SPECULATIVE TRANSACTIONS IN 1926 MAY WHEAT FUTURE ll] 
ble for the decrease at this point. Trader No. 2 was accountable 
for the change upward from March 1 to March 18, and the ensuing 
downward movement to April 8. 
These individual changes are more clearly seen by referring to the 
separate net positions of the eight traders, as shown in Figure 6. 
The positions of the eight are here drawn on the same scale in order 
that one may get a picture of their relative importance. The posi- 
tion of each of the eight, together with their combined net position, 
is also shown in comparative form in Table 1. 
