CME visitor gallery

Above is a 1995 advertisement for the CME visitor's gallery which truly was one of "Chicago's most spectacular views."  After the September 11th, 2001 attacks, the viewing gallery was closed to the public unless part of a pre-registered tour group and it's a shame that the terrorism did lead to many reductions in freedom and security restrictions across the US.   Prior to the public closings, it was always a treat for me to wander to the various visitor galleries and watch for a little bit before I got access to be on the floor myself.  Seeing the trading pit for the first time from the visitor's gallery at the KCBT in 1998, I knew that's exactly what I wanted to do in life. 

In the Wheat Pit by James Patten

As a followup to Story of a Speculator by Cutten, I'll present In the Wheat Pit by James Patten who was King of the wheat pit prior to Cutten assuming that role.  Both men presented their stories as serials in the Saturday Evening Post in collaboration with Boyden Sparkes although Patten's story preceeded Cutten's by five years as it was published in 1927.  In the Wheat Pit is great and really uncovered some knowledge that I never knew about the CBOT but most of all showed that the CBOT has always remained the same drama with different actors playing the parts. 

Squeezing two pages into one cut the text size so magnify it if you have a tough time reading it.  Or login to Scribd and download/print it, whatever just don't ask to get a copy emailed.  I'm still busy so blogging will remain infrequent.

In the Wheat Pit by James Patten

Story of a Speculator

I'm going to focus on a few other things for the next couple weeks and won't post much, if at all, but wanted to leave some enjoyable summer reading.  In 1932 Arthur Cutten, who was the single largest speculator the CBOT wheat pit ever saw, wrote the following Story of a Speculator which was privately published after appearing as a three part serial in the Saturday Evening Post.  There have been a few blog posts here on Arthur Cutten and his speculations were so large, the US government began position limits as a result of the size he was trading.  It's a great and easy read at only 88 pages and until my upload of it, this writing has been almost impossible to find, enjoy. 

Story of a Speculator

Trading floor reinvention

photo credit inhabit.com

Like those who once worked in and around the trading pits, the physical trading floors had to be reinvented for a different role once trading became electronic.  The most recent recent exchange to shut floor trading and go 100% was the Minneapolis Grain Exchange and their trading floor is now used as a collaborative office where people can rent desks for various durations and contractual commitment.  The trend for "coworking" is pretty widespread across the US now and it's a great use of space at the MGEX because it is simply installing desks and chairs for the most part. 

Thanks to Nathan Rudd of Minneapolis for the link.