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The Wild Midwest

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The Government of Markets

Part of the book series: Palgrave Studies in the History of Finance ((PSHF))

Abstract

This chapter introduces the business, institutional and governance problems at the Chicago Board of Trade (CBOT) during the interwar years. After World War I, the grain markets reopened in total chaos while, at the same time, the Board was under threat from (legal and illegal) competition, US State anti-gambling provisions, farmer-run cooperatives that could bypass the exchange, and general poor market function, both legal and manipulative. Additionally, no one, including the CBOT members themselves, understood how the markets as a whole did, should and could operate. Information was a scarce resource withheld due to monopoly tendencies, as well as ignorance, by the Board members. Importantly for the story of modern futures, the CBOT at the time was in no position to effect the necessary changes itself. This set the stage for the legislative solution that was to come in 1921 and then 1922, as well as other innovations in the mid-1920s.

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Notes

  1. 1.

    Letter, H. Robbins to Mr. Clement, Chairman MRC, 27 December 1923. CME III.659.1; Letter, J. Griffin to the Federal Trade Commission, 21 January 1921. CME III.ss1.7.

  2. 2.

    Ibid.

  3. 3.

    Letter, H.M. Stratton to L.F. Gates, 4 June 1920. CME III.ss.1.6; Letter, J. Griffin to the Federal Trade Commission, 21 January 1921. CME III.ss1.7; Letter, F.B. Wells, Chamber of Commerce , Minneapolis, Chairman, General Committee, to the President, Board of Trade, Chicago, 15 July 1920. CME III.ss1.6; Meeting Minutes, General Grain Committee by Secretary George P. Case, 8 July 1920. CME III.ss.1.6; Letter to Wells, Chairman, General Committee on Resumption of Wheat Trading from the Committee, 6 July 1920. CME III.ss.16; Telegram, H.M. Wilson, Chairman Minot Branch American Red Cross to the Duluth Board of Trade, 30 October 1922. CME III.642.1; Cash wheat at a high premium to near futures indicates a problem: Letter, J. Mauff to H.M. Wilson, 4 November 1923. CME III.642.1; Letter, Marcy of Armour & Co. to J. Mauff, 19 September 1922. CME III.642.4; Letter, H.M. Stratton to L.F. Gates, 4 June 1920. CME III.ss.1.6.

  4. 4.

    Letter, Thomson McKinnon to Gates, 27 July 1920. CME III.ss1.6.

  5. 5.

    Letter, Hayward to L.F. Gates, 5 August 1920. CME III.ss1.6; Letter from Hayward, Baltimore, to L.F. Gates, 6 August 1920. CME III.ss1.6.

  6. 6.

    See, for details of this process, see Jonathan Lurie, The Chicago Board of Trade, 1859–1905: The Dynamics of Self-Regulation (Chicago: University of Illinois Press, 1979).

  7. 7.

    Letter, Secretary of the St. Joseph Grain Exchange to L.F. Gates, 1 March 1920. CME III.ss.1.6.

  8. 8.

    Statement of L.F. Gates during 1919 and 1920, before the Committee on Agriculture, House of Representatives, Washington, 13 January 1921. CME VII.ss3.65.2.

  9. 9.

    Good Old Book Circa 1890, Author Unknown, “The Chicago Board of Trade, How to Speculate.” CME VII.ss2.57.2.

  10. 10.

    Ibid.

  11. 11.

    For more detail on the committee system, see Jonathan Lurie, The Chicago Board of Trade, 1859–1905: The Dynamics of Self-Regulation (Chicago: University of Illinois Press, 1979).

  12. 12.

    Ibid.

  13. 13.

    Report, CBOT Investigators to J. Mauff, 20 November 1922. CME III.643.1.

  14. 14.

    Letter, J.J. Fones to a new price settlement committee, 1 June 1923. CME III.642.1.

  15. 15.

    Letter, H.S. Robbins to J. Mauff, 17 June 1920. CME II.91.2.

  16. 16.

    Letter, J. Mauff to Julius Barnes, 30 December 1921. CME III.642.5.

  17. 17.

    Letter, James E. Bennett to L.F. Gates, 31 January 1919. CME III.s1.6.

  18. 18.

    Report by Special Committee on Cash Grain to President Stream, August 1923. CME III.11.7.

  19. 19.

    Letter, J. Mauff to (petitioners) Edward Andrew, et al., 5 December 1923. CME III.642.1.

  20. 20.

    See Jonathan Lurie, The Chicago Board of Trade, 1859–1905: The Dynamics of Self-Regulation (Urbana: University of Illinois Press, 1979).

  21. 21.

    James G. March, “The Business Firm as a Political Coalition,” The Journal of Politics 24 (1962): 662–678; Richard P. Rumelt, “Towards a Strategic Theory of the Firm,” in Resources, Firms, and Strategies: A Reader in the Resource-Based Perspective, ed. Nicolai J. Foss (Oxford: Oxford University Press, 1997), pp. 131–145. Generally on self-regulation, see Bronwen Morgan and Karen Yeung, An Introduction to Law and Regulation (Cambridge: Cambridge University Press, 2007).

  22. 22.

    Edward J. Balleisen, “Private Cops on the Fraud Beat: The Limits of American Business Self-Regulation, 1895–1932,” Business History Review 8 (2009): 113–160, pp. 113–116.

  23. 23.

    Joseph Stiglitz, “Government Failure vs. Market Failure: Principles of Regulation,” in Government and Markets: Toward a New Theory of Regulation, ed. Edward Balleisen and David Moss (Cambridge: Cambridge University Press, 2009).

  24. 24.

    Jonathan Lurie, The Chicago Board of Trade, 1859–1905: The Dynamics of Self-Regulation (Urbana: University of Illinois Press, 1979).

  25. 25.

    Ibid.

  26. 26.

    Jonathan Lurie, The Chicago Board of Trade, 1859–1905: The Dynamics of Self-Regulation (Urbana: University of Illinois Press, 1979), p. 19.

  27. 27.

    Gary Gerstle, Liberty and Coercion: The Paradox of American Government from the Founding to the Present (Princeton: Princeton University Press, 2015).

  28. 28.

    Edward J. Balleisen, “Private Cops on the Fraud Beat: The Limits of American Business Self-Regulation , 1895–1932,” Business History Review 8 (2009): 130–160, p. 141.

  29. 29.

    Daniel Carpenter, The Forging of Bureaucratic Autonomy: Reputations, Networks, and Policy Innovation in Executive Agencies, 1862–1928 (Princeton: Princeton University Press, 2001), pp. 6–7.

  30. 30.

    Brian Balogh, Government Out of Sight: The Mystery of National Authority in 19th-Century America (Cambridge: Cambridge University Press, 2009), pp. 352–378.

  31. 31.

    Contemporary Academic and Policy Innovator Lester Ward as in Brian Balogh, Government Out of Sight: The Mystery of National Authority in 19th-Century America (Cambridge: Cambridge University Press, 2009), pp. 359–360.

  32. 32.

    Paul J. Miranti, “Measurement and Organizational Effectiveness: The ICC and Accounting-Based Regulation, 1887–1940,” Business and Economic History (1990): 183–192.

  33. 33.

    Ellis W. Hawley, “Herbert Hoover , the Commerce Secretariat, and the Vision of an ‘Associative State’, 1921–1928,” The Journal of American History (1974).

  34. 34.

    Stephen Skowronek, Building a New American State: The Expansion of National Administrative Capacities, 1877–1920 (Cambridge: Cambridge University Press, 1982), p. 286.

  35. 35.

    Louis Galambos, “Technology, Political Economy, and Professionalization: Central Themes of the Organizational Synthesis,” Business History Review 57, no. 4 (1983): 471–493.

  36. 36.

    Letter, Gates to Veninga-Smith Grain Co., 29 January 1920. CME III.ss1.6.

  37. 37.

    CME III.ss1.6, Letter from W.K. Woods Vice President of Ralston Purina to Gates, President, 30 January 1920. CME III.ss1.6, Letter to W.K. Woods from Gates, 1 February 1920.

  38. 38.

    Charles H. Taylor, History of the Board of Trade of the City of Chicago, vol. 1 (Chicago: Robert O. Law, 1917), pp. 5–6.

  39. 39.

    US Federal Trade Commission, Report on the Methods and Operations of Grain Exporters, 1922 (Washington: Government Printing Office, 1922), p. 16.

  40. 40.

    Letter, J. Mauff to H. Robbins, 8 December 1921. CME III.2.641.3.

  41. 41.

    Ibid.

  42. 42.

    Jonathan Lurie, The Chicago Board of Trade, 1859–1905: The Dynamics of Self-Regulation (Chicago: University of Illinois Press, 1979). Charles H. Taylor, History of the Board of Trade of the City of Chicago, vol. 1 (Chicago: Robert O. Law, 1917), pp. 5–6.

  43. 43.

    Letter, James E. Bennett to L.F. Gates, 10 August 1920. CME III.ss1.6.

  44. 44.

    Ibid.

  45. 45.

    Letters, H.J. Loman to J. Mauff, 17 March and 29 March 1921. CME III.2.640.1.

  46. 46.

    H.J. Loman, “Commodity Exchange Clearing Systems,” The Annals of the American Academy of Political and Social Science 155 (1931): 100–109.

  47. 47.

    Letter, Barnes to Fred Uhlmann, 24 December 192. CME III.13.34; Letter, F.G. Winter to Carey, 9 May 1925. CME III.18.2; Letter, Carey to Mr. Sidney C. Anderson, Millers National Federation, 8 May 1925. CME III.ss1.9; Letter, Jardine to Arthur Capper, 31 March 1925; National Archives and Records Administration, Kansas City, Record Group 180. Archival Research Catalogue Identification number 4731930 (hereafter NARA/KC), File number, Box 12, 14–16.

  48. 48.

    Handwritten highly confidential letter, L.F. Gates at the Washington Hotel to J. Griffin, 7 July 1921. CME III.ss1.7.

  49. 49.

    Letter, CBOT Secretary to W.H. Armitage, 14 December 1923. CME III.642.1.

  50. 50.

    US Federal Trade Commission, The Grain Trade, Volume V.: Future Trading Operations in Grain (Washington, DC: Government Printing Office, 12 January 1921), p. 42.

  51. 51.

    Report, Special Committee on Cash Grain to President Stream, August 1923. CME III.11.7.

  52. 52.

    Ibid.

  53. 53.

    Ibid.

  54. 54.

    Ibid.

  55. 55.

    Abstract of an Education Campaign Program, ‘Purpose of Campaign: the specific purpose of the campaign is to increase speculation in grain here in the East’, 23 January 1922. CME III.ss2.653.4.

  56. 56.

    Memorandum, Members of the Exchange Legislative Committee [mid 1924]. CME III.15.8; Letter, L.F. Gates to J. Mauff, 1 February 1923. CME III.2.650.4; Letter to Stream, 5 February 1923. CME III.660.8.

  57. 57.

    Memorandum, Members of the Exchange Legislative Committee [mid 1924]. CME III.15.8.

  58. 58.

    Letter, P.W. MacMillan to Secretary, Omaha Grain Exchange, 4 November 1922. CME III.652.5.

  59. 59.

    Copy of Brandt Bill, 30 December 1920. CME III.ss1.6; Letter, H. Robbins to J. Mauff, 11 March 1920. CME III.ss1.6.

  60. 60.

    Letter, L.F. Gates to F.C. Stevens, 26 March. CME III.ss1.6.

  61. 61.

    Letter, F.C. Stevens, Washington to Gates, 13 February 1920. CME III.ss1.6.

  62. 62.

    Memo, Executives of the Grain Exchange National Committee to the Boards of each of the exchanges, undated. CME III.2.650.5.

  63. 63.

    Harold S. Irwin, “Legal Status of Trading in Futures,” Illinois Law Review 32 (1937).

  64. 64.

    Letter, CBOT Secretary to George Burmeister, 16 January 1923. CME III.643.3.

  65. 65.

    Letter, From Burmeister to Mauff, 10 June 1922. CME III.655.6.

  66. 66.

    Letter to Mauff from Burmiester in NYC, 19 November 1922. CME III.643.3—The letter also states, ‘I want to get the Colonel, he wants to use our seat as prestige and to use it as a close for his being innocent in the Hughes & Dier Matter. He finally sold out his Philada seat, quit his threatened suit. … I think I am overdue for an increase in salary.’

  67. 67.

    Undated coded message (with translation) from Burmeister to Mauff via private wire . CME III.ss2.654.

  68. 68.

    Telegram from Robbins to his Chicago office, 2 February 1923. CME III.643.3.

  69. 69.

    Telegram from Burmeister Re: Willis Hough, 25 May 1921. CME III.ss1.7.

  70. 70.

    Telegram from Burmeister Re: Willis Hough, 25 May 1921. CME III.ss1.7.

  71. 71.

    Letter, From Burmeister to Mauff, 10 June 1922. CME III.655.6.

  72. 72.

    Letter, From Burmeister to Mauff, 10 June 1922. CME III.655.6.

  73. 73.

    Letter, Burmeister to Mauff, Denver, Colo., 22 October 1919. CME III. 655.6.

  74. 74.

    Newspaper article clipping, incomplete title and no date. CME III.2.650.4. This provides an example of how hard convictions were to obtain—‘Edward M. Fuller and William Frank McGee, who were convicted of operating a bucket shop in connection with the defunct brokerage firm of E.M. Fuller & Co., which failed in 1922, defrauding its customers of about $4,000,000, received parole from Sing Sing Prison last night. They were sentenced 6 June 1923, to a term of fifteen months to four years. In June, 1927, they began to serve…Fuller was tried three times, each being a mistrial then he was placed on trial with McGee and in June, 1923, they pleaded and were sentenced. Execution of sentence was stayed pending the completion of proceedings in which their testimony was needed’.

  75. 75.

    Temporary Restraining Order, to The American Telephone & Telegraph Company, The Armour Grain Company, 10 June 1922. CME III.655.6.

  76. 76.

    The accepted history can be found in Thomas A. Hieronymus, Economics of Futures Trading for Commercial and Personal Profit (Washington, DC: Commodity Research Bureau, 1977), p. 90. Letter, Burmiester to Mauff, 19 November 1922. CME III.643.3.

  77. 77.

    Letter, Burmeister to Mauff, Denver, Colo., 22 October 1919. CME III. 655.6.

  78. 78.

    Ibid.

  79. 79.

    Letter from Mauff to Robbins, 11 January 1922. CME III.2.641.3.

  80. 80.

    Balleisen, Edward Private Cops on the Fraud Beat…, p. 141.

  81. 81.

    Gary Gerstle, Liberty and Coercion: The Paradox of American Government from Its Founding to the Present (Princeton: Princeton University Press, 2016), p. 67.

  82. 82.

    Ibid., pp. 67, 77, 79.

  83. 83.

    Henry Crosby Emery, “Legislation Against Futures,” Political Science Quarterly 10 (1895): 85.

  84. 84.

    Gary Gerstle, Liberty and Coercion: The Paradox of American Government from Its Founding to the Present (Princeton: Princeton University Press, 2016), p. 77.

  85. 85.

    Leon Kendall, “The Chicago Board of Trade and the Federal Government” (PhD diss., Indiana University, 1956), p. 53.

  86. 86.

    See, for example, Letter, H.S. Robbins to W.S. Blowney, Assistant Secretary, CBOT, 29 April 1920. CME II.91.2.

  87. 87.

    Gary Gerstle, Liberty and Coercion: The Paradox of American Government from Its Founding to the Present (Princeton: Princeton University Press, 2016), p. 93.

  88. 88.

    Clipping, Hoover Address on the Regulation of Business, 4 March 1929. CME III.12.8.

  89. 89.

    Gary Gerstle, Liberty and Coercion: The Paradox of American Government from Its Founding to the Present (Princeton: Princeton University Press, 2016), p. 78.

  90. 90.

    Journal, The Basic Farmer’s Question, 11 September 1920. CME.III.ss1.6.

  91. 91.

    Pamphlet, The Saskatchewan Co-operative Elevator Company Act, Together with an Explanation of Its Provisions (The Saskatchewan Co-operative Elevator Company Ltd., Revised December, 1915). CME III.665.5.

  92. 92.

    Letter Griffin to Barnes, 7 July 1921. CME III.ss1.7; Donald L. Winters, “The Persistence of Progressivism: Henry Cantwell Wallace and the Movement for Agricultural Economics,” Agricultural History 41, no. 2: 109–120, p. 114.

  93. 93.

    Letter, J. Griffin to Julius Barnes, 7 July 1921. CME III.ss1.7.

  94. 94.

    Letter, James E. Bennett to L.F. Gates, 23 June 1920. CME III.ss1.6; Letter, Bennett to Gates, 14 June 1920. CME III.ss1.6.

  95. 95.

    Clipping, US Congress, Draft Senate Resolution SR 110, Committee on Agriculture and Forestry. CME III.ss1.8.

  96. 96.

    Ibid.

  97. 97.

    Invitation to an American Farm Bureau Federation Luncheon, James R. Howard, President, 24 October 1922. CME III.2.646.5.

  98. 98.

    Ibid.

  99. 99.

    Ibid.

  100. 100.

    Joseph Griffin, Brochure ‘Farming the Farmer’, 31 May 1921. CME III.ss2.664.2.

  101. 101.

    Letter, J. Griffin to B.L. Hargis, President, Kansas City Board of Trade, 23 September 1921. CME III.ss1.8.

  102. 102.

    Invitation to an American Farm Bureau Federation Luncheon, James R. Howard, President, 24 October 1922. CME III.2.646.5.

  103. 103.

    Clipping, Chamber of Commerce Congressional Record, Bills Which Became Law Between 5 December 1921 and 22 September 1922 Status: passed House, 5-4-21: passed Senate, 2-8-22; House concurred in Senate amendments, 2-II-22; approved by the President, 2-18-22 (Public No. 146). CME III.ss2.645.4.

  104. 104.

    Letter, James E. Bennett to J. Griffin, 6 September 1921. CME III.ss1.7.

  105. 105.

    Letter, L.C. Stevens to L.F. Gates, 7 October 1920. CME III.ss1.6.

  106. 106.

    Letter, Bennett to Griffin, 6 September 1921. CME III.ss1.7.

  107. 107.

    Letter, P.W. MacMillan to Secretary, Omaha Grain Exchange, 4 November 1922. CME III.652.5.

  108. 108.

    Address of E.H. Cunningham, US Grain Growers Inc. to the American Farm Bureau Association, 12 December 1922. NARA/KC, 101-1-1.

  109. 109.

    Letter to Mauff from H.S. Robbins, CBOT Counsel, 8 April 1922. CME III.2.641.1.

  110. 110.

    Letter to Robbins from Mauff, 13 April 1922. CME III.2.541.1.

  111. 111.

    Letter, J.R. Howard, President American Farm Bureau Federation to L.F. Gates, 12 July 1920. CME III.ss1.6.

  112. 112.

    See NARA/KC. 14-6 for hundreds of such documents.

  113. 113.

    Letter L.F. Gates to Alfred Brandeis, Chief, Cereal Enforcement Division, US Food Administration, Washington, DC, 5 November 1919. CME III.ss1.6; Letter, Thomson McKinnon to Gates, 18 October 1919. CME III.ss1.6.

  114. 114.

    William Falloon and Patrick Arbor, Market Maker: A Sesquicentennial Look at the Chicago Board of Trade (Chicago: Chicago Board of Trade, 1998), p. 68.

  115. 115.

    George Wright Hoffman, Future Trading upon Organized Commodity Markets in the United States (Philadelphia: University of Pennsylvania Press, 1932), p. 300.

  116. 116.

    Marco Dardi and Marco Gallegati, “Alfred Marshall on Speculation,” History of Political Economy 24 (Fall 1992): 571–594, p. 578.

  117. 117.

    George Wright Hoffman, Future Trading upon Organized Commodity Markets in the United States (Philadelphia: University of Pennsylvania Press, 1932), p. 301.

  118. 118.

    Board of Trade v. Christie 198 U.S. pp. 247–248.

  119. 119.

    US Congress, House, Cong. Rec. Futures Trading: Hearings Before the Committee on Agriculture: Remarks of Representative Tincher, 67th Cong. 1st Sess., 1921, p. 7.

  120. 120.

    Clipping, John R. Mauff, “1922 Brings Unmistakable Signs of Business Improvement—Professional Agitator Losing Prestige in Farmers ’ Eyes,” The Country Grain Supply, undated. CME III.2.650.4.

  121. 121.

    Ibid.

  122. 122.

    Letter, A.C. Wied to Mauff, 6 April 1923. CME III.659.2.

  123. 123.

    Ibid.

  124. 124.

    Letter, S.S. Huebner to J.J. Fones, CBOT Secretary, 29 March 1923. CME III.659.2.

  125. 125.

    Letter, Mauff to A Clement Wild, Counsel to CBOT with Robbins and Townley, undated, circa December 1922. CME III.659.3.

  126. 126.

    CME III.667.6, USDA Press Release, “Grain Futures Trading to Continue,” 20 April 1923.

  127. 127.

    Marc Schneiberg and Tim Bartley, “Regulating American Industries: Markets, Politics, and the Institutional Determinants of Fire Insurance Regulation,” American Journal of Sociology 107 (2001): 101–146.

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    Rasheed Saleuddin

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Saleuddin, R. (2018). The Wild Midwest. In: The Government of Markets. Palgrave Studies in the History of Finance. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-93184-5_2

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