H. McCormick & Co., in 1S67. This firm was established in
1859, by Cyrus H. McCormick and Hugh Adams. Cyrus H.
Adams was admitted to the firm as partner, and the name was
changed to McCormick, Adams & Co., in 1872. Hugh Adams
was a native of Virginia — a successful merchant there and in
Chicago a man of the highest integrity, of unblemished character;
who died respected by all who knew him, in March, 18S0, leaving a
widow and a family of eight children, of whom Cyrus H. was the
third. After his death, the firm was continued by Cyrus H.
McCormick and Cyrus H. Adams, under the same firm name, until
the death of Cyrus H. McCormick, in May, 1SS4. The business
was then succeeded by the present firm of Cyrus H. Adams ..V Co.,
composed of Cyrus H. Adams, Hugh L. Adams and Edward S.
Adams, brothers. Cyrus H. has been a member of the Board of
Trade since 1S69, and for seven successive years, during that time,
served the Board of Trade in official capacities ; first, as a mem-
ber of the Arbitration Committee; second, as director; and, third,
as member of Committee of Appeals. He has twice, since retiring
from the Committee of Appeals, been urged to accept candidacy
for office of president of the Board, but declined on account of
pressure of private business. He is the author of many of the
most important rules governing the intricate and vast business of
the Board, and has perhaps done as much toward simplifying and
perfecting its system of trading, and rules governing same, as any
other member. The firm, of which he is now senior member,
is one of the largest established houses in the trade, and is well re-
garded. Cvrus H. Adams was married to Miss Emma J. Blair,
daughter of Lyman Blair, on September 26, 1S7S; they have one
child, a boy, who bears the name of his father.

Tames M. Ball was born in Sheffield, England, in 1S45. Eight
years later his parents emigrated to America, and he was reared at
Dixon, III. After leaving school he was, for a short time, employed as
a clerk in a general store. In the summer of 1862, when but seven-
teen vears of age, he enlisted in Battery " F," 1st Illinois Volun-
teer infantry. In June, 1864, he was promoted to second lieu-
tenant, 3d United "States Colored Artillery; in February, 1S65,
promoted to first lieutenant, made captain in the following July,
and early in 1866 was breveted major serving until mustered out,
June 30, 1S66. Mr. Ball recuperated for a short time at his home



}64



HISTORY OF CHICAGO.



in Dixon, and on the first day of January, 1S67. came to Chicago
and entered the employ of VVinans, Matthews & Co., commission
merchants. In 1S0S, tiie oncern changed to Matthews. Zollars &
Co., he being admitted as a partner, and in 1S69, to Matthews
& Ball. This firm did a large and successful business and was
well and favorably known to the trade. In May, 1SS3, they dis-
solved, and Mr. Ball established the present firm of J, M. Hall &
Co. The subject of this sketch has been a member of the Board
of Trade since i$b>. and has been largely interested in the manage-
ment of its affairs. He was a member of the Committee of Arbi-
tration during' 1S70-S0, a member of the Committee of Appeals
during 1881-82. and was one of the Board of Directors from
January, iSS; to 1SJ5. Mr. Ball is also a member of the Chicago
Stock Exchange, and one of the governing" committee of that
institution. He is one of the directors of the Board of Trade
Telegraph Company, and was for two years its treasurer. He is
also a member of the Union League Club, and for a year was one
of its membership committee.

George C. Ball, grain commission merchant, is a native of
Sheffield, England, born on February 2S, 1847. He came to
America with his parents, Joseph and Caroline (Carnel) Ball, in
1 >? :, and, after stopping a couple of years in the city of New York,
settled in Dixon, 111., where his mother died in September, 1870,
and his father in April, 1S71. At the tender age of eight, he
entered the stationery store of James Mead, in Dixon, and subse-
quently that of J. B. Pomeroy, where he remained until December,
1S62. Although but thirteen years old, he then enlisted as a bugler
in Co. " D," 1st Illinois Light Artillery — McAllister's Battery — but
was very soon detailed as private orderly for General Frank P.
Blair, and followed his fortunes until honorably discharged in June,
1S64. He then came to Chicago, and entered Eastman's business
college, completing the course, and receiving his diploma, in the
incredibly short period of six weeks. Such was his proficiency,
that he was at once engaged as teacher of the First Theory De-
partment, but subsequently took charge of the stationery and
advertising, in which he was engaged when he was offered the posi-
tion of cashier of the Rockford Insurance Company, at Rockford.
III. He accepted this offer, and remained with that company until
1870, ^-hen he entered the office of Matthews & Ball (J. M. Ball, his
brother), on the Board of Trade. He subsequently took charge of
the books of the registry department of the Board, which he resigned
to take a place in the office of C. H. McCormick & Co. In 1875,
he started an independent commission house, with N. B. Ream as
partner. The name and style of the firm was George C. Ball &
Co., and continued until 1878, when Mr. Ream withdrew, and C.
J. Singer took his place, changing the firm to Singer & Ball. After
about eight months they dissolved, and Mr. Ball has followed the
commission business alone, to the present time. He has been a
member of the Board of Trade since 1871, and served on the Com-
mittee of Arbitration two years. He is a member of Oriental
Lodge, Xo. 33, A. F. & A. M. He is a Republican in politics, and
a member of the Young Men's Republican Club; also a member of
the Chicago Club. He was married January 27, 1875, to Carrie
Woodruff, the daughter of Jackson Woodruff, of Chicago, and
has had two children, Woodruff and Marie.

Jonathan Abel is president of the Phcenix Distilling Com-
pany, and for seventeen years has been an honored member of the
Board of Trade. Mr. Abel was born in Poughkeepsie, N. Y.,
December 4, 1832, and received his education and early business
training in his native place. In 1857, he caught the western fever,
came to Illinois, settled at Sandwich, and engaged in the lumber
business ; which he successfully carried on for two years, when he
disposed of his interests in that line, and entered the drug trade in
the same village, in which he remained eight years. While
a resident of Sandwich, he became a member of Meteor Lodge,
No. 283, A. F. .V A. M., and Sandwich Chapter, No. 107, R A.
M. In 1868, he came to Chicago, and purchased Colonel
Wheeler's interest in the firm oi Dickinson, Leach & Co., distillers.
The great fire of 1S71 swept away their distdlery on Indiana
Street, on the North Side, and their rectifying house on Wells
Street. After the fire, the firm bought the distilling interests of
Thomas Hollihan & Co , which constitutes the present business of
the company. George T. Burroughs now vice-president, was at
that time, admitted into the firm. Two years after Wilson Ames
and I!. W. Kendall bought the interest of E. C. Leach, and a
ornv-d, under the name of the Phoenix Distil-
ling Company, of which Mr. Kendall is the present secretary, and
Wilson Ames treasurer. The company own a large distillery and
warehouse at Clybourn-street bridge. The magnitude of their
business places them in the front rank of their line in the city. In
1884, their transactions amounted to over two and one-half millions
Mr. Abel 1 member of the Board of Trade in

.iding certificate No. 4, and has been connected with it
ever since.

member of the well-known firm of
John T. Lester & Co., was born near the city of Rochester, N. Y.,



on January 9, 1844. He left school at the age of fifteen, and
entered his brother's store in Bangor, Me. In 1S61, when seven-
teen years old, he enlisted in the 3d New York Cavalry, com-
manded by Colonel Simon Mix. He was sent to Washington, and
fought with his regiment at Shenandoah, North Carolina, New
Orleans and Fort Hudson. He accompanied General Nathaniel
P. Banks on the miserable fiasco entitled the Red River Expedi-
tion, and he was finally mustered out on April 25, 1S65. On oeing
discharged, he went to Waterville, Me., and engaged in the flour
business with his brother for about one year. He reached Chicago
in the spring of 1S6S, and went into the commission business with
J. B. Hobbs, under the firm name of J. B. Hobbs & Co. This
lasted for four years, and was dissolved by mutual consent in 1872.
In 1875, he began business for himself and 1880, found him on
the wrong side, and retired him, somewhat financially the worse for
wear. He, however, went to work for John T. Lester & Co., and
served them faithfully for three years — in the meantime paving up
every dollar of his debts. In February, 1SS4, he was taken into
partnership, and is now a very active member of the firm. He has
been a member of the Board of Trade since 1869. Mr. Bangs was
married on October 22, 1870, to Miss Louisa Bodfish, and has one
son, Edward.

Edward H. Noyes was born in Brattleboro', Vt., September
18, 1844, and came to Chicago in the spring of 1864, and entered
the employment of Sherman, Hall & Pope, with whom he remained
for two and one-half years. He subsequently entered the employ-
ment of P. S. Sinkey & Co. , with whom he also staid for two years and
a half. He then, in 1869, embarked in business on his own account
as junior partner in the firm of Chandler, Pomeroy & Noyes, stay-
ing with that firm for a little over two years, and then selling out
his interest therein The firm of Chandler, Pomeroy & Co. suc-
ceeded the firm of which Mr. Noyes was a member, and about six
months after he left, in the year 1872, it failed. Meantime he had
been conducting a successful business on his own individual account,
and. in 1S75, became junior partner in the firm of Peck & Noyes.
In 1878, he was a member of Underwood, Noyes & Co., and in Au-
gust, 1879, established the firm of E. H. Noyes & Co. ; he has contin-
ued that firm in the grain shipping business since that time. Not
alone, however, in this firm, but throughout all his business con-
nection and association, Mr. Noyes has maintained an enviable re-
cord for integrity and scrupulous observance of all contracts made
by him. Strict attention to business, and honesty in its conduct,
has resulted in an excellent connection, and one which is constantly
increasing. Mr. Noyes was married, on August 8, 1870, to Mary
Cornelia Hamilton, and has three children — Edward Hamilton,
William Horatio, and Albert Chandler. He has never held any
office on the Board of Trade, but has been a member since 1S69.

A. G Ashley, the senior member of the hay and grain com-
mission house of Ashley & Co , is a son of a farmer, Hiram Ash-
ley, who settled in Richmond, N. Y , and married Polly Gilbert, of
that place. He is the second son of a family of four boys and two
girls, and was born in Richmond. Ontario Co., N. Y., April 15,
1S32, whither his father removed when he was but four years old.
His father was one of the solid farmers of Western New York,
and a man of note among his neighbors. He was sent to the State
Legislature in 1849, and served a term in Congress in 1S54. Au-
gustus G. Ashley, besides the early advantages of the public
schools, received all the assistance that could be rendered by private
institutions of a higher grade; and after spending one year at Pal-
myra, one at Canandaigua, and two at Lima College, graduated at
the latter institution when nineteen years of age. On leaving col-
lege, he bought a half interest in a drug store in Nunda, Living-
ston Co., N. Y , on the Genesee Valley Canal. There he mar-
ried, on January 24, 1858, Miss A. L. Spencer, sister of Charles L
Spencer, his present partner; and there he spent fourteen years in
the drug business. Two of his children were born there — two sons;
and his two daughters were born respectively at Belvidere and
Chicago. It was not till failing health admonished him that the
atmosphere of a drug store was slowly undermining his constitu-
tion, that he sold out his business and came West. For a single
year — from the fall of 1S62, when he first came West, to the fall
of 1863 — he ran a drug store in Belvidere, III., where he first set-
tled. But his health still failing, he abandoned the business per-
manently, and came to Chicago in 1863. At that time, there was
but one hay-ptess doing business in the city, and most of the hay
consumed here was delivered in bulk from farmers' wagons. He
at once engaged in the hay and grain commission business, put up
a warehouse and hay-press on West Madison Street, at the corner of
Morgan, — which was at that time away out of town, — and took an
office at No. 4 Market Street. He shortly afterward erected a large
warehouse on the river, just below Rush-street bridge. He was at
once in possession of a nourishing business, and soon had all he
could do, lie placed hay presses in various parts of the country
tributary to Chicago, and at one time bought every ton of hay pro-
curable in this region. He had an undeniable corner on hay; and
consumers at the Stock-Yards had to pay $36 a ton for hay which



THE BOARD OF TRADE.



365



cost him but S13. Since then, he has kept the lead in his line, and
has shipped hay to California, Liverpool, London, South America,
Cuba, and all parts of the Southern States, besides furnishing the
copper and lumber regions of Lake Superior large quantities for
many years His home trade has grown from three car-loads of
pressed hay a day to thirty. He lost heavily in the great fire, get-
ting only $73 on policies covering $17,000, all in home companies.
Two years ago (1SS2) he was one of the pioneers in the organiza-
tion of the Gurney Cab Co., L. 15. and M. S. Starkweather, with
himself, forming the company. On Christmas of that year, they
put five cabs on the street; now they have forty-six running, and
one hundred and eighteen horses at work. Mr. Ashley is a mem-
ber of Dr. Kittredge's Church, and belongs to the Presbyterian
Union Club. He has been a member of the Board of Trade since
1860, and has served on the Arbitration Committee for one term.



THE YEAR 1869-70.

The twenty-first annual meeting and election was
held Monday, April 5, 1S69. The membership reported
was one thousand two hundred and eighty-seven — an in-
crease of sixty-three members during the year. The
election resulted in the choice of J. M. Richards as
president, and S. H. McCrea for first vice-president.
None of the candidates for second vice-president re-
ceived a majority of the votes cast; there was conse-
quently no choice.

Following is a summary of the annual fiscal report :

Total receipts from all sources 895,502 73

Total disbursements 95,271 66

Surplusassets 17,213 35

Among the items of expenditure were: For repairs
on the hall, $7,628.80; assessment on account of the
National Board of Trade, $1,648.92 ; legal expenses,
$456.50; for appropriation to the Packers' Association,
part expenses incurred in investigating the Texas cattle
disease and in procuring State legislation on the same,
$750; also the expenses of a banquet given to members
of the Wisconsin and Minnesota boards. The cost of
grain inspection for the year was $46,147.89; the receipts
from the same amounted to $47,370.56.

Colonel Beaty having resigned as secretary, Charles
Randolph was selected to succeed him.

Rule XVI was so amended as to raise the initiation
fee for membership to $25.

The directors, in the annual report, made reference
to their success in settling all cases coming before them
for adjudication, except that of Priestly & Co. vs. Nel-
son & Co. In reference to this case, the report was as
follows:

" Your directors regret feeling obliged to enforce contracts of
that nature, yet we find no rules or by-laws of the association that
will release a member on his contract, even when caught in a 'cor-
ner'; and we recommend the continued prosecutions of this case,
not, however, in a spirit of persecution, but for the purpose of test-
ing the rights of our institution to compel its members to conform
to its rules and by-laws. "

Corner in Corn. — The work of this year was
largely of the routine character pertaining to trade.
There were, however, several cases which, in their pro-
secution and decision, brought the powers of the Board
more definitely under law, and are worthy of mention
as experimental steps in the progress of the organiza-
tion. The efficiency of Rule XIII, made to provide for
corners, was tested for the first time. During the month
of May, the market got so largely oversold on No. 1
corn, that the price was — compared to the price of No.
2 — extortionate. On the 15th of May the difference in
the price of the two grades was not above 3 cents a
bushel. At the close of the month, No. 1 corn had ad-
vanced to 10 cents a bushel above No. 2. Sales were
made of 47,000 bushels of No. 1 at 68 cents. No. 2
sold at 58 cents. C. P. Goodyear, being a sufferer on



the short side, declined to settle a trade for 15,000
bushels for May, sold to Anderson, who had been prin-
cipal buyer, and appealed for relief to the Hoard, affirm-
ing that a corner existed. The committee heard the
evidence, and reported that, considering all the evidence
anil facts elicited, no corner existed. Goodyear settled
up his May deals in accordance with the decision. He
was still a bear on the corn market, and sold largely of
No. 2 corn, for delivery in July. A large proportion of
his sales were made at buyer's option, as they brought
a much higher price, on a weak market, than seller's
option or cash. In July, it happened that the corn in
store became quite generally out of condition, and, un-
der the rules, was so posted by the various elevators,
under notification of the inspectors. By the middle of
July it was plain that unless warehouse receipts of No.
2 corn could be delivered on short sales, regardless of
any subsequent change in quality arising from heating
since put in store, that the deliveries could not be made,
and that a corner existed. It was so believed by the
majority of 'short sellers, and another attempt was made
by them to enforce Rule XIII. On July 15, the fol-
lowing communication was presented to the acting-presi-
dent, the president being absent:

S. H. McCrea, Vice-President oj 'the Board of. Trade:

The undersigned, interested in corn contracts for delivery dur-
ing this month, claim that, by reason of the corn now in store under
grade No. 2, being largely declared to be out of condition, and
therefore not deliverable on such contracts, creates a corner, within
the meaningof Rule XIII of the general rules of the Board, and, in
order to properly adjust unfulfilled contracts equitably, request that
you will appoint a committee of three disinterested members of the
Board to determine upon a proper price at which unfulfilled con-
tracts may be settled, whether such contracts be buyer's or seller's
option for July. \V. L. Brainard, A. Dow,

C. P. Goodyear, B. F. Murphey & Co.
J. K. Fisher & Co. Howard Priestly,
R. McChesney, Charles G. Cooley.

V. A.Turpin, N. K. Fairbank and R. Prindiville were
appointed as the committee to act under the rule. The
case was heard July 19. Mr. Cooley, one of the peti-
tioners, desired to have his name erased from the call.
He stated that he had settled the bulk of his sales at 78
cents a bushel, and did not think that a corner existed.
The question whether a corner existed, hinged on
the condition of the corn then in store, and whether
sales made while the corn was in good condition were
valid after the basis on which the sales had been made
had been changed. The chief inspector testified to the
condition of the No. 2 corn then in store. It was out
of condition in all but two elevators in the city — more so
than at any time for three years. F. M. Mitchell, How-
ard Priestly, J. K. Adams, and others, testified that they
had repeatedly tendered warehouse receipts for No. 2
corn, in houses outside the North Side and Central ele-
vators, and had been unable to deliver such receipts on
their matured contracts. E. K. Bruce and others testi-
fied that business was not blocked by hot corn; that
they bought, sold and shipped as usual. The evidence
was profuse on all sides; and, after due consideration,
the committee reported, on the 20th, that,

"Owing to the large sales and the bad condition of the corn, as
reported by the inspectors, a ' corner ' existed, and submitted, as a
basis of settlement of outstanding contracts: 'On corn sold at sell-
er's option, on which receipts have been tendered and refused, since
II o'clock a. m., July 16, 7S cents per bushel ; on seller's options
for July, not yet tendered, if tendered before the close of July 21,
7S cents per bushel; on buyer's options, called before July 20, where
receipts tendered had been refused, 80 cents per bushel'; but on
buyer's options not yet called, the committee did not deem it with-
in their province to consider or report."

On the basis of this report most of the options were
settled, except a line of buyer's options, put out by



3 66



HISTORY OF CHICAGO.



Goodyear & Co.. which had not matured, and which
were not called until the end of the month, at which
time No. 2 corn was as effectually cornered as ever.
Goodyear tendered the corn due on the last day of the
month, in receipts which had been condemned as 'hot.'
They were refused, whereupon he offered to settle on
the basis of So cents per bushel, as had been provided
for buyer's options called early in the month. The prin-
cipal buyer. J. T. Lester, refused to settle on those
terms, brought the case before the arbitrators, and was
awarded the difference claimed. Goodyear & Co. re-
fused to abide by the decision, and commenced a suit to
recover damages in the courts. The directors reported
that the firm failed to fulfill a contract after it was duly
awarded, and, on September 13, reported the firm as
suspended under the rules. Their action was confirmed
by vote of the Board. At this time, Goodyear & Co.
stood as one of the leading firms on the Board, both for
financial ability and uprightness of character. Mr.
Goodyear had served, in 1867, as vice-president of the
Board, and his partner, Mr. McHenry, was personally
one of the most popular young men on the Board.
Under the rules, the directors had no discretion. The
firm was liable to suspension, and was therefore sus-
pended. The feeling of regret was general, and, on
September 20, the matter was again brought before the
full Board. The following resolution was passed:

"Resolved, That the president and directors of the Board of
Trade be, and are hereby, requested to reinstate C. B. Goodyear and
\V. H. McHenry to membership of this Board."

The resolution, if carried out, would have been in
direct violation of the rules of the Board. The direc-
tors met, and adopted resolutions pledging themselves
to resign if their action was not sustained. An ad-
journed meeting of the Board of Trade was then held,
and the re-instatement of Messrs. Goodyear & Co. stated
to be the wish of the Board. Therefore, the resigna-
tion of the officers became operative. A meeting of the
Board was then called, and Dr. Turpin offered the fol-
lowing resolutions:

"Resolved, That the Board of Trade has received notice of the
resignation of its officers with profound regret.

"Resolved, That the action of the adjourned meeting of the full
Board, on the evening of the 20th instant, is not the sentiment of
this Board.

"Resolved, That the officers of this Board be respectfully re-
quested to withdraw their resignation."

On the following day these resolutions were unani-
mously adopted, and the officers withdrew their
resignation.

The Eli.vator Difficulty. — The elevators, dur-
ing this year, became more antagonistic than ever
before to the grain interest, which was mainly repre-
sented through the Board of Trade, of which nearly all
the receivers, shippers and dealers in grain were mem-
bers. Their grievances were most fully set forth in the
press, and their cause found champions therein. There
had been a constant series of troubles between the ele-
vators, the inspectors, the receivers and shippers all
through the previous year. The trouble appears to