Word: cea
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Dates: during 1930-1939
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...Administration had found that of the 48 accounts operating under the scheme 42 had a closed profit aggregating $18,253 but all 48 had a total unrealized loss of $45,218. The owners of the accounts had been told only of the profitable deals. Indignant denials of fraud followed CEA's setting of hearings for March...
...heavy-footed Baptist farmer from Georgia who has never seen Tobacco Road, Acting Secretary Brown read Henry Wallace's note, then called on Mr. Mehl to report on a CEA survey of the first eight months of 1937. CEA had learned that 4,488, or 15%, of all commodity trading accounts were subject to powers of attorney; 70% of commodity trading houses had no such controlled accounts on their books and most holders of such controlled accounts had only one apiece; 23 persons controlled ten or more accounts apiece (a total of 9% of all controlled accounts...
...Secretary of Agriculture is chief and has under his direction the Commodity Exchange Administration, now headed by a heavy-set crop technologist of Swiss descent, Dr. Joseph William Tell Duvel, who has been with the Department of Agriculture off and on since 1902. Last week Dr. Duvel submitted the CEA's proposals for speculative limits. Thereupon, Secretary of Agriculture Henry Wallace announced that to prevent undue price fluctuation from speculation, the Commission proposed: 1) a 2,000,000 bu. limit on net long or short positions in all futures combined or any one contract market...
...Board of Trade's member firms, Cargill is the only one to advocate such CEA limitation of speculation. With the strict Scotch Presbyterianism of its bosses, Cargill claims to regard a future contract as a contract to be fulfilled to the letter-which means actual delivery of grain. Most brokers regard a future merely as a hedging or speculative mechanism. Nor is this the only seed of contention between Cargill and the Board of Trade. Though Cargill has been in business since 1865 and has branches from Seattle to Albany, not until...
Since then the CEA and the Board of Trade have held hearings and Farmers National has dissolved, partly as a result of its losses from the corner (TIME, Feb. 7). Refusing to make any defense before the Chicago Board of Trade, Cargill laid its case in the hands of CEA Chief J.W.T. Duvel, has since maintained a wounded silence in its head offices at Minneapolis, awaiting the CEA decision in mid-April. Sniffed Cargill Attorney Weston B. Grimes: "It is not surprising that a committee of our competitors should find our purchases of September corn to be offensive...