price effects of scalping and day trading - farmdoc

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