4 BULLETIN 1479, U. S. DEPARTMENT OF AGRICULTURE 
Figure 1 shows the relative importance of these eight traders 
contrasted with the Chicago market as a whole. The aggregate of 
the long and the aggregate of the short positions of the eight traders 
and the individual net positions of the largest two of the eight are 
shown compared with the total open commitments (one side only) 
in the 1926 May wheat future. The total open commitments shown 
in the chart on the long side might equally well have been drawn 
on the short side, smce every contract open on the long side must also 
be carried by some one on the short side. 
It can be readily seen that during the months of December, Jan- 
uary, and february—months in which the open commitments in 
May wheat were largest—the fraction of the total long held by the 
eight traders was an important one. During these three months 19.7, 
pe CIE EBT SSSI SSTSTATEPIEIPISE IACI) ISI EIe| 212112] aria le aise 
jiTAAHGAIGGAHGRIGGTELERH/AC ec HEGGAHGGIEGRHGGE 
SUSE el abe CTE AAe GEERINRRHREn 
SA Dike ey Lp! CORPS CCC 
He a EaEARRMGe | GREP OARERAR SBR Ae ees 
as eae See enenae BRIUAAPSAERRERERE 
TST ETA 22 | [TS eee TST ATETa a] a Hapa aa a 
ie ETRE EaRR ERE CCE TRTEE DELETE Alen LTT TI 
eee BC egne HEE HEE PLEA EET 
SREP 2S eee ETC PSUR SGN Saat 
Hee HEHEHE 
ft | 
See Ree AES eee re eae 
2 EECA E VE SES eee ee 
OILED ECULERMRTRRURRERET’ NHRORIRAARMRRGRRaEni 
‘e CEMA 
Sie, 0 ES aera 
LATTA TLE a araereetore TA LT | TTT 
ale ooeeeaenena 2) Mamie PT Real TT 
PUTT TT eee ri TIT TI TNT Pr 
LLL | | across oie | [1 [Soll] ry LSE TT 
0. 
CH OL 22) S la 1? 23 HCA ULES ESP LH I 1622 BE TLOZC GAAP WOMUZA/I ELLA 
aS 
Ve ESS ee Ee 
Mar AUGUET FPTLIMER =ATOBLR § NGYEMUER CECEPIPER ~CANLIKRY FEBRUREY PORCH AFRIL fly’ 
oe 
= 
PUILLIONS OF BUSHELS 
Fic. 1—The total open commitments in the 1926 May wheat future compared with the aggregate com: 
mitments, long and short, of eight traders and of two individuai traders 
16, and 18.3 per cent, respectively, of the total long commitments 
_in May wheat were held by the eight traders. There were 122 days 
on which either the aggregate long or the aggregate short of the eight 
traders exceeded 10 per cent of the total open commitments. On 21 
of these 122 days, the aggregate long position of the eight traders ex- 
ceeded 20 per cent of the total; and for one day, December 21, the 
ageregate long of the eight traders was over 25 per cent of the total 
open commitments. The aggregate long for December 21 of the 
eight traders amounted to 21,955,000 bushels out of the total open 
commitments in the market of 87,225,000 bushels. 
Trader No. 1 measured by his position in the market was the largest 
of the eight speculators. During December, January, and February, 
his average long position exceeded 10 per cent of the total open com- 
mitments on the Chicago market. For two individual days—on 
