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Sec. 2.-The privilege contract----

Definition and description of the privilege contract-

“ Bids and offers for deferred acceptance"--

Prices of bids and offers.

Indemnities --

Sec. 3.--The pit and its use_----------

Description of the pit-

Hours of trading-

Classes of traders in the pits at Chicago

Sec. 4.—Quotations ...

The Cleveland Telegraph Co------

The 10-second price record ---

“ Continuous " quotations

Standard price fractions ---------

Telegraph and ticker dissemination of quotations

Private wire distribution of quotations.

Board of trade ownership and control of quotations

Sec. 5.-Options traded in.-

The determination of delivery months---

Why the four principal delivery months.-----

Chicago futures.

Trading for odd delivery months at Chicago -

“ Old style ” and “new style ” trading-

Futures and options on exchanges other than Chicago.

Average trading periods for various options.-----

Sec. 6.- News service in general ---

Blackboard and ticker-

Market letters ------

Telephoning from branch offices.

Private wires.------

Wire “ gossip "---

Transmission of orders and reports by private wire.

News ticker companies----------

Service of the private wires to shippers---

Reliability of wire news----

Sec. 7.--Censorship of matter circulated by members---

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.----

Advertising to promote job lot and speculative trading


Attempts to influence prices.--.

Circulation of false news and advice..

The use of private crop experts--

Policy in relation to advice to customers_

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..

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Sec. 4.-Rates and costs.-

Average rates per mile-----

Growth of revenues, 1905-1914.--

Expense on account of grain wires_

Sec. 5.-Extent of private-wire systems.

Mileage of systems in 1918.--------

Only one grain wire system with head office outside Chicago_

Location of wire offices outside Chicago----

Summary by States, and number of cities and towns served.

Excluded groups ---


Chart 1 ----

Sec. 6.-Types of private-wire systems ----

A system that seeks speculative business where it may---

A grain-trade system.---

An intermediate type-------

Connections in New York City-----

Sec. 7.—The conflict of interest between cash-grain receivers and the wire

houses --

Why the wire houses tend to enter the cash-grain business--

The claims of the wire houses_

Alleged discrimination in telegraph lea ses_----

The other side------

Comparatively little concentration of the cash-grain com-

mission business as yet------

Sec. 8. - Board of Trade control of private wires--

Possible use of the “ commission rule"---------


Consent of directors of board required for new wire offices

The attempt to take the wires out of small towns-----

Sec. 9.-Private wires a future trading facility---------

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-----

Alleged easier profits from future commissions---

Relation of wires to job-lot trading-------

Better facilities and opportunities stimulate speculation ---

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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.-

Difference between the margin in stock trading and in grain


Possible detachment of interest from actual grain. -------

Interest revenues of the stock broker not obtained by the

futures commission merchant

Slight equipment required for future trading

Sec. 4.-Margins between commission houses

The margin rule---

The margin-deposit certificate---

One hour allowed for meeting a call.

Release of margins_

The margin rule permissive only-----

Margins actually required.-

Minneapolis and Kansas City rules_

Sec. 5.-Margins of customers_

Margins of customers not governed by rules.

Margins often not required.--

Margins usually cash --

The drawing down of margins because of paper profits -

Difference as regards accounting for short sales of stocks

and of futures.

How practicable to charge no interest on credits allowed.---

Importance of strict attention to margins_-------

Sec. 6.---Deliveries on futures in general..

Tender of regular warehouse receipts_

Storage charges_-

Seller's option..

The delivery notice-------

Five days free storage---------

The delivery price..


“Passed” and “ stopped ” notices_

When and by whom original deliveries are issued.

Default by the buyer on delivery-

Methods of exchanges other than Chicago---------

Sec. 7.-Safeguards against corners----

The emergency rule for regular storage at Chicago -

Delivery in cars.

Origin of this rule at Kansas City---

Car delivery at Chicago may now be made regular at any

time --------------

Default of the seller and an arbitrated settlement price.-----

Earlier corner rules at Chicago---


Administration of the present rule_

The decline in public elevator capacity at Chicago, and other

conditions ----

Corner rules on exchanges other than Chicago------



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Sec. 8.--Deliveries to customers...

The customer not necessarily involved in delivery -------

Choice of a customer to whom to charge a stopped delivery--

Speculators do not want delivery

Hedgers do not want delivery ---------

Delivery when grain a “drug on the market”--

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

Meaning of “ contract grade"..

Delivery of better than the contract grade.

Contract and deliverable wheat at Chicago.

Earlier standards..

Deliverable standing of wheat with dockage

Contract wheat at Kansas City

At St. Louis.----

At Toledo-------

At Duluth.

At Minneapolis.--

At Milwaukee.---

At New York and Baltimore---

Contract and deliverable grades of corn at Chicago

The special 1918 rule..

Contract corn on other markets.----

Contract and deliverable grades of oats at Chicago.

Contract oats on other markets.-

Rye and barley contract grades.----

Federal grades.

Sec. 10.–The relation of grades to future trading--

Commercial importance of grading

Analogy between futurity and distance.--

Why broad deliverable grades desirable.-

Two alternative policies_

Gresham's Law in grain.---

Variation in the proportion of wheat grades from year to

year at Minneapolis---

Variation from year to year in the proportion of grades at


How premiums and discounts are fixed_

Bulk binning and uniformity of grades..

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