FOLLOWING several months of discussion, organization of an exchange to trade in hide futures definitely got under way in the Fall of 1928. At that time a group was formed which included both men who knew the technique of futures trading and men of long experience in hides, and to which, on December 19, 1928, was granted a charter for the New York Hlide and Skin Exchange. This name was subsequently shortened to the New York Hide Exchange. Five hide and leather men, three members of commodity and stock exchange commission firms, and the president of another commodity exchange made up the temporary Board of Governors. Early in January, 1929, temporary officers were elected and the membership of the board was increased from nine to fifteen. Thereafter, the heavy work of completing the organization of the Exchange, so that it could be made ready for actual trading, proceeded for six months. A standard contract of sale to be used for all transactions was drawn up, by-laws and rules of trading were adopted, and members were elected. The membership was composed almost exclusively of three classes: men of recognized standing in some branch of the hide and leather industry, representatives of commission houses which specialize in executing orders for the accounts of others on the various stock and commodity exchanges, and a small group of men who intended to perform the actual trading as floor brokers. The Board of Governors, either directly or through committees, performed this work and in addition arranged to lease and equip quarters, employed the salaried personnel, and attended to all the multifarious details involved in getting the Exchange actually under way. All this had been accomplished by the middle of the year, so that on June 4, 1929, with appropriate ceremonies, trading was inaugurated in a ring set up at 7 Cedar Street, New York City. In the meantime, permanent officers and governors had been elected.