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Board of trade ownership and control of quotations.........
60
Sec. 7.-Censorship of matter circulated by members..
66
Why a censorship ".
Power of the board of directors___
The censorship largely a war time development_
No preliminary examination of matter sent out-
Sensitiveness as regards choice of words_--_.
69
70
71
72
Advertising to promote job lot and speculative trading
condemned..
75
Temporary prohibition of advice by wire or market letter___
Stoppage of unverified rumors at the source....
The censorship at Chicago not efficient_.
Sec. 8.-Branch offices and correspondents------
The branch office manager a solicitor
The correspondent in business for himself_
77
78
79
80
Sec. 8.-Branch offices and correspondents-Continued.
Number of correspondent offices---
Accounts for customers of correspondents often kept at
Chicago_
Page.
81
The Minneapolis situation__.
The question of the responsibility of a head office for corre-
spondents
83
Supervision and audit of correspondents by the Board___
Correspondents relate to private wires----
84
85
Sec. 9.-Rates of commission___
The member and nonmember rate at Chicago--
The rate is for buying and selling or for either_.
The " 'clearing" rate__
Pit brokerage__.
The special rate for "transfer " trades.
Other commissions__.
Nonmember rates at Minneapolis-.
86
87
88
CHAPTER III.-PRIVATE-WIRE SYSTEMS AND THEIR SERVICE.
Sec. 1.-Development of private-wire service_-_.
The first private wires----
Terminal markets first connected..
The extension of private wires to the small towns.
Private-wire mileage in the United States on November 1,
1914, by groups of lessees__
Mileage of bankers and brokers by firms____
Half-yearly increases and seasonal changes in Chicago
grain wires_.
Concentration of outside futures business in the hands of
the private wires----
102
Sec. 3.-Contracts with the telegraph and telephone companies_.
The American Telephone & Telegraph Co. contract--
Only one grain wire system with head office outside Chicago_
Location of wire offices outside Chicago----
113
Summary by States, and number of cities and towns served..
Excluded groups-
122
124
Chart 1
125
Sec. 6.—Types of private-wire systems..........
A system that seeks speculative business where it may
A grain-trade system___
127
An intermediate type---
129
Connections in New York City---
130
Sec. 7.—The conflict of interest between cash-grain receivers and the wire
houses
132
Why the wire houses tend to enter the cash-grain business__
The claims of the wire houses.
Consent of directors of board required for new wire offices__
The attempt to take the wires out of small towns..
The cash grain business of the wire houses a by-product___
Grain futures often handled as a by-product of stock-ex-
change brokerage..
Sec. 10.-Do the private wires encourage speculation?.
The business-getting tendency-
137
138
CHAPTER IV.-SPECIAL FUTURE-TRADING TECHNIQUE.
Sec. 1.-Regular hours, execution in the pit, and curb trading.
Hours of trading.
Sec. 2. The unit of trading and the job-lot market_
The standard lot not a natural unit__.
150
Separation of job-lot and big-lot markets at Chicago....
Spreading between job-lot and full-lot markets.
Inferior execution in job lots.
151
152
Sec. 2. The unit of trading and the job-lot market-Continued.
Beginning of trading in job lots.
The source of job-lot trading_-.
Job lots at Minneapolis-
Job lots at Kansas City-
The Chicago Open Board_.
Sec. 3.-Margins as a commercial-credit institution_.
The credit basis of modern commerce_
158
154
155
Difference between the margin in stock trading and in grain
trading.
Possible detachment of interest from actual grain___
Interest revenues of the stock broker not obtained by the
futures commission merchant__
157
The drawing down of margins because of paper profits_
Difference as regards accounting for short sales of stocks
159
160
161
162
163
164
and of futures__
How practicable to charge no interest on credits allowed_
Importance of strict attention to margins_.
165
167
The emergency rule for regular storage at Chicago....
Delivery in cars.
175
Origin of this rule at Kansas City.
176
Car delivery at Chicago may now be made regular at any
time
177
Default of the seller and an arbitrated settlement price.
Earlier corner rules at Chicago---
178
Administration of the present rule..
180
The decline in public elevator capacity at Chicago, and other
conditions
181
Corner rules on exchanges other than Chicago.
182
Sec. 8.-Deliveries to customers_
The customer not necessarily involved in delivery----
Choice of a customer to whom to charge a stopped delivery__ 183
Delivery by speculators, other than elevators, rare-
Why millers seldom want delivery--.
Mixing and the "manufacture" of contract grades_
"Out of condition" stored grain-----
Sec. 9.-Contract and deliverable grades on the various exchanges__
184
185
186
187
188
Variation in the proportion of wheat grades from year to
year at Minneapolis----
200
Variation from year to year in the proportion of grades at
Chicago
202