Six months ago, the Chicago Board of Trade was not only "bearish" on wheat but on its own future. Legislators in Washington and in the State of Illinois vied with each other in proposing new legislation to cripple the "Pit." Farm organizations were calmly planning to take over the grain business in its entirety. Grain traders could make no profits; grain brokers no commissions. Predictions that the world's greatest grain exchange would shortly shut up shop were freely made.
The extraordinary spring and summer which followed have changed this situation altogether. As long as...
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