Chicago Mercantile Exchange
The Chicago Mercantile Exchange is a global financial and commodity derivative exchange based in Chicago and located at 20 S. Wacker Drive; the CME was founded in 1898 as the Chicago Butter and Egg Board, an agricultural commodities exchange. The exchange was a non-profit organization; the Merc demutualized in November 2000, went public in December 2002, merged with the Chicago Board of Trade in July 2007 to become a designated contract market of the CME Group Inc. which operates both markets. The Chairman and Chief Executive Officer of CME Group is Terrence A. Duffy, Bryan Durkin is President. On August 18, 2008, shareholders approved a merger with the New York Mercantile Exchange and COMEX; the Merc, CBOT, NYMEX, COMEX and NEX Group are now markets owned by the CME Group. Today, CME is the largest options and futures contracts open interest of any futures exchange in the world, including any in New York City; the Merc trades several types of financial instruments: interest rates, equities and commodities.
It offers trading in alternative investments, such as weather and real estate derivatives. CME pioneered the CME SPAN software, used around the world as the official performance bond mechanism of 50 registered exchanges, clearing organizations, service bureaus, regulatory agencies throughout the world. Trading is conducted in two methods. 90 percent of total volume at the exchange occurs electronically on Globex. Operating during regular trading hours, the open outcry method consists of floor traders standing in a trading pit to call out orders and quantities of a particular commodity or its derivatives. Different colored jackets are worn by the traders to indicate. In addition, complex hand signals are used; these hand signals were first used in the 1970s. Today, headsets are used by the brokers to communicate with the traders; the pits are areas of the floor that are lowered to facilitate communication, somewhat like a miniature amphitheater. The pits can be lowered depending on trading volume.
To an onlooker, the open outcry system can look chaotic and confusing, but in reality the system is a tried and true method of accurate and efficient trading. An illustrated project to record the hand signal language used in CME's trading pits has been compiled. Operating around the clock, today the CME Globex Trading System is at the heart of CME. Proposed in 1987, it was introduced in 1992 as the first global electronic trading platform for futures contracts; this electronic trading system allows market participants to trade from booths at the exchange or while sitting in a home or office thousands of miles away. On 19 October 2004, the one billionth transaction was recorded; when Globex was first launched, it used Reuters' network. September 1998 saw the launch of the second generation of Globex using a modified version of the NSC trading system, developed by Paris Bourse for the MATIF. To connect to Globex, traders connect via iLink 2.0 for order routing. In 2006, CME purchased "Swapstream", an interest rate swaps electronic trading platform, based in London.
On October 17, 2006, the Chicago Mercantile Exchange announced the purchase of the Chicago Board of Trade for $8 billion in stock, rejoining the two financial institutions as CME Group Inc. CBOT used outsourced technology platforms but has moved over to CME's Globex trading system; this will provide much of the merger's anticipated savings. The merger will strengthen the combined group's position in the global derivatives market; the merger agreement was modified on December 20, 2006, May 11, 2007, June 14, 2007, on July 6, 2007. The merger agreement was passed by shareholders of both CME and the Chicago Board of Trade on July 9, 2007; the merger closed on July 12, 2007, after which the Chicago Board of Trade shares stopped trading and were converted into CME shares as agreed, the overarching holding company began life as CME Group, a CME/Chicago Board of Trade Company. On January 13, 2008 electronic trading at the Chicago Board of Trade shifted onto the Mercantile Exchange's computer system.
On March 17, 2008, the New York Mercantile Exchange accepted an offer from CME Group, the parent of the Chicago Mercantile Exchange, to purchase NYMEX for $8.9 billion in cash and CME Group Stock. The acquisition was formally completed on August 22, 2008, the NYMEX systems were integrated by September 30, 2009. Agricultural Commodity Contracts include: Live Cattle, Lean Hogs, Feeder Cattle, Class IV Milk, Class III Milk, Nonfat Dry Milk Powder, Dry Whey, Cheese and Random Length Lumber. Since December 2017 bitcoin futures are traded. Commodity Exchange Act Demutualization List of futures exchanges List of traded commodities Securities market participants Durica, Dr. Michael. Product Development for Electronic Derivative Exchanges: The case of the German ifo business climate index as underlying for exchange traded derivatives to hedge business cycle risk. Pro Business. Berlin. ISBN 3-939533-05-X. Lynn, Cari. Leg the Spread: Adventures Inside the Trillion-Dollar Boys' Club of Commodities Trading. Random House/Broadway Books.
Olson, Erika. Zero-Sum Game: The Rise of the World's Largest Derivatives Exchange. Wiley. Rodengen, Jeffrey. Past, Present & Futures: Chicago Mercantile Exchange. Write Stuff Syndicate. Tamarkin, Bob; the Merc: The Emergence of a Global Financial Powerhouse. Harper Bus
Internal Revenue Service
The Internal Revenue Service is the revenue service of the United States federal government. The government agency is a bureau of the Department of the Treasury, is under the immediate direction of the Commissioner of Internal Revenue, appointed to a five-year term by the President of the United States; the IRS is responsible for collecting taxes and administering the Internal Revenue Code, the main body of federal statutory tax law of the United States. The duties of the IRS include providing tax assistance to taxpayers and pursuing and resolving instances of erroneous or fraudulent tax filings; the IRS has overseen various benefits programs, enforces portions of the Affordable Care Act. The IRS originated with the Commissioner of Internal Revenue, a federal office created in 1862 to assess the nation's first income tax, to raise funds for the American Civil War; the temporary measure provided over a fifth of the Union's war expenses and was allowed to expire a decade later. In 1913, the Sixteenth Amendment to the U.
S. Constitution was ratified authorizing Congress to impose a tax on income, the Bureau of Internal Revenue was established. In 1953, the agency was renamed the Internal Revenue Service. Though the IRS brings in most of the revenue needed to fund the federal government, its resources have been cut year after year. In 2016 the American College of Tax Counsel wrote to the Congressional leadership stating, "We have watched the agency struggle with significant decreases in funding that have caused staffing and morale issues. In our practices, we have seen the negative impact this has had on our clients, the taxpayers."In the 2017 fiscal year, the IRS processed more than 245 million returns and collected more than $3.4 trillion in gross revenue, spending 34¢ for every $100 it collected. On June 28, 2018, Bloomberg News wrote, "The agency has been reeling from budget cuts; the current budget of $11.43 billion is less than in fiscal 2008, the IRS pared about 15 percent of its workforce over the past five years.
The enforcement staff has plunged by more than 25 percent since 2010."In the 2018 fiscal year, the U. S. federal government spent $779 billion more. It's estimated; the cutoff date taxes from 2017 filed in the 2019 tax season is March 25th. In fiscal year 2019 the IRS plans to cut an additional 2,200 employees. In July 1862, during the American Civil War, President Abraham Lincoln and Congress passed the Revenue Act of 1862, creating the office of Commissioner of Internal Revenue and enacting a temporary income tax to pay war expenses; the Revenue Act of 1862 was passed as temporary war-time tax. It copied a new British system of income taxation, instead of trade and property taxation; the first income tax was passed in 1862: The initial rate was 3% on income over $800, which exempted most wage-earners. In 1862 the rate was 3% on income between $600 and $10,000, 5% on income over $10,000. In 1864 the rate was 5% on income between $600 and $5,000. By the end of the war, 10% of Union households had paid some form of income tax, the Union raised 21% of its war revenue through income taxes.
After the Civil War, Reconstruction and transforming the North and South war machines towards peacetime required public funding. However, in 1872, seven years after the war, lawmakers allowed the temporary Civil War income tax to expire. Income taxes evolved, but in 1894 the Supreme Court declared the Income Tax of 1894 unconstitutional in Pollock v. Farmers' Loan & Trust Co. a decision that contradicted Hylton v. United States; the federal government scrambled to raise money. In 1906, with the election of President Theodore Roosevelt, his successor William Howard Taft, the United States saw a populist movement for tax reform; this movement culminated during candidate Woodrow Wilson's election of 1912 and in February 1913, the ratification of the Sixteenth Amendment to the United States Constitution: The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, without regard to any census or enumeration. This granted Congress the specific power to impose an income tax without regard to apportionment among the states by population.
By February 1913, 36 states had ratified the change to the Constitution. It was further ratified by six more states by March. Of the 48 states at the time, 42 ratified it. Connecticut, Rhode Island, Utah rejected the amendment. Though the constitutional amendment to allow the Federal government to collect income taxes was proposed by President Taft in 1909, the 16th Amendment was not ratified until 1913, just before the start of the First World War. In 1913 the first edition of the 1040 form was introduced. A copy of the first IRS 1040 form, can be found at the IRS website showing that only those with incomes of $3,000 or more were instructed to file. In the first year after ratification of the 16th Amendment, no taxes were collected. Instead, taxpayers completed the form and the IRS checked the form for accuracy; the IRS's workload jumped by ten-fold. Professional tax collectors began to replace a system of "patronage" appointments; the IRS doubled its staff, but was still processing 1917 returns in 1919.
Income tax raised much of the money required to finance the war effort. In 1919 the IRS was tasked with enforcement of laws relating to prohibition of alcohol sales and manufacture.
Chicago Tunnel Company
The Chicago Tunnel Company built a 2 ft narrow-gauge railway freight tunnel network under the downtown of the city of Chicago. This was regulated by the Interstate Commerce Commission as an interurban though it operated under central Chicago, did not carry passengers, was underground, it inspired the construction of the London Post Office Railway. The city of Chicago granted the newly formed Illinois Telephone and Telegraph company the rights to construct utility tunnels under the streets of Chicago in 1899 to carry its planned network of telephone cables. Initial plans for the tunnels called for filling them with phone cables, leaving a 6-foot by 14-inch passage for maintenance; when the city refused to permit manholes through which cable could be unreeled into the tunnels, the plans were changed to include rails for hauling cable spools through the tunnels. The city was unaware of the nature of the tunneling, the first 16 miles of tunnel were excavated somewhat covertly, working from the basement of a saloon and carting away the spoil after midnight.
The intended purpose of the narrow gauge railroad below the telephone cables was limited to hauling out excavation debris and hauling cable spools during the installation of telephone lines, but in 1903, the company renegotiated its franchise to allow the use of this railroad for freight and mail service. In early 1905, the system was taken over by the Illinois Tunnel Company. By this time, 26 miles of a projected 60 miles of tunnel had been completed; the actual construction work was subcontracted to the Illinois Telephone Construction Company, under the management of George W. Jackson. By 1904, the first round of financing for tunnel system construction had been spent. A second round of financing was arranged by James Stillman of the National City Bank of New York City, with public support from E. H. Harriman, Jacob H. Schiff, Patrick A. Valentine, all directors of that bank. With this financing, the Chicago Subway Company, incorporated in New Jersey, became a new holding company for the tunnel system.
The Chicago Warehouse and Terminal Company was an affiliate, formed in 1904 to construct and operate terminal facilities for interchanging freight with railroads and other carriers. The Illinois Tunnel Company continued to expand the tunnel system and serve a growing customer base until 1908, when the employees moved to join the Amalgamated Association of Street and Electric Railway Employees; the tunnel company began firing union members. Despite the intervention of Congressman William Lorimer, all 260 employees went on strike on May 9; the company refused to rehire any of the strikers. The Tunnel Company ran into a problem with a part of its planned expansion. In November 1906, the Chicago Board of Local Improvements announced it was considering widening Halsted Street between Chicago Avenue and 22nd Street. 300 property owners on Halsted Street, represented by the Law Firm of Adler & Lederer, opposed the widening of the street because it would interfere with their business and the cost would result in burdensome assessments.
Attorney Charles Lederer charged that there was graft connected with the proposition to widen the street and that if this was done the scheme was to utilize the street to connect the tunnel with the Chicago Stockyards so that it would have access to the railroads. By 1909, the cost of construction had bankrupted the Illinois Tunnel Company. By this time, it was estimated that $30,000,000 had been spent on operating the tunnel; the receiver's sale was completed in 1912, with the Chicago Tunnel Company, a wholly owned subsidiary of the Chicago Utilities Company, acquiring all assets of the former company and its affiliates, the Chicago Warehouse and Terminal Company and the Illinois Telephone and Telegraph Company. In 1913, the Chicago Tunnel Company agreed to sell its telephone operations to American Telephone and Telegraph Company, although regulatory approval delayed the actual sale until 1916. By 1920, all telephone cables had been removed from the tunnels. By 1914, about 60 miles of tunnel had been constructed 7 feet 6 inches high and 6 feet wide, with 2 ft gauge track.
19 elevators connected the tunnel with customers, five elevators served universal public stations where freight could be dropped off or picked up by the public. The railroad operated 132 electric locomotives 30 to 50 horsepower each, had 2,042 merchandise cars, 350 excavating cars and 235 coal and ash cars. In 1914, the tunnel company handled 609,320 short tons of freight, 275,218 short tons of which were merchandise; the remainder was coal and excavation debris. From 1912 into the 1930s, the tunnel company was managed by Sherman Weld Tracy, it was never profitable, but it avoided receivership, with most of the stock held by J. Ogden Armour, E. H. Harriman and their heirs. Plans for passenger subway service in Chicago date back to the turn of the 20th century, the original permits to dig the freight tunnels allowed for future cut-and-cover subway development above the tunnels. In the 1930s, when the Chicago Rapid Transit Company and the city finalized the design of the State Street and Dearborn Street subways, plans called for the tunnels to be dug through the blue clay along the line followed by the freight tunnels.
Excavation debris from the new subway tunnels was hauled away by the Chicago Tunnel Company as the subway replaced the freight tunnels along their route. The Chicago Tunnel Company went bankrupt and applied fo
The Merchandise Mart is a commercial building located in downtown Chicago, Illinois. When it was opened in 1930, it was the largest building in the world, with 4,000,000 square feet of floor space; the art deco structure is located at the junction of the Chicago River's branches. The building is a leading retailing and wholesale destination, hosting 20,000 visitors and tenants per day as of the late 2000s. Built by Marshall Field & Co. and owned for over half a century by the Kennedy family, the Mart centralized Chicago's wholesale goods business by consolidating architectural and interior design vendors and trades under a single roof. It has since become home to several other enterprises, including the Shops at the Mart, the Chicago campus of the Illinois Institute of Art, Motorola Mobility, the Chicago tech startup center 1871; the Merchandise Mart is so large that it had its own ZIP code until 2008, when the Postal Service assigned it to part of the surrounding area. In 2010, the building opened its Design Center showrooms to the public for the first time.
In 1926, a westward extension of double-deck Wacker Drive increased development on the south riverbank. In 1927, Marshall Field & Co. announced its plans to build on the north bank opposite Wacker Drive. The site, bordered by Orleans Street, Wells Street, Kinzie Street and the Chicago River, was a Native American trading post and the site of Chicago and North Western Railway's former Wells Street Station, abandoned in 1911 in favor of the Chicago and North Western Passenger Terminal. With the railroad's air rights, the site was large enough to accommodate "the largest building in the world". Removing the train yard supported the Chicago Plan Commission's desire to develop and beautify the riverfront. James Simpson, president of Marshall Field & Co. from 1923 to 1930 and chairman of the Chicago Plan Commission from 1926 to 1935, turned the first shovels of dirt at groundbreaking on August 16, 1928, along with architect Ernest Graham. General contractor John W. Griffiths & Sons brought building construction into the machine age through the use of techniques "ordinarily used in the construction of big dams."
Concrete arriving by boat was lifted by compressed air to bins 75 feet above the ground, with gravel and sand delivered by railroad cars to conveyor belts and transfer elevators. Giant mixers provided wet concrete to skip hoists in vertical towers that were extended as the building rose. Continuously employing 2,500 men and as many as 5,700 men altogether, the construction project lasted a year and a half into the early months of the Great Depression. With a foundation footprint of nearly two square city blocks, the building required 29 million bricks, 40 miles of plumbing, 380 miles of wiring, nearly 4,000,000 cubic yards of concrete, 200,000 cubic feet of stone, 4,000 windows. Bethlehem Steel fabricated much of the 60,000 tons of steel. An estimated 7.5 miles of corridors and over 30 elevators were included in the construction. The total cost of construction was estimated to be $26 million; the Merchandise Mart opened on May 5, 1930, just east of Chicago's original trading post, Wolf Point.
The building realized Marshall Field’s dream of a single wholesale center for the entire nation and consolidated 13 different warehouses. It was purchased in 1945 or 1946, depending on the source, by the Kennedy family through Merchandise Mart Properties, Inc. and managed by Sargent Shriver. The purchase price was $13 million half of what it had cost to construct the complex twenty years earlier; the building revenues became a principal source of Kennedy family wealth, including being a source of political campaign funding. The Kennedy family sold much of the complex center property to Vornado Realty Trust in 1998 as part of a larger $625 million transaction, That year, MMPI was acquired by Vornado for $450 million cash and a $100 million-plus stake in Vornado; as of early 2007, the building was valued at $917 million. The Merchandise Mart was modernized in the late 1960s; the Indian chiefs were removed and replaced with concrete plates in 1961, of minimal note to onlookers as skyscrapers did not rise on the north side of the river as predicted.
Some of the carvings were found in a suburban backyard and auctioned in 2014. In 1962, an entrance canopy was constructed over the south for vehicle use. In 1977, Owings & Merrill designed the Chicago Apparel Center, located on the west side of Orleans Street, which increased the Merchandise Mart’s total floor space to 6,200,000 square feet. Making use of plazas and overlooks employed the waterfront location for pedestrian pleasure. In 1988, Helmut Jahn designed an enclosed pedestrian walking bridge over Orleans Street connecting the Mart and the Apparel Center. After a 10-year, $100 million modernization in the late 1980s that included public utility upgrades, Beyer Blinder Belle's commission in 1989 was to create additional perimeter entrances and restore the display windows, main entrance and lobby. On the south facade, the drive-through canopy was removed and two smaller doorways aside the main entrance were added. Display windows, painted over during the earlier modernization campaign, were restored with clear glass to showcase merchant's wares.
New main and corner entrances were added to the rear facade, the loading dock that occupied the north portion of the first floor of the river level was removed in order to use the bottom deck of North Bank Drive. Improvements to the lobby included restoration of the original glass curtain wall over the entrance, shop fronts and reception desk using terrazzo floors and wall sconces influenced by the original des
Chicago the City of Chicago, is the most populous city in Illinois, as well as the third most populous city in the United States. With an estimated population of 2,716,450, it is the most populous city in the Midwest. Chicago is the principal city of the Chicago metropolitan area referred to as Chicagoland, the county seat of Cook County, the second most populous county in the United States; the metropolitan area, at nearly 10 million people, is the third-largest in the United States, the fourth largest in North America and the third largest metropolitan area in the world by land area. Located on the shores of freshwater Lake Michigan, Chicago was incorporated as a city in 1837 near a portage between the Great Lakes and the Mississippi River watershed and grew in the mid-nineteenth century. After the Great Chicago Fire of 1871, which destroyed several square miles and left more than 100,000 homeless, the city made a concerted effort to rebuild; the construction boom accelerated population growth throughout the following decades, by 1900 Chicago was the fifth largest city in the world.
Chicago made noted contributions to urban planning and zoning standards, including new construction styles, the development of the City Beautiful Movement, the steel-framed skyscraper. Chicago is an international hub for finance, commerce, technology, telecommunications, transportation, it is the site of the creation of the first standardized futures contracts at the Chicago Board of Trade, which today is the largest and most diverse derivatives market gobally, generating 20% of all volume in commodities and financial futures. O'Hare International Airport is the one of the busiest airports in the world, the region has the largest number of U. S. highways and greatest amount of railroad freight. In 2012, Chicago was listed as an alpha global city by the Globalization and World Cities Research Network, it ranked seventh in the entire world in the 2017 Global Cities Index; the Chicago area has one of the highest gross domestic products in the world, generating $680 billion in 2017. In addition, the city has one of the world's most diversified and balanced economies, not being dependent on any one industry, with no single industry employing more than 14% of the workforce.
Chicago's 58 million domestic and international visitors in 2018, made it the second most visited city in the nation, behind New York City's approximate 65 million visitors. The city ranked first place in the 2018 Time Out City Life Index, a global quality of life survey of 15,000 people in 32 cities. Landmarks in the city include Millennium Park, Navy Pier, the Magnificent Mile, the Art Institute of Chicago, Museum Campus, the Willis Tower, Grant Park, the Museum of Science and Industry, Lincoln Park Zoo. Chicago's culture includes the visual arts, film, comedy and music jazz, soul, hip-hop and electronic dance music including house music. Of the area's many colleges and universities, the University of Chicago, Northwestern University, the University of Illinois at Chicago are classified as "highest research" doctoral universities. Chicago has professional sports teams in each of the major professional leagues, including two Major League Baseball teams; the name "Chicago" is derived from a French rendering of the indigenous Miami-Illinois word shikaakwa for a wild relative of the onion, known to botanists as Allium tricoccum and known more as ramps.
The first known reference to the site of the current city of Chicago as "Checagou" was by Robert de LaSalle around 1679 in a memoir. Henri Joutel, in his journal of 1688, noted that the eponymous wild "garlic" grew abundantly in the area. According to his diary of late September 1687:...when we arrived at the said place called "Chicagou" which, according to what we were able to learn of it, has taken this name because of the quantity of garlic which grows in the forests in this region. The city has had several nicknames throughout its history such as the Windy City, Chi-Town, Second City, the City of the Big Shoulders, which refers to the city's numerous skyscrapers and high-rises. In the mid-18th century, the area was inhabited by a Native American tribe known as the Potawatomi, who had taken the place of the Miami and Sauk and Fox peoples; the first known non-indigenous permanent settler in Chicago was Jean Baptiste Point du Sable. Du Sable arrived in the 1780s, he is known as the "Founder of Chicago".
In 1795, following the Northwest Indian War, an area, to be part of Chicago was turned over to the United States for a military post by native tribes in accordance with the Treaty of Greenville. In 1803, the United States Army built Fort Dearborn, destroyed in 1812 in the Battle of Fort Dearborn and rebuilt; the Ottawa and Potawatomi tribes had ceded additional land to the United States in the 1816 Treaty of St. Louis; the Potawatomi were forcibly removed from their land after the Treaty of Chicago in 1833. On August 12, 1833, the Town of Chicago was organized with a population of about 200. Within seven years it grew to more than 4,000 people. On June 15, 1835, the first public land sales began with Edmund Dick Taylor as U. S. Receiver of Public Monies; the City of Chicago was incorporated on Saturday, March 4, 1837, for several decades was the world's fastest-growing city. As the site of the Chicago Portage, the city became an important transportation hub between the eastern and western United States.
Chicago's first railway and Chicago Union Railroad, the Illi
Chicago Board of Trade Building
The Chicago Board of Trade Building is a skyscraper located in Chicago, Illinois. It stands at 141 W. Jackson Boulevard at the foot of the LaSalle Street canyon, in the Loop community area. Built in 1930 and first designated a Chicago Landmark on May 4, 1977, the building was listed as a National Historic Landmark on June 2, 1978, it was added to the National Register of Historic Places on June 16, 1978. Built for the Chicago Board of Trade, it is now the primary trading venue for the derivatives exchange, the CME Group, formed in 2007 by the merger of the CBOT and the Chicago Mercantile Exchange. In 2012, the CME Group sold the CBOT Building to a consortium of real estate investors, including GlenStar Properties LLC and USAA Real Estate Company; the 141 W. Jackson address hosted the former tallest building in Chicago designed by William W. Boyington before the current Holabird & Root structure, which held the same title for over 35 years until being surpassed in 1965 by the Richard J. Daley Center.
The current structure is known for its art deco architecture and large-scale stone carving, as well as large trading floors. An aluminum, three-story art deco statue of Ceres, goddess of agriculture, caps the building; the building is a popular sightseeing attraction and location for shooting movies, its owners and management have won awards for efforts to preserve the building and for office management. On April 3, 1848, the Board of Trade opened for business at 101 South Water Street; when 122 members were added in 1856, it was moved to the corner of South LaSalle Streets. After another temporary relocation west on South Water Street in 1860, the first permanent home was established within the Chamber of Commerce Building on the corner of LaSalle and Washington Streets in 1865. In 1871, the Great Chicago Fire destroyed this building; the exchange temporarily reopened two weeks after the fire in a 90 feet wooden building known as "the Wigwam" at the intersection of Washington and Market Streets, before reclaiming its home in a new building constructed at the Chamber of Commerce site one year later.
In 1882 construction began of the CBOT's new home, which opened at the current location on May 1, 1885. The building was designed by William W. Boyington, best known today for his work on the Chicago Water Tower, it faced Jackson Street with 180 ft feet of frontage and was built from structural steel and granite took from the Fox Island quarry near Vinalhaven, Maine. With a rear of enameled brick, it was 10 stories tall and featured a tower 320 ft tall containing a large clock and 4,500 pounds bell, topped by a 9 feet copper weather vane in the shape of a ship; the interiors were finished in frescoed. Construction cost $1.8 million. With four elevators and a great hall measuring 152 ft × 161 ft and 80 ft high decorated by a stained-glass skylight and ornate stone balusters, it was the first commercial building in Chicago to have electric lighting, it was the first building in the city to exceed 300 ft in height and at the time was the tallest building in Chicago. The building's formal dedication ceremonies, which were described by a contemporary as "brilliant and imposing", took place on April 29, 1885 and were attended by over four thousand persons including dignitaries from around the world.
The building attracted tourists and protesters. The inaugural banquet for the building opening was marched on by a sizable column of Chicago labor activists, under the International Working People's Association banner and led by Albert Parsons, Lucy Parsons, Lizzie Holmes. "The building, on which two million dollars had been lavished in the midst of an economic depression, was denounced by the anarchists as... the crowning symbol of all, hateful in the private property system.". The procession were cheered by thousands of spectators, their access to the Board of Trade was blocked by a phalanx of police, first at Jackson at LaSalle coming to within a half-block of the building, "bathed in a sea of electric light only installed for the occasion."Viewing galleries were opened to the public for the first time in honor of the 1893 World's Columbian Exposition. In 1895, the clock tower was removed and the "tallest building in Chicago" record was held by the 302 ft tall Masonic Temple Building. Built on caissons surrounded by muck, the trading house was rendered structurally unsound in the 1920s when construction began across the street on the Federal Reserve Bank of Chicago.
The 1885 building was subsequently demolished in 1929, the exchange temporarily moved to Van Buren and Clark while a new building was constructed at the LaSalle and Jackson site. The 1885 allegorical architectural sculptures of 35 ft Industry and Agriculture, two figures of a four-piece set, were removed from the original building and now stand in a nearby pedestrian plaza. In 1925, the Chicago Board of Trade commissioned Root to design the current building; the general contractors Hegeman & Harris built it for $11.3 million, although the reported twenty-year mortgage value was $12 million. Clad in gray Indiana limestone, topped with a copper pyramid roof, standing on a site running 174 ft east–west on Jackson Boulevard and 240 ft north–south on LaSalle Street, the 605 ft tall art deco-styled building opened on June 9, 1930, it serves as the southern border for the skyscrapers hugging LaSalle Street and is taller than surrounding structures for several blocks. The Chicago Board of Trade has operated continuously on its fourth floor since the 1930 opening, dedicating 19,000 square f
Supreme Court of the United States
The Supreme Court of the United States is the highest court in the federal judiciary of the United States. Established pursuant to Article III of the U. S. Constitution in 1789, it has original jurisdiction over a narrow range of cases, including suits between two or more states and those involving ambassadors, it has ultimate appellate jurisdiction over all federal court and state court cases that involve a point of federal constitutional or statutory law. The Court has the power of judicial review, the ability to invalidate a statute for violating a provision of the Constitution or an executive act for being unlawful. However, it may act only within the context of a case in an area of law over which it has jurisdiction; the court may decide cases having political overtones, but it has ruled that it does not have power to decide nonjusticiable political questions. Each year it agrees to hear about one hundred to one hundred fifty of the more than seven thousand cases that it is asked to review.
According to federal statute, the court consists of the Chief Justice of the United States and eight associate justices, all of whom are nominated by the President and confirmed by the Senate. Once appointed, justices have lifetime tenure unless they resign, retire, or are removed from office; each justice has a single vote in deciding. When the chief justice is in the majority, he decides. In modern discourse, justices are categorized as having conservative, moderate, or liberal philosophies of law and of judicial interpretation. While a far greater number of cases in recent history have been decided unanimously, decisions in cases of the highest profile have come down to just one single vote, exemplifying the justices' alignment according to these categories; the Court meets in the Supreme Court Building in Washington, D. C, its law enforcement arm is the Supreme Court of the United States Police. It was while debating the division of powers between the legislative and executive departments that delegates to the 1787 Constitutional Convention established the parameters for the national judiciary.
Creating a "third branch" of government was a novel idea. Early on, some delegates argued that national laws could be enforced by state courts, while others, including James Madison, advocated for a national judicial authority consisting of various tribunals chosen by the national legislature, it was proposed that the judiciary should have a role in checking the executive power to veto or revise laws. In the end, the Framers compromised by sketching only a general outline of the judiciary, vesting federal judicial power in "one supreme Court, in such inferior Courts as the Congress may from time to time ordain and establish", they delineated neither the exact powers and prerogatives of the Supreme Court nor the organization of the Template:Judicial branch as a whole. The 1st United States Congress provided the detailed organization of a federal judiciary through the Judiciary Act of 1789; the Supreme Court, the country's highest judicial tribunal, was to sit in the nation's Capital and would be composed of a chief justice and five associate justices.
The act divided the country into judicial districts, which were in turn organized into circuits. Justices were required to "ride circuit" and hold circuit court twice a year in their assigned judicial district. After signing the act into law, President George Washington nominated the following people to serve on the court: John Jay for chief justice and John Rutledge, William Cushing, Robert H. Harrison, James Wilson, John Blair Jr. as associate justices. All six were confirmed by the Senate on September 26, 1789. Harrison, declined to serve. In his place, Washington nominated James Iredell; the Supreme Court held its inaugural session from February 2 through February 10, 1790, at the Royal Exchange in New York City the U. S. capital. A second session was held there in August 1790; the earliest sessions of the court were devoted to organizational proceedings, as the first cases did not reach it until 1791. When the national capital moved to Philadelphia in 1790, the Supreme Court did so as well.
After meeting at Independence Hall, the Court established its chambers at City Hall. Under Chief Justices Jay and Ellsworth, the Court heard few cases; as the Court had only six members, every decision that it made by a majority was made by two-thirds. However, Congress has always allowed less than the court's full membership to make decisions, starting with a quorum of four justices in 1789; the court lacked a home of its own and had little prestige, a situation not helped by the era's highest-profile case, Chisholm v. Georgia, reversed within two years by the adoption of the Eleventh Amendment; the court's power and prestige grew during the Marshall Court. Under Marshall, the court established the power of judicial review over acts of Congress, including specifying itself as the supreme expositor of the Constitution and making several important constitutional rulings that gave shape and substance to the balance of power between the federal government and states; the Marshall Court ended the practice of each justice issuin