COMMODITIES: Bucketing Beans

The U.S. attorney waited until the Chicago Board of Trade had ended its trading for the week. Then Samuel Skinner dropped a bombshell on the world's largest commodity futures exchange. He announced four indictments ranging from mail fraud to income tax violations against one customer, one solicitor (a title analogous to stockbroker) and seven traders.

The most serious charges were leveled against Richard C. Groover, Edward A. Arnold and Robert N. Meyer Jr.—all traders in soybeans, the protein-rich legumes that have brought great wealth to farmers and speculators. The three traders were accused of the long-forbidden practice of "bucketing." A...

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