[Congressional Record Volume 144, Number 75 (Thursday, June 11, 1998)]
[House]
[Pages H4542-H4543]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  1815
COMMEMORATING THE 150TH ANNIVERSARY OF THE ESTABLISHMENT OF THE CHICAGO 
                             BOARD OF TRADE

  The SPEAKER pro tempore (Mr. Peterson of Pennsylvania). Under a 
previous order of the House, the gentleman from Illinois (Mr. Davis) is 
recognized for 5 minutes.
  Mr. DAVIS of Illinois. Mr. Speaker, I rise today to recognize the 
150th anniversary of the Chicago Board of Trade.

[[Page H4543]]

It is a milestone that certainly deserves recognition, and I am pleased 
to have introduced a resolution last week commemorating its 150th year 
anniversary.
  The Chicago Board of Trade, which sits in my Congressional District, 
has been an integral part of the development of the City of Chicago, 
and, indeed, of the world. Chicago Board of Trade was founded by 82 
visionary Chicago merchants, and made its mark by revolutionizing how 
grain was stored and sold. Little did these visionaries know 150 years 
ago that their efforts would lead to the creation of the world's 
largest futures market and a centralized marketplace for the sellers 
and buyers of grain. Just last year, the Chicago Board of Trade opened 
the world's largest trading floor, 60,000 square feet, for financial 
futures and futures options, and a record one million Treasury bond 
futures were traded in a single day.
  The Chicago Board of Trade has had a significant impact on the lives 
of all. Food prices in the United States are lower because of the Board 
of Trade; interest rates on Federal securities are lower than they 
otherwise would be because of the Chicago Board of Trade. The existence 
of this extremely efficient, vital marketplace has saved us all money, 
whether we have ever purchased a futures contract or not.
  It is not by accident that this market is located in Chicago. Due to 
its central location, access to waterways and proximity to farmland, 
Chicago is the natural crossroads of commerce in the United States.
  The Chicago Board of Trade has served as host to Presidents, Members 
of Congress and dignitaries from throughout the world.
  They have been on the cutting edge of technology. In 1995, it became 
the first futures exchange to open a commercial service on the 
Internet, and since then they have established an electronic system for 
overnight trades.
  The Chicago Board of Trade has been a real leader in the world. Just 
this year, the Board of Trade entered into a cooperative agreement with 
EUREX, its Swiss-German counterpart, and plans are in the works to add 
a partner in Asia.
  The success of the Chicago Board of Trade has not only created huge 
benefits for our Nation generally, it has also contributed enormously 
to the economy of Chicago. Chicago's two future exchanges have created 
over 150,000 jobs and puts millions of dollars each night in the city's 
banks. In a world class city, renowned for its architecture, the 
beautiful Board of Trade structure stands out as a major example of 
art, Deco style, and one of Chicago's most treasured landmarks.
  The Chicago Board of Trade is a shining example of the ingenuity, 
hard work and creativity that is respected throughout the world. As 
members of the board prepare for your gala celebration on June 13th, I 
wish you another 150 years of success.
  Again, congratulations, and I urge all of my colleagues to join with 
me in congratulating the Chicago Board of Trade on its 150 years of 
success and benefit to the American economy.

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