.

COMMITTEE OF ARBITRATION :

Term Expiring 1890.

CHAS. DICKINSON, J. R. BODSON,

J. M. MOTT.

W. W. HUNTER,

J. C. ROSS,

committee of appeals :

Term Expiring 1889.

GEO. FRITZE, E. B. STRONG,

J. B. DUTCH.

JOHN B. ROGAN, D. E. SIBLEY,

Term Expiring 1890.

A. M. WRIGHT, FRANK CLIFTON,

W. L. KROESCHELL.

J. H. DWIGHT. J. C. MERRILL.

.-,i.-.;.i

f^^J

OFFICEES

OP THE

BOARD or TRADE OF THE CITY OF CHICAGO

W. S. SEAVERNS, President. GEO, G. PARKER, 1st Vice-President. E. W. BAILEY, Sd Vice-President.

Tebm Expibins 1890.

ERNEST A. HAMILL, GILBERT MONTAGUE, A. M. HENDERSON, Z. P. BROSSEAU, J. G. STEEVER.

directors : Term Expiring 1891

J. C. ROGERS, B. A. ECKHART, J. T. RAWLEIGH, D. E. RICHARDSON, F. J. SCHUYLER.

Term Expiring 1892.

A. C. HELMHOLZ, C. B. CONGDON. R. G. CHANDLER, ADOLPH SECKEL, H. H. ALDRICH.

G. F. STONE, Secretary. C. L. HUTCHINSON, Treasurer.

R. S. WORTHINGTON, Ass't Secretary. SIDNEY SMITH, Counsel.

SAMUEL POWELL, Clearing House Manager. E. P. WHITFORD, Manager Quotation Dept.

STANDING COMMITTEES :

EXECUTIVE : Messrs. PARKER, BAILEY and STEEVER.

ON FINANCE " HAMILL, RICHARDSON and CHANDLER.

ON MEMBERSHIP " HENDERSON. SCHUYLER and SECKEL.

ON ROOMS " ROGERS, BAILEY and STEEVER.

ON MARKET REPORTS " PAR"KER, BROSSEAU and ALDRICH.

ON PROVISION INSPECTION " \ ^'^^IVf^^f'f^lhT'''^^''^'^- ^^ ''-^'^^"

ON FLOUR INSPECTION \ "'"''^ii'i^ f "f OR^^E^^ ^''*^^^^' REIFSNI-

ON FLAX SEED INSPECTION " j ^^^i^^^f .' ^.^^1^.' ^^^^^^' ^- ^IGHT

ON OTHER INSPECTION " SECKEL, HENDERSON AND CONGDON.

ON CLEARING HOUSE " BROSSEAU, ROGERS and PARKER.

ON REAL ESTATE " BAILEY, STEEVER AND ROGERS.

_^ ^ - 5 ALDRICH, MONTAGUE, HAMILL, RAWLEIGH,

OJ\ Klji.J!.S I CHANDLER AND HELMHOLZ.

ON LEGAL ADVICE " RICHARDSON, ECKHART AND SCHUYLER.

ON COMMISSIONS " HELMHOLZ, RAWLEIGH AND BROSSEAU.

C RICHARDSON, WRIGHT, HATELEY, E. O. REY-

ON TRANSPORTATION " < MOUR, W. H. BEEBE, H. F. DOUSMAN,

( GEO. CLARK, (T. M. HOW AND H. J. COON.

ON WAREHOUSES " RAWLEIGH, HAMILL AND ALDRICH.

ON WEIGHING " SCHUYLER, CONGDON AND MONTAGUE.

ON METEOROLOGICAL OBSERVATIONS " CHANDLER, BROSSEAU AND SECKEL.

ON CLAIMS " 5 ECKHART, RAWLEIGH, HENDERSON, HAMILL

t AND HELMHOLZ.

ON VIOLATIONS OF THE COMMISSION RULE. IR- ) -, prrwiRrxjov .v,. rr>iirnr!

REGULAR TRADING, AND PUTS AND CALLS i MONTAGUE, RICHARDSON AND CONGDON

INSPECTORS :

INSPECTOR AND REGISTRAR OF PROVISIONS C. H. S. MIXER.

INSPECTOR OF FLOUR R. W. RATHBORNT!.

INSPECTOR OF FLAX SEED S. H. STEVENS.

INSPECTOR OF SAMPLE GRAIN H. B. OWEN.

INSPECTOR OF HAY DAVID WALSH.

WEIGHER OF PACKING HOUSE PRODUCT C. H. S. MIXER

WEIGHER OF OTHER COMMODITIES JOHN WALKER.

INSPECTOR OF GRASS SEED JOHN PAX.

COMMITTEE OF ARBITRATION:

Term Expirino 1890. CHAS. DICKINSON, J. R. HODSON,

W. W. HUNTER, J. C. ROSS,

J. M. MOTT.

Term Expiring 1891.

C. A. WEARE, G. S. McREYNOLDS,

GEO. A. McCLELLAN, C. M. ARMSTRONG,

JOHN M. FISKE.

COMMITTEE OF APPEALS:

Term Expiring 1890. I Term Expiring 1891.

A. M. WEIGHT, J. H. DWIGHT, C. L. HUTCHINSON, J. C. HATELEY,

FRANK CLIFTON, J. C. MERRILL, JOHN HILL, JR. EDMUND NORTOK,

W. L. KROESCHELL. I H. F. DOUSMAN.

..v-^s-rv- -^r^TgTEB^lwgi; l!(iiSSuJS^*'ipBI#S!)lJ|i|il,y^^ ^

In ^jetnoriant^

LIST OF MEMBERS OF THE BOARD OF TRADE WHO HAVE

DIED DURING 1888.

LEHMAN HUCHBEKGEE, Jakuaey 18. W. SCOTT LINJs^ January 27. JOHN WILLIAMS, March 10. DANIEL T. CLARKE, March 12. WILLIAM AHMOUE, May 21. HENEY D. WAENER, Juke 21. GEOEGE STEWAET, July 2. CHEISTIAN LICHTENBEEGEE, August 25. THOMAS M. JORDAN, September 29. E. W. DENSMOEE, November 3. LEOPOLD BEAUNS, November 25. JOHN M. PL ATT, December 17.

''^S^'f^f^!^:'

GENERAL REVIEW.

Chicago, January, 1889. Mr. C. L. HuTCHiN"sosr, President of the Board of Trade of the City

of Chicago:

Herewith is submitted the thirty-first annual report of the Board of Trade of the City of Chicago.

The year has fulfilled the predictions made in the last review of the Boardj having been one of substantial business prosperity, especially to the large number of responsible houses which receive grain upon commission.

It is gratifying that this branch of business is steadily growing, since it is an unanswerable argument in favor of this market as one having exceptional facilities for the prompt and favorable disposal of grain, provisions and produce. In this connection, the Eeceivers' and Shippers' Association, organized and maintained in the interest of the country shipper, exerts a most beneficial influence. It is the object of this association to secure minimum terminal charges, equita- ble and economical freight rates, and careful sampling of consign- ments; to the end that the western shipper may be justly treated in all respects, and may obtain maximum returns for his merchandise without delay. Not depreciating any other market, it is only just to observe that it is not possible for the western consignor to realize elsewhere such favorable and prompt returns, the year through, for all kinds of produce, as he may in Chicago. Here buyers from all directions most naturally send their orders; here are unparalleled transportation and storage facilities; here are superior banking re- sources, under most judicious management; and with this city is the prosperity of the great agricultural regions of the country particularly identified. What is for the interest of the grain grower and the grain buyer is for the interest of the grain, seller and of Chicago. Com- plaints and suggestions from shippers, for our common benefit, are desired by the Eeceivers' and Shippers' Association. The executive officers of this body of merchants are: Geo. M. How, President; Geo. H. Sidwell, Vice-President, and H. H. Carr, Secretary.

The receipts of flour and grain in 1888 aggregated 183,588,188 bushels, which is more than were ever received in any other year, and

xi

Ik.

-,.y.r,.^;j-^JF^-^.j^^^^.g5Wt5^]j^

Xll

29,000,000 bushels in excess of like receipts in 1887; while the ship- ments amounted to 156,659,986 bushels, which exceeded those of 1887 by about 5,000,000 bushels.

The total number of hogs received during the year was 4,938,413; of cattle, :a,611,543; of sheep, 1,515,014; of horses, 55,333.

The total number of hogs shipped was 1,863,652; of cattle, 968,385; of sheep, 601,241; ofjiorses, 52,866.

The valuation of stock received in 1888 was 1182,202,789.

The year of the largest receipts of hogs was 1880, when 7,059,355 were received.

The receipts of lumber in 1888 amounted to 2,066,927,000 feet, and of shingles, 793,171,000.

Elsewhere in this review the above figures are stated in classified form.

The foregoing are the main and inclusive facts of the business of Chicago, connected with the activities of this Board, which, indeed, to a great extent, account for and represent the growth and mercan- tile proportions of the city, in all directions ; for, let the stream of agricultural products which supplies and stimulates this prosperity be materially diminished, or the facilities provided for rendering them available in advance of their consumption be curtailed, and all indus- trial and manufacturing interests will deteriorate.

The tonnage of vessels arrived during the year was 4,393,768 tons, and that of vessels cleared was 4,496,898.

The total number of miles of railways tributary to Chicago, includ- ing main lines and branches, is 70,431, of which 41,370 lie west of the Missouri Kiver.

The area of Chicago is 23,680 acres, or nearly 37 square miles, occupied by a population of about 900,000, traversed by 348 miles of paved streets and 1,161 miles of sidewalks. The city has 492 miles of main sewers, and 677 miles of water mains. There are 66 railroads entering the city, and it has a river frontage of 41 miles. There are 98 public school buildings, 1,645 teachers and 84,902 scholars. The city is provided with 48 fire engines, 12 chemical engines, 14 hook and ladder trucks, 2 fire boats equal in capacity to 30 engines, 600 fire-alarm boxes, 16 miles of hose, and 625 firemen. The river is spanned by 36 bridges, the canal by 3, and there are 33 viaducts. During the year, 4,958 buildings were built, occupying a frontage of 116,419 feet, at an estimated cost of $20,360,800. These figures are in excess of the corresponding ones for 1887.

The amount of bank clearings for the year was 13,163,774,462.68.

Departing somewhat from custom, it is proposed in this review to briefly record, for the information of the general reader, the volume

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XXI

slow, the germination irregular, the growth uneven, and the plant generally in poor condition to endure the ordinary vicissitudes of winter. As the season wore on, under more favorable meteorological conditions, improvement was noted; and though the development of straw was inferior, the grain yielded more in thrashing than was expected, so that the final average was 11.6 bushels per acre, when 11 bushels would have been deemed a good outcome at any time during the spring. The condition of winter wheat, contrasted with that of the crop of 1887, is as follows :

Years.

April.

May.

June.

July.

September.*

1887

1888

88.1

82.0

1

85.8 73.1

84.9 73.3

83.5 75.6

84.0

77.4

The weather of April, instead of improving the condition of wheat, gave it a worse appearance, which naturally depressed the local estimates. It is evident that the roots had more vitality than the stunted and discolored plants indicated, rendering possible a slight recuperation, and to that extent agreeably disappointing the hopes of the growers.

The condition of spring wheat through June and July was better in 1888 than in the previous year. It suffered serious injury early in August, as illustrated by the following averages :

Years.

June.

July.

August.

September.

1887

1888

87.3 92.8

79.3 95.9

78.8 87.3

74.1

77.3

It is seen that the decline commenced in July. The chinch-bug was in strong force in many counties in Wisconsin, Iowa and Nebraska, doing no little damage. Local droughts, storms of rain in other localities, blights, rusts and the army worm, were responsible each for a share in the reduction of condition. The weather of August was very unfavorable, causing shriveling and blight, early frosts devastat- ing some portions of the valleys of the Red and James Rivers, and insects in limited areas assisted in reducing the rate of yield. The damage was not overstated; the returns of yield per acre gave even lower results than the forecast of the September returns, due measurably to injury to wheat after harvest between cutting and threshing. .

Quality has been so well indicated in all recent reports, that it is well understood that the lower grades of wheat will be in larger proportion than usual. There is always much wheat that will not grade No. 2, and usually little that can be graded No. 1, and some that can not be commercially graded. Yet nearly all will go into use as flour, some of it very poor in quality, with a large proportion of offal in the manufacture. Instead of lacking 1 or 3 pounds of standard weight, the average, as popularly estimated, is 3 or 4 pounds below. The March report will give on the basis of our returns, experience of millers, and the records of inspection, something very near the true weight of the wheat crop of 1888.

Counting in bushels of 60 pounds, therefore, of merchantable quality, the crop falls somewhat short, probably by at leaat 2 or 3 per cent., of a round 400,000,000 crop. In like manner, it should be understood, that in any year some reduction

* Condition when harvested.

..I..--

XXll

should be made, in this and every other eountry, on the 60 pounds basis, as there are always several grades of wheat and always some of very poor quality.

The present crop is ample for bread and seed in home consumption, and for nearly 70,000,000 bushels for exportation, or, if the high price should cause a slight substitution of other cereals in consumption, even a larger export figure.

WINTER GRAIN. FALL 1888.

The area of winter grain, according to results of the December investigation, has been enlarged somewhat. The winter wheat area averages 102.2. Rye also shows a slight increase. On the Pacific coast seeding was in progress, but not completed. California gives 83 per cent, of last year to date, though the ultimate result will probably more than equal the breadth of the previous crop.

The increased value of wheat in the markets is given, by many correspondents, as a reason for enlargement of breadth of this cereal. The result is figured as carefully as possible, but the tests of local enumeration by assessors may modify it, and a possible substitution of other crops in the event of winter killing may change . slightly the ultimate record of area. These causes always make some difference between the preliminary and final estimate, more frequently enlarging it, except in the case of a very severe winter.

The condition of wheat is high. Michigan stands lowest on the list, averaging 88, Missouri averages 93, and Kansas 95. Other principal winter wheat States report high condition. The general average is 96.8. Rye is also in high condition, the general average being 97,2.

The area and condition of each crop by States is thus shown :

States and Terri- tories.

Wheat.

0)

Connecticut 100

XewYork 103

J^ew Jersey 99

Pennsylvania 101

Delaware 102

Marvland 106

Virginia 102

North Carolina _.- 102

South Carolina... 99

Georgia 98

Alabama 97

Mississippi 99

Texas 107

Arkansas 101

-o

100

100

102

99

98

94

Rve.

101 100 99 100 96 : 98 99 ' 100

101 101 101 101 103 99

95 105 98 104

96 ' ..

98 100

101 100

97

99

100

98

100

99 ;

97 r

99 I

96

98

96 \-

States and Terri- tories.

Tennessee

West Virginia

Kentucky

Ohio

Michigan

Indiana

Illinois

Missouri

Kansas

California

Oregon

Wheat.

Rve.

a o

General average.

o

101 99 104 102 101 102 102 101 134

go

125 100 105 100

97

102

99

95

98

99

99

103

98

99

103

99

88

102

95

97

101

93

98

100

92

93

98

92

95

102

95

98

75

99

102.2 96.8 99.9 97.2

The following extracts from correspondence of State agents relate to winter grain :

"New York. The weather has been favorable to the growth of winter grain, and it must, generally, begin the ordeal of the winter under favorable conditions of size and vigor.

"Virginia. The season has been unusually fine for the germination and growth of winter wheat and rye, and the advance in the price of wheat has stimulated the farmers to increase their acreage over that of last year.

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XXlll

" Georgia. The cultivation of wheat is on the decline in this State, notwith- standing an occasional spasmodic revival of interest. It would be expected that the present comparatively high price of flour would induce the sowing of an inci-eased area ; but there is no evidence of an increase, except in a few localities. It has almost ceased to be a market crop, even in northwest Georgia, which comprises the best wheat lands of the State. This decadence is due, first, to the general prevalence of rust, which appears to be more destructive in the South than in any section of the country, and secondly, the low price of flour which has generally prevailed during the last ten years. The usual practice is to sow in October or November, on cotton or corn land, and probably the larger part of the crop is sown on the unplowed surface and plowed in with a scooter or turn-plow, and then brushed over with a small tree-top. Better or more careful farmers sow green cotton-seed broadcast over the surface, as a fertilizer, which is then plowed in with a small turn-plow; then the seed wheat is sown and harrowed in with a Thomas or other smoothing harrow.

"Alabama. Reports show a falling off in the area sown to winter wheat, but the sowing is not yet finished.

"Texas. Much of the fall plowing has been delayed on account of the weather, but with fair weather the ground will only be in the better condition.

"Arkansas. The season for seeding winter wheat, compared with several past, has been a good one. On this account and a recent advance in price the area has been slightly increased, though not as much as it should be. The condition is reported universally good as regards germination, growth and bunching.

"West Virginia. Winter wheat, rye and barley have improved during the month, and are in fair condition to stand the winter.

"Indiana. The usual winter grain area will be fully maintained, with possibly a slight increase in the area of wheat. The past month has been favorable to the growth of wheat ; the plants are vigorous and appear to be well rooted.

"Illinois. Winter wheat, under the influence of favorable weather for fall growth, is looking well. The crop is mostly drilled in standing corn, which will afford a winter protection by the fallen blades and stalks. The condition of winter rye is as good as an average. This crop is quite often used for winter and spring pasturage, and in many instances plowed under in the green state to enrich the land for corn or other better paying crops.

"Missouri. Dry weather in the northern part of the State during seeding time, fear of chinch bugs in the southern part, and general low prices tend to limit the area of wheat sown. Rains fell before the seeding season was quite over, and prices advanced about that time; in consequence considerable wheat was sown quite late. This late sown is small and in many cases reported weak and in poor condition. The Hessian fly is also reported as doing some damage.

"Kansas. Xeither the acreage nor condition of winter wheat are so good as they might have been with more rain in the month of September. It was a dry month, and the ground was hard and in bad condition to plow. Plowing was consequently delayed, and in many cases the crop abandoned for the year. The dry weather also affected the growth of the plant. Later rains, in the month of October, however, and a valuable snow of six to eight inches in the early part of November, materially helped the condition, and the plant goes into the winter with much promise."

FARM prices.

The increase in corn production, the crop exceeding that of 1887 by 36 per cent., and approximating 2,000,000,000 bushels, has caused a decline in the average

"^TiJi'

.,.';.-'* ^^| XXXV Year. 1864.. 1865.. 1866.. 1867.. 1868.. 1869.. 1870.. 1871. . 1872.. 1873.. 1874- . 1875.. 1876. 1877. - 1878.. 1879.. 1880- . 1881.. 1882 -. 1883- . 1884.. 1885.. 1886.. 1887.. 1888--. Months the Lowest Prices Range for the were reached. Entire Year. March... 1 07 @1 26 December 85 @1 55 February 78 @2 03 August." 155(5)2 85 November 1 04i@2 20 December 76J@2 47 April 73i(3)l 3U August 99i@l 32 November 1 01 @1 61 September 89 @1 46 October 8U@1 28 February i 83i@l 30^ July . . .' ' 83 @1 26| August 1 0H@1 76+ October i 77 @1 14 January ' 81|@1 SSi August : 86i@l 32 January 95|@1 43i December ' 91i@l October ' 90 @1 December ' 69|@ March I 73|@ October ' 69|(a 84f August i 66f@ 941 April i 71i@2 00 40 13i 96 91f Months the Highest Prices were reached. June. January. November. May. July. August. July. February, A prU and Sept. August. July. April. August. December. May. April. December. January. October. April and May. June. February, .April. January. June. September. CORJf. The receipts for the year were 74,208,908 bushels, as against 51,578,410 bushels for the year 1887, and were larger than for any year since 1883. The week of the largest receipts during the year closed on June 2, recording 2,692,480 bushels, and that of the small- est ended January 21, representing 466,329 bushels. The shipments for the year were 69,523,565 bushels, against 50,467,814 bushels in 1887, exceeding the shipments of any year since 1883. The largest shipments during any week of the year were for the week ended May 5, aggregating 3,758,022 bushels, and the week of the smallest shipments closed April 28, recording 232,863 bushels. The largest quantity in Chicago during 1888 was 7,415,978 bushels on June 23, and the largest quantity in sight during the year was 12,589,173 bushels on the 23d day of June. The trading in this cereal during the first part of the year was extensive and animated, and arose from a general belief that the old crop was well-nigh exhausted, and that the official bulletins of pros- pects of the new crop represented a larger yield than would be real- ized. This theory proved fallacious, and good prices brought in corn from many sections which were thought to have none to spare, while the official figures and prospects proved to be well founded. The crop of 1888 was, as elsewhere stated, but repeated here for l^r^J^-n^-' A J.^'sx^^'^ C=S!pi'5?>*?af5!^p^5g'!?>|^^W!r^pg:?Br XXXVl convenience^ 1,987,790,000 bushels. The State of Illinois contributed to this enormous aggregate 277,726,451 bushels. In view of these un- expected developments, trading was no longer based upon the expecta- tion of higher prices, and during the latter portion of the year there was little to stimulate any unusual activity. In the light of these facts, we may intelligently read the course of prices and the attitude of the trade in this grain. The largest quantity which was brought in over any railroad came in on the Chicago & Korth- Western, and was 19,816,414 bushels. Next in this regard was the Chicago, Burlington & Quincy, which brought in 18,264,241 bushels. The number of cars of corn inspected during the year was 118,346, of which 40,199 cars were of No. 3, and 29,999 of No. 2; the quantity inspected received by lake and canal was 1,098,200 bushels. The proportion of the lower grade to the contract grade necessitated a large volume of business in selling corn by sample, which was advantageously transacted, affording the country shipper facilities for obtaining prices based upon the intrinsic merits of his grain. No market presents such favorable facilities for this feature of the grain business as Chicago. Prices in January were steady, ranging from 47^ to 50 cents for No. 2 cash; in February, they were upon a slightly lower plane, and were equallv uniform; in March, again steady, without material change; in April, a marked improvement took place, with prices ranging from 471- to 57^ cents per bushel; in May, the improvement was sustained, and sales were made at 60f cents on the 12th of that month, though at its close, quotations were from 54 to 56f cents; in June, the causes hereinbefore described had their palpable effect, and a weakness followed, resulting in sales on the last day of the month at 47-|- cents per bushel; in July, the direction of the market was un- changed, and prices ranged from 45^ to 50f cents, closing at 45f cents per bushel; in August, further weakness was manifested, though no violent change in prices occurred. Sales during this month ranged from 43f to 47^ cents, closing at about 45 cents per bushel; in Sep- tember, the steady decline was unchecked, and sales were made as low as 40^ cents per bushel, closing in that month at from 41f to 42 cents; in October, the market had like characteristics, though for a brief period in the early part of the month, prices were a good deal strengthened, and 47i cents was reached. This feeling of confidence soon subsided, and prices settled steadily; in November, this tendency was not arrested, and, with the exception of an occasional but slight "spurt," weakness prevailed, and at the close of this month sales were made at 35f cents; in the closing month of the year, the situation WW:' XXXVll was unchanged, and inactivity brought down the range of prices to from 33f to 3o|- cents. The following is a table showing the extreme prices each year for twenty-five years, indicating the months in which such prices were obtained : Year. 1864 1865 1866 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 Months the Lowest Prices Were Reached. March ... December February. March . . . December January . December December October . . June January . December February March ... December January . April February December October . . December January . October . . February December Range for the Entire Year. @1 76 @1 38 @ 33f @1 56f @1 52 44 45 39+ 2di 27 49 m m m 29i 29| 31i 35f 49i 46 34* 33i 33 33i Months the Highest Prices Were Reached. i @- 40 November. 88 January and February. 00 : November. 12 i October. 02i I August. 97* \ August. 94^ : May. 56* I March and May, 48f i May, 54J December. 86 I September. 76+ May and July. 49" I May. April. 43f I March. 49 October. November. October. 81i I July. 70 January. 87 : September. 49 ' April and May. 45 July. . 51^ December. 60 i May. @ 58 43f 76f OATS. The quantity of oats in store at the beginning of the year was 924,325 bushels, against 981,074 bushels at the corresponding time in 1887. The visible supply January 7, 1888, was 5,962,340 bushels against 4,878,383 bushels on January 8, 1887, and 2,329,486 bushels on January 9, 1886. The receipts for the year amounted to 52,184,878 bushels, as against 45,750,842 bushels in 1887, and were the largest of any year in the history of the trade. The week of the largest receipts was that which ended June 2, and recorded 2,304,855 bushels, and that of the smallest closed on the 21st of January, and represented 412,712 bushels. The shipments for the year aggregated 40,896,971 bushels, and were over 3,000,000 bushels ipore than -were shipped during any other year. The largest quantity shipped in any week during the year, was 1,767,989 bushels, and was for the week ended June 16. The week of the smallest shipments closed January 21, when 362,649 bushels were shipped. The largest quantity in Chicago If^r^W^afc^flX^. " . J- ',- "'-:>'-'-^f?T^^ ,"-^:'77^\'!^,>'/'y'TW','^:>?;. ^^^ -i^r^^^ -^ XXXVlll during the year was 3,459,869 bushels on the 29th of December, and the smallest, 319,500 bushels on August 11. The business in this grain for 1 888 was active, with trading early in the year chiefly in the May option, extending in the month of February to that for June delivery, and in March to July delivery. Throughout the year, sales by sample were liberal, but buyers had to content them- selves with a fair or common quality, as but a moderate proportion of the crop was of a choice grade. The prices closely sympathized with those of corn, and the course of the markets throughout the year on these two grains ran in parallel lines. As in the case of corn, special facilities are provided in this market for selling oats by sample, and an enormous trade is transacted in filling Eastern and Southern orders. The number of cars of oats inspected during the year was 52,939, of which 25,270 cars were of No. 3 White, and but 8,728 cars of contract grade. No. 2. There was inspected of receipts by lake and canal, 835,494 bushels, mostly of No. 2 grade. The general character- istics of the market were much the same as in previous years, except that there were more speculative transactions. This was doubtless owing to the condition of the wheat market during the latter portion of the year, which deterred many from trading in that grain. The crop aggregated 701,735,000 bushels, valued upon the farm at $195,424,240, the great State of Illinois yielding 137,400,000 bushels. The largest quantity brought to this market by any transporta- tion company, came on the Chicago, Burlington & Quincy Eailroad, and amounted to 11,354,719 bushels. The Chicago & Northwestern and the Illinois Central Railroads brought about 8,000,000 bushels each, and the Chicago, Milwaukee & St. Paul Railroad, 0,000,000 bushels. The opening price of the year was 31f cents per bushel for No. 2. In February, 28 to 30 cents covered the range, but with little doing in the cash market, the trading being largely confined to transactions for May and June delivery, in view of shipments at lower freight rates. In March, there was no material change in market features. During April, cash sales were also restricted. lu the month of May, there was a good demand at from 32^ to 38 cents per bushel, the month closing at the higher quotation. In June, prices receded, and the range during that month was from 29|- to 34| cents, the lower price prevailing at the close of the month. In July, the market was heavy, closing at from 28,^- to 29^ cents per bushel. In August, prices were from 24f to 27 cents per bushel. In September, weakness visited the market, and sales were made from 23^r to 24| cents, closing at about 23| cents. October recorded a similar market to that of September, w^^mm^w^s^^^^W^^ XXXIX though somewhat stronger. November brought a decided improve- ment, showing sales at from 24f to 27 cents per bushel, but, at the close of navigation the demand diminished, and December prices dropped to 25 cents per bushel at the close of that month. The following is a statement of the extreme prices each year for twenty-five years, indicating the month in which such prices obtained: Year. Months the Lowest Prices Were Reached. Bange for the Entire Year. 1864.. i October ..j 1865 .-.: December , 1866 February ' 1867 I August 1868 October i 1869 October i 1870 September ! 1871 August 1 1872 October and November. 1873 April 1874 August ^ 1875 December 1876.... July 1877 August 1878 October _.. 1879 January 1880 August 1881 February 1882 September 1883 September 1884 December 1885 September 1886 -_ October 1887 I March and April 1888 September 57 @ 81 25 @ 66 21f @ Ui 38i@ 90 41i@ 74 35i@ 71 32i@ 53i 27 @ 5U 20i@ 43i 23f@ 40i 37i-@ 71 29i@ 64i 27 @ 35 22 @ 45f 18 @ 27+ 19+@ 36| 22i@ 35 29i@ 47f 30i@ 62 25 @ 43+ 23 @ 34| 24i@ 36+ 22|@ 35 23i@ 31+ 23i@ 38 Months the Highest Prices Were Reached. July. January. November. June. May. July. May. March and April. June. December. July. May. September. May. July. December. January and May. October. July. March. April. April. January. December. May. BARLEY. The receipts of barley for the year amounted to 12,387,526 bushels, against 12,476,547 bushels for 1887. The shipments aggregated 7,772,351 bushels, which is about 500,000 bushels in excess of shipments of 1887. The quantity of barley in store at the begin- ning of the year was 349,606 bushels, againsb 308,024 bushels in 1887. The grade was mostly of No. 3 and 'No. 4, which necessitated sell- ing largely by sample. Early in the year a fairly active speculative trade was done at prices ranging from 80 to 85 cents per bushel, but as the crop year approached, prospects of inferior quality checked transactions based upon the contract grade, and speculative activity ceased. Throughout the remainder of the year, this grain was almost wholly sold by sample upon its merits, with a prevailing firmness for W^f^^m ^ 5^u-^'ii'^^T>i -'-^J*^^ x\ choice grades. Medium and ordinary grades were sold at low prices. A considerable portion of the Eastern demand was supplied from the Canadian crop, which was of good quality. A prominent feature of the market, was large ''short" sales in October, which enabled the "longs" to obtain 85 cents per bushel. The average price for the year was about 11 cents above that for 1887. The number of cars of this cereal inspected during the year 1888, was 12,992, and the quantity in Chicago at the close of the year, was 203,372 bushels, with a visible supply of 2,804,151 bushels. RYE. The receipts of rye for the year amounted to 2,767,371 bushels, against 852,726 bushels for 1887, and were largely of No. 2 grade. The number of car loads inspected was 4,827, and the quantity inspected, received by lake and canal, was 13,000 bushels. The crop was about 25,000,000 bushels, which is 5,000,000 more than for the previous year. Shipments during the year amounted to 1,744,380 bushels. There were in city regular warehouses at the beginning of the year, 29,101 bushels. There was no considerable export demand for rye, Germany and France, the chief foreign consumers of this cereal, virtually prohibit- ing its importation by high tariff restrictions. The crop of rye in Eussia was large, which supplied continental wants at prices with which America could not compete. There was a good speculative business throughout the year, partly owing to the activity of the wheat market and in part attributable to the excellent quality of the crop. The highest price of the year was 68 cents per bushel, attained as the result of speculative transactions. Sales at the opening of the year were made at 61-^ cents, and were with- out material change until the month of May, when 68 cents per bushel was realized. In June, prices rapidly declined, sales in this month ranging from 53 to 64 cents. In July, the market was dull at a still further decline. During the latter part of August, prices improved, when sales were made at 52 cents; this improvement continued up to the middle of September, but was not maintained during the remainder of that month. In October, a well sustained demand kept prices upon a higher level, and they ranged from 53^ to 60 ^ cents. In November, a uniformly good demand held quotations from 53 to 55^ cents. During the closing month of the year, a moderate busi- ness resulted in fixing prices at an average of 51 cents, closing at 50^ cents. The quantity in Chicago at the close of the year was 203,372 bushels, and that in sight 2,804,151 bushels. The crop of rye raised A ^