The side of the large Hall of the Exchange opposite to that occupied by the Stock and Share rings is now tenanted by the “Bolsa de Cereales,” an institution the recent creation of which was due to the necessity, arising chiefly from the rapid developments of the milling industry, for dealing in “futures” in cereal production. On the old _Once_ Corn Exchange such dealings were and still are tabu, as savouring dangerously of the Chicago “Pit,” and much heated discussion took place before the new Exchange was at length authorized to register transactions in futures. The discussion was useful inasmuch as it brought about the framing of stringent regulations against the more ruinous forms of gambling in grain. In the result, the new Institution works very well and fulfils its ostensible purpose of assuring the miller against produce being held against him at times when he is under obligation to deliver flour. Thus, it has prevented instead of encouraging at least one vicious class of operations. Formerly, when all dealing in grain futures was illegal, the miller was continually at the mercy of operators in the cereal markets. The Institution of the new Market was imperatively needed on account of the huge development and value of the milling industry. For ordinary dealings the ONCE cereal market still holds its own. THE BUENOS AIRES STOCK EXCHANGE One needs some courage to write candidly about this institution, the more especially if one hopes to enter it again. The building itself is the property of a company from which the members rent it. Part of it is now, as has been indicated, sublet to the members of the new Cereal Exchange. One side of the rotunda—the great inner Hall of the “Bolza”—is therefore now tenanted by the dealers in stocks and shares, and the other, facing it, by those occupied with grain. Each exchange has two large blackboards on which prices are chalked up by attendants as deals are called by the parties making them. These prices then become official; and their genuineness is vouched by the fact of their having been called by members of the Exchange, who are held responsible by the Committee for the _bona fides_ of these announcements. The rules are now very strict on the question of calling of _bona fide_ dealings only. At one time the announcement and consequent chalking up of fictitious deals (called “gatos,” or, as we might say, “wild cats”) became so scandalously frequent and unblushing that a stop had to be put to a malpractice which deceived the public, since all prices chalked up are published in the daily papers. The first, usually, in regard to both the magnitude and importance of the dealings recorded on it, of these blackboards or “slates,” as they are called, is that reserved for transactions in Government and other important stocks; the second being that devoted to shares.