Lake Geneva Yacht Club and Chicago's Futures Markets: A Shared Legacy

The intertwined history of the Lake Geneva Yacht Club, the Chicago Board of Trade, and the City of Chicago traces back to the 19th century, with key figures like Julian Sidney Rumsey and Nathaniel Kellogg Fairbank establishing deep connections through sailing and business By John J. Lothian   ELMHURST, IL - (JLN) - When I mentioned the news about my cousin Tom being hired as the new manager of the Lake Geneva Yacht Club ("LGYC") yesterday in JLN, I mentioned Thomas "T" Freytag, a co-founder of Geneva Trading, as a contemporary reference to give it relevance to the normal newsletter fodder. However, the history of Chicago's futures markets and the LGYC have a common founder in Julian Sidney Rumsey.   In fact, the City of Chicago, the Chicago Board of Trade (CBOT), and the LGYC share an intertwined history dating back to the mid-19th century, with the Sheridan Trophy serving as a symbolic link between these institutions. Chicago's Early Days and the CBOT In 1848, as Chicago was experiencing rapid growth, the CBOT was established to bring order to the city's burgeoning grain trade. The CBOT quickly became a central force in Chicago's economic development, coinciding with the opening of the Illinois and Michigan Canal and the city's first railroad. These transportation innovations positioned Chicago as a major hub in the international grain trade. Shortly before the Great Chicago Fire of 1871, a railroad line to Lake Geneva was completed, allowing Chicago's elite to access their lakeside summer homes by rail. Julian Sidney Rumsey: A Key Figure Julian Sidney Rumsey, a founding member of the CBOT, played a pivotal role in connecting Chicago's business world with Lake Geneva's leisure community. Rumsey served as president of the CBOT in 1858 and 1859, and later became mayor of Chicago at the outbreak of the Civil War. His influence extended beyond Chicago to Lake Geneva, Wisconsin, where he maintained a summer home.   Nathaniel Kellogg "N.K." Fairbank Nathaniel Kellogg Fairbank was the first commodore of the LGYC, president of The University of Chicago board of trustees, a founder and president of The Chicago Club and a founder of the Commercial Club of Chicago. He was also a major trader at the CBOT, where he served as an officer. His company produced soap and baking products. He was also involved in one of the greatest squatting incidents in Chicago when ship captain George Streeter's schooner went aground off Fairbank's property that is now called "Streeterville." There is a Fairbanks Court on the western edge of Streeterville. The Lake Geneva Yacht Club and the Sheridan Trophy In 1874, Rumsey and Fairbank became founding members of the LGYC. That same year, an event occurred that would cement the connection between Chicago's business elite and Lake Geneva's sailing community.