SPECULATIVE TRANSACTIONS IN 1926 MAY WHEAT FUTURE 19 
least 2,000,000 bushels. 
from October 2 to April 16, inclusive. 
opposite direction to the net of purchases and sales. 
These 33 days occurred within the period 
On 30 of these 33 days the 
price of May wheat moved in the same direction as the net of pur- 
chases and sales; on the other 3 days the price moved in the 
The net trades 
compared with the price for these 33 days are shown separately in 
Table 2 
TABLE 2.—Days on which eight large speculators bought or sold net 2,000,000 bushels 
or more of the 1926 May wheat peng: with the net change in the M ay future price 
for the same dates 
Position of trader at 
I 
Tokder Net purchase or sale lgselofiraaclot pee change 
Date 3 one May fu- 
er : 
Bought or sold | Quantity Long Short (ie mace 
1925 Bushels Bushels Bushels | Cents 
OCE 2 ee Pei ee Sea 2a Sold ze esas TACOS OD) |p ee ae 14008 O00) | Sea ee 
DD) Ores ea da ee Se Yai ee Gop ses: 500, 000 SOOTO00R Bea een eam [iS eee 
INI eee easel neve cael IS Su dosssereen 252005000), |e ene eee eee | —54 
OY RI a gh eerste 2 | Bought______- 4,500,000 | 2,000,000 |-----.-____- Ae ae 
(ele pd anarr en eeee ee ae dO seeaeses 500,000 | 1,435,000 |....-..----- | Aas eee tee 
Ne veers Mire eg NINE 1 ER doen 51000; 000 |e | +134 
INN et ee ee ee ae Del Sold eeu TOO OOO. a meeon tes DeO00! G00; eee 
Queene eee ee ere 40 eee Gop 2, 325, 000 Even Even. |Sosss eee ee 
Nieto eeta nr tnrslhe Ei scl Gone SBOE (I a cele and al ae ee ls | “1% 
IN ION SE ee ee Bought == see 2, 000, 000 Even Even eas Roe 
IDO) Rea ie peepee Gite Se eae! | Mei olamaer ya (aie a GOS ees 00, 000 Even. HVGl. | eee ae 
ID) neon heat See a Ree Av IE eect do=t === 515, 000 675; 000) | Sse 22 Fee | eee eee 
ING Hee te eee ee eae ee YQ eek al we SES LH OOO wees e ae tee eee eee +1144 
ID Cee aaa Behe ea Saar eon ip ea Gore ee aeee 2, 300, 000 ADS OOO sears ante e | eee ae ee 
OUR Bee ne eee oe | A |e oe Comeestks 0050007 2 45050005 S22 ea eases 
DING Skog SE SOLES Se Sane |e 2 cad ka | Sn (WO) BE es 4, OCORO00s RSet ae Se ee +5 
IDC Cr oe eee ns eee ee ase Sold aes A OZ O00 M | aeeaereen an 15500000) | 22a 
(OS eee ws oD ee Bought____-__| 1,000, 000 SSONOOOR Beso. Reems Ne Sra aa 
obec are wt eter Sole ta he SF 025 000) |haoot ot see | aTE em OE =1Y; 
CCR St an sae eee Sear Bought== 4. SOON COO PLOSG253 OOO ese eee | ere ees 
DO ee eee eat eee at Ala dos 2243 4, 500, 000 2) 500 O00 RIESE ak eee | ae eee oe 
DX afr hs BetS A hp Se tps SC eS boa a ig | la Goze eS 800, 000 TSO OOO gaa ase ee | ee ee ree eee 
SINGS Gece os Se i SS Re Se GCE ee ly 652003000 ))|2 22 425 2 es |S eens Se +64% 
DSO ee, Sale ee Res SOC ae eee SOOO OOON ees eas 1000 CO0n =e 
OSE Saee Sae a oe ie ee Boughnt==. sos 1, 300, 000 PASTY s( 0 05 Oil ERG re NS |b 
ING beer ed ee Sold eet ke 220050008 Eze sess eo [Eee aero —3 
DOCS eee ee ee ay Te De Gos eee 500; 00OF E22 82 a2e 222 2310s 000s aes eee 
1 DY 0 en ve iho ES Pr fe er Fel: a | a doe ie PS990K 000% (2222 Se 500}000) 1/22 
Aa) Se a tea a Se ct 5, [eee dos=e2-'3 500, 000 ets OOO Gee eee Ss |e eee 
Nic Gemeente er hen eer Nite Le ee (3 oy ae 2 99050008 bases ee ee | Le See ae +2 
I DYE SSID Ea = ie Se Tarren ae ae area (Ce le ty 1) em dos see IbGW USC) Ibe sabes see 4.475,,000):|22 = 22 en 
Qe Seems ee I ee ST ee dolse era! 500, 000 2205; O00 | Ea 22s sso |e ee 
INCU ae a | eel (Le Gos 8e al RO VO00 000g |e n ae eee Se —6 
letra teed Ae Bought __----- 3, 500,000 | 3, 500, 000 |__..-...._-- +1% 
DGC r OS se ears weet ee Dil) SOldaa ea eek 5, 075, 000 35(825,/000)| oc ae eo S| 
Oe MEN Ee elie ake) | eee (a Ko eee acne 640, 000 365;:000 si = = So Se | ee ae 
ESTE ar oo a a I GN EE EERIE? (Tt Ea a eke —114 
SSS | 
1 The plus sign (+) is used to indicate an increase and the minus sign (—) a decrease in the May 
future price from the close of the day previous to the close of the date shown. 
