Chicago
October 1871: the Great Chicago Fire destroyed 17,500 buildings and $200M in property. CBOT reopened the next day. The mechanism: Incumbency Erasure, eliminating every firm's accumulated advantages simultaneously, creating conditions for Jenney's first skyscraper and Thoma Bravo's $184B PE empire.
Chicago
CBOT founder Matthew Laflin's 1840 gunpowder partnership with Solomon Smith created a dynasty spanning Northern Trust ($18.7T AUC), Illinois Tool Works ($86.6B), and Briar Hall. In 2025, BNY Mellon tried to buy Northern Trust. The family said no.
Chicago
Gurdon Saltonstall Hubbard arrived in Chicago in 1818 as a teenage fur trader. By 1848, he was the first name on the Chicago Board of Trade charter. How one man bridged two incompatible economies and built the institutions that made Chicago.
Chicago
In April 1848, 82 Chicago merchants founded the Chicago Board of Trade (CBOT), creating standardized grain grading and futures contracts that became the foundation for CME Group's $846 trillion global derivatives market.