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...York Stock Exchange, the members of the Chicago Board of Trade regard themselves as an exclusive club with a divine right not only to deal in grain but also to speculate in it. Just as the Stock Exchange has its SEC, so the Grain Pit has its CEA. But the Commodity Exchange Administration so far has been quite liberal and one of the few limits to speculative activity in grain is a mysterious "gentlemen's agreement" said to have been reached in 1926 by a Kansas city grain merchant named Lonsdale and the then Secretary of Agriculture, William...

Author: /time Magazine | Title: Business: Gentlemen's Disagreement | 4/4/1938 | See Source »

...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...

Author: /time Magazine | Title: Business: Gentlemen's Disagreement | 4/4/1938 | See Source »

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