Loomis was a native of Vermont who came to Chicago as a pioneer settler in 1834.
The four financial trading exchanges of Chicago, Illinois, USA, are a vital economic asset to the international economy.
Chicago, being the transportation hub of the nation's breadbasket, was the most logical location for the agricultural commodities futures contract trading business.
Initially, the CBOT dealt only in futures contracts for agricultural products.
Subsequently, it began dealing in precious metals and later developed into a more broad-based futures exchange.