Word: tradings
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Dates: during 1930-1939
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...York Stock Exchange were to expel its biggest member firm, the act would be comparable to what happened last week on the Chicago grain exchange. Charging that it deliberately manipulated prices and attempted to corner corn futures last September, the Chicago Board of Trade expelled from membership Cargill Grain Co. of Illinois and its three top officers. Cargill Grain of Illinois is a subsidiary of Cargill Inc., generally accepted as the largest grain elevator and merchandising enterprise in the U. S. Snapped the Board of Trade: "Today's action is final and is not subject to review...
...unlike the "Old Guard" of the New 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...
...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...
...followed a mad forage for corn by shorts, of whom the biggest was Farmers National. As the price soared to $1.16 a bu., it became apparent that the shorts could not cover and the Chicago Pit was threatened with the worst corn corner in years. Furious, the Board of Trade finally stepped in, told Cargill to sell 1,000,000 bu. in four hours in order to bring its holdings down to the 5,000,000 bu. allowed by the "gentlemen's agreement." Terming this "confiscation of the worst order," President John Hugh MacMillan Jr. of Cargill refused...
Professor Fay stated that the union of Austria and Germany has "shifted the balance of power in Europe in favor of Germany and of might over right, but the Ansehluss will increase the problem of feeding the 78 million Germans in the enlarge Retch. Austria's foreign trade and tourist traffic will suffer severely because Hitler will clamp down the right German system of currency control and foreign trade regulation...