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Loomis was a native of
VermontVermont is a state in the New England region of the northeastern United States of America. The state ranks 43rd in land area, , and 45th in total area. Its population according to the 2010 census, 630,337, is the second smallest in the country, larger only than Wyoming. It is the only New England...
who came to Chicago as a pioneer settler in 1834. A
grocerA grocer is a bulk seller of food. Beginning as early as the 14th century, a grocer was a dealer in comestible dry goods such as spices, pepper, sugar, and cocoa, tea and coffee...
by trade, Loomis also was an
entrepreneurAn entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative.The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to...
who became involved in many
businessA business is an organization engaged in the trade of goods, services, or both to consumers. Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit...
fields, including commodities trading.
The four financial trading exchanges of
ChicagoChicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
,
IllinoisIllinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...
, USA, are a vital economic asset to the international economy. And without Chicago, being the transportation hub of the nation's breadbasket, was the most logical location for the agricultural commodities
futures contractIn finance, a futures contract is a standardized contract between two parties to exchange a specified asset of standardized quantity and quality for a price agreed today with delivery occurring at a specified future date, the delivery date. The contracts are traded on a futures exchange...
trading business.
Loomis was one of the organizers of the
Chicago Board of TradeThe Chicago Board of Trade , established in 1848, is the world's oldest futures and options exchange. More than 50 different options and futures contracts are traded by over 3,600 CBOT members through open outcry and eTrading. Volumes at the exchange in 2003 were a record breaking 454 million...
in 1848, the city's first financial trading exchange. 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.
Loomis died in 1900. Loomis Boulevard at 1400 west in Chicago is named for him.