• IdentificationMSCBT0003
  • TitleChicago Board of Trade records: Series II - Board of Directors records MSCBT0003
  • PublisherSpecial Collections
  • LanguageEnglish
  • RepositorySpecial Collections
  • Physical Description190.0 Linear feet
  • Date1871-1992
  • LocationThe oversize items are shelved in B-242, Bay 8.

Processed by Cory Davis and John Rosen August-November 2010. Finding aid by Cory Davis, edited by Jae Lurie. Encoded by Jae Lurie April 2012.

[Collection Title], Special Collections and University Archives, University of Illinois at Chicago

The records of the Chicago Board of Trade at the University of Illinois at Chicago are closed for 50 years from the date of record creation. Please contact Special Collections before visiting to ensure that the materials of interest are currently available to the public.

The Chicago Board of Trade records were received by Special Collections and University Archives in numerous accessions between 1968 and 2000.

Materials from accessions 1968-113, 69-11, 72-44, 72-48, 74-16, 74-33, 75-68, 76-115, 77-53, 77-89, 78-91, 79-42, 81-21, 81-22, 81-23, 81-49, 81-110, 82-46, 83-50, 83-51, 84-28, 84-41, 84-42, 85-29, 86-3, 86-4, 86-5, 86-16, 86-17, 86-18, 91-11, 91-24, 92-11, 92-19, 93-1, 93-21, 93-30, 95-28, 97-2, 97-14, 97-32, 98-2, and 2000-37 were merged into one collection. Materials from each accession may be described in this finding aid.

The Chicago Board of Trade records part I microfilm series also contains Board of Directors records, including older directors books beginning with 1863. Bound meeting minutes of the exchange from 1863-1868, 1888-1924 are in CBOT records: Series I - Organizational records. A letter from Herbert Hoover to CBOT regarding suspension of wheat futures trading (1917/8/11), is contained in Small Collections--General.

The Board of Directors' records are arranged into five subseries: meeting minutes and correspondence, bound meeting minutes, amendments to rules and resolutions, and notices. The record group has been arranged to the box level. There are oversize materials associated with this series. They are listed at the end of the container list for each subseries.

The Chicago Board of Trade (CBOT) was started in 1848 by a small group of Chicago businessmen. The exchange was formed to help structure the grain trade in the Midwest. Before the Chicago Board of Trade came into being, the market for grain was extremely volatile with prices high in the winter and low in the summer, resulting in poor economic conditions for farmers. The early Board of Trade helped to create stable economic conditions for regional farmers and also worked to create standards and grades for various grains along with inspection processes to help ensure buyers received the goods for which they had paid. In 1859 the Illinois legislature granted the Chicago Board of Trade a charter allowing self-regulation. By 1865 the CBOT had a permanent location in the Chicago Chamber of Commerce Building and about 150 members. The Chicago Board of Trade was governed by its members and an elected Board of Directors. Rules and Regulations regarding day-to-day activities of the exchange were amended frequently as the organization responded to the issues of the time. The established organization of the Board of Trade in its early years was mostly maintained over time with revisions to rules and additions and subtractions to the organization based upon the economic, political, and technological climate at the time.

The Board of Directors, together with the president and vice presidents, governed the Association and controlled and managed its property and business. The Board was comprised of fifteen directors who served three-year terms. The Board held weekly meetings and in some cases held special meetings at the behest of the president or a quorum of five directors. The Board was also responsible for issuing an annual report of all receipts and expenditures as well as the condition of property of the Association. The Board of Directors records are organized into five subseries: meeting minutes and correspondence, bound meeting minutes, amendments to rules and resolutions, notices, and miscellaneous records covering the years 1871-1992.

The meeting minutes and correspondence subseries contains correspondence relating to directors' regular and special meetings. These materials include correspondence which consists of letters pertaining to subjects taken up by the Board, petitions, complaints from within and outside the Association, the Board’s rulings, newspaper clippings, and tellers’ counts of votes taken by the Directors. The files also contain evidence of the Board’s policies pertaining to legislation at municipal, state, and federal levels; disputes with railroads and shipping agents, warehouses, and grain elevators, control of wire services, commission rates, and membership applications. The subseries spans 1871 through 1977.

The bound meeting minutes of the Board of Directors regular and special meetings are contained in oversize bound volumes. Bound minutes include the years spanning 1940-1977.

The amendments to rules and resolutions subseries consists of proposed amendments to the Association’s Rules and Regulations, copies of the rules of the Association’s committees, the reports of the Board of Directors, and the resolutions of the Board taken on the recommendation of the Violation of the Rules Committee. The materials span the years 1899 through 1921.

The notices subseries consists of notices issued by the directors concerning the operation, rules, and contracts of the Board of Trade. The materials span the years 1962 through 1992.

  • NamesChicago Board of Trade.
  • Subject
    • Commodity exchanges.
    • Commodity futures.
    • Corporate governence.
    • Futures.
  • Geographic Coverage
    • Illinois--Chicago.
    • United States.