In the early days of futures trading, market information is communicated via young “runners” like the one pictured here. Present day runners and clerks still support floor trading, with more advanced communications tools besides pencil and paper

Industrial Revolution

Technological innovation stimulates agribusiness. New methods of production, livestock storage, warehousing and refrigeration stabilize perishables. Standardized futures contracts introduced in 1865 enable buyers and sellers to agree on future price and delivery and ensure quality and quantity.

Plowing, 1904