COMMODITIES: A Southern Gentleman

To the neighbors on peaceful Tuckahoe Lane in Memphis, the signs of Landon V. (for Victor) Butler's increasing wealth came in little ways. As the biggest commodity speculator in years, he was doing fine. First the gravel driveway at his small bungalow was blacktopped, then a curb was added—and then the whole thing was refinished in crushed brick. On the driveway, instead of a Buick there appeared a Cadillac, then a second one—with chauffeur to boot. Three years ago Commodity Speculator Butler bought himself a $300.000 house, added a swimming pool with...