price effects of scalping and day trading - farmdoc
TRANSCRIPT
THE S E V E N T H ANNUAL SYMPOSIUM
COMMODITY M A R K E T S AND THE P U B L I C I N T E R E S T
P R O C E E D I N G S
THE BOARD O F TRADE O F THE CITY O F CHICAGO
S e p t e m b e r 8 - 10, 1954
B. P . C a r e y C. M. Galvin R. A. G e r s t e n b e r g
P U B L I C R E L A T I O N S C O M M I T T E E
H e n r y M. Wolf, C h a i r m a n
F r a n k A. J o s t , J r . E . J . K a z m a r e k W. J . Ken tn ich , J r .
EDUCATIONAL ADVISORY C O M M I T T E E
J . P . R e i c h m a n n J . S. T e m p l e t o n R. M. Wi th row
Dale Bu tz , C h a i r m a n E x t e n s i o n S p e c i a l i s t in A g r i c u l t u r a l E c o n o m i c s M i c h i g a n S ta t e C o l l e g e
R o b e r t J . Hol loway A s s o c i a t e P r o f e s s o r of E c o n o m i c s and M a r k e t i n g U n i v e r s i t y of M i n n e s o t a
Adlowe L. L a r s o n P r o f e s s o r of A g r i c u l t u r a l E c o n o m i c s Ok lahoma A. & M. C o l l e g e
Schuy le r F . O t t e son P r o f e s s o r of M a r k e t i n g Indiana U n i v e r s i t y
R i c h a r d P h i l l i p s A s s i s t a n t P r o f e s s o r in E c o n o m i c s and Sociology Iowa S ta te C o l l e g e
L. F . S t ice E x t e n s i o n E c o n o m i s t in M a r k e t i n g U n i v e r s i t y of I l l inois
P U B L I C RELATIONS D E P A R T M E N T
B u r t o n D. Loken , D i r e c t o r
F . C. B i s s o n D i r e c t o r , M a r k e t R e s e a r c h
A l i ce E . Haggans Educa t iona l D i r e c t o r
The B o a r d of T r a d e of the Ci ty of C h i c a g o , 141 W e s t J a c k s o n B o u l e v a r d , Ch icago 4 .
!A*Lk*L 9.E. C O N T E N T S
Page No.
Foreword I
Opening Symposium Session 2
The Speculator And The Grain Fu tu res Market 6
Use Made Of Commodity Markets By Terminal Elevators 24
The Miller And The Commodity Market 47
Rai l roads And Grain Markets In A F r e e Economy 63
Presen ta t ion Of Uhlmann Award Winners By Mr. F r e d Uhlmann 78
Effects Of Government Support P r o g r a m s On Commodity Marketing . . . . 85
P r i c e Effects Of Scalping And Day Trading 115
Closing Symposium Session 144
Acknowledgments 146
Tour Highlights 147
The F a c t o r s Affecting The Demand For High P ro te in Hard Red Spring Wheat 167
F a c t o r s To Be Considered In Locating Planning And Operating A Country Grain Elevator In The Continental United States . . . 205
Symposium Par t ic ipan ts 225