1900 CBOT banquet program

A program dated 1900 to a CBOT banquet is pictured above and you'll have to click on the photo as usual to enlarge.  It seems to me since every other US commodities exchange was listed, that the CBOT was likely hosting a dinner for the other exchange executives.  Do click on the second photo to check out the menu, absolutely amazing!  Whoever put it together also did a great job selecting the wine w/the courses: Montrachet, Sauternes, Chateau Margaux and Mumm 1895. 

Before the exchanges became public, they were well known to have a nice entertainment budget.  Prior to when I arrived at the CME, there was an annual event called the "Merc Prom" which was headlined by a big name act like B.B. King.  Because it was a bit before my time I can't give precise details but everyone spoke of it as great fun. 

Scalp - French tv show

Emmanuel NOBLET dans "SCALP" by twin1811

I just put the labels for technique and origin on the MATIF Brokerage/Participants signals and while looking up something came across the French tv show SCALP which was set in the MATIF pits of the 1990s.  SCALP was aired over 8 episodes in early 2008 on Canal + and obviously the financial crisis of that year contributed to it not being renewed.  I don't speak well enough French to understand everything in the above video but it's clear that it was shot relatively well and authentic, largely due to the co-producer and co-writer being a veteran of working on the MATIF exchange. 

London prints are in!

 (kinda crappy photo from my phone)

I'm happy to announce that the London prints got finished last week before I left for a bit of travel.  All the handsignal prints (Chicago, Singapore, New York and London) are beautiful and the process of getting them made was fun as well.  Collaborating with people who were passionate about their chosen craft was amazing and that was the biggest reward.  Everyone involved in creating the prints and tradingpithistory.com work independently to pursue art and it's refreshing to be around that perspective just as there aren't too many people trading on their own like I do.  FYI, the shop link on tradingpithistory.com is down as I need to rearrange something on the backend but have been too busy/lazy to get it done but any print enquires can be made to tradingpithistory 'at' gmail.com

Just to give a little background on everyone involved I think will help express what the tradingpithistory project is all about.

All the prints were illustrated by Mike Nudelman who had to interpret explanations of the hand signals and then develop the layout of the print.  Mike didn't start with anything but a vague idea of what the prints were meant to represent and used his creative powers to realize the vision greater than I imagined.  There's actually two websites that Mike has and this is the link to his other.

The prints were brought to life by Dan Grzeca who did the physical printing and is the most prolific printmaker in Chicago and beyond.  Dan has a passion for his craft that's quite obsessive and turns out a large amount of his own works as well which are worth checking out at his blog.

As far as the tradingpithistory.com website itself, right now it's maintained by Jason Vandecreek who is the man behind the curtain.  If there are any issues w/the website it's generally my fault cause I neglect any non-urgent issues until they become urgent.  If I was as dependable on this project as Jason then we'd see a 10x magnitude increase in quality.

The project is a lot broader than I originally imagined it and the development of the tradingpithistory.com website was originally created with Tuan Le who truly made it all possible to coordinate w/everyone and serve as the photographer. Tuan and I are going to do a full reshoot of all the photos now that the gallery of signals is realized as the photos on the website were taken over many years in many random locations. Jack Birmingham was also there from the beginning to assist in many ways, particularly with the late night photoshoots.  The webpage "skin" of tradingpithistory.com was designed by Justin Gum who was able to create the clear gallery layout and design concept.

Before working with all the above guys, I didn't have a proper appreciation for the talents of such freelance craftsmen but I came away thrilled with all their work and creative focus. 

I can't embed the video due to an issue on youtube but I can atleast link the video for Dire Straits "Sultans of Swing" which is most appropriate for a bunch of guys following their passion.

And since I like to refer to my hero of all heroes, the great explorer Sir Richard F. Burton, he often questioned his own drive to follow where his heart leads:
Starting in a hollowed log of wood—some thousand miles up a river, with an infinitesimal prospect of returning! I ask myself "Why?" and the only echo is "damned fool! . . . the Devil drives!"

MATIF hand signals

 Photo from dzine.be

So the MATIF handsignals are finally up  on tradingpithistory.com although they aren't complete.  I have to do a few things to fix some bugs and put up the descriptions but incomplete and up is better than waiting longer to get them perfect.  Maybe while they're incomplete you can guess the orgination of the brokerage house signals but a knowledge of the French language is necessary for some?  Enormous thanks go to Mr. Fabien Danis, former floor trader for FIMAT, for his assistance in describing and translating the MATIF handsignals.

Reader submission by Laura Scoville Ekstrom

Big thanks to Laura Scoville who was kind enough to submit a few things starting with the following CBOT buttons which starting from upper left look to be 1000oz silver contract launch, grain floor opening, gold contract launch, Ginne Mae launch, 30 year bonds launch and her AM division badge from the CBOT.  The Ginnie Mae is most appropriate as a F.I.M. (Financial Interest rate Market?) Fatale!

Laura noted that she began on the floor trading at 21 in 1978 as one of only three women and the youngest female at the CBOT trading.  She was a forth generation Scoville trader following in the footsteps of her great grandfather who founded the clearing firm Scoville & Company in 1892.  Her father, Jim Scoville, is shown below center in a photo that appeared in National Geographic.

As the silver market has gone nuclear, it's appropriate to share the some of James Scoville's poetry regarding the silver market which he helped establish at the CBOT.

Ballad of the silver pit

5000 BC when the coals cooled down,
that first man saw something nifty.
It was nothing at all, compared to the call
When Irwin bid $52.50

To those who partook of that market that shook
out all but a hardy few.
We say “here’s to the best” that laid Bunker to rest.
As we toast with our Cordon Bleu.

(James Benson Scoville)

Chicago Board of Trade Battery

I previously mentioned it but the Chicago Board of Trade once raised a military unit on behalf of the Union for the American Civil War known as the Chicago Board of Trade Battery.  It's role was best described by the blog Crossed Sabers which noted:

"It was responsible for raising several units of Illinois volunteers during the course of the Civil War. President Lincoln sent out a call on July 6, 1862 for an additional 300,000 volunteers. On the evening of the 21st, the Board decided to raise a battery of artillery. By 4 pm on July 23rd, $15,000 had been raised and 180 men volunteered for the battery. 156 of these men were selected by the mustering officer, Captain J. Christopher, and mustered into federal service on August 1st as the Chicago Board of Trade battery, Illinois Volunteers."

The above picture is of an inventory and inspection report in 1864 before the Battery was disbanded.  I didn't show an expanded view of the full report but it consisted of 56 shelter tents, 1 bugle, and 4 axes. 

While on the topic of floor traders and the military, it was recently noted that one of the primary characters in the documentary Floored, Rob Prosniewski, is now an Army combat medic in Afghanistan.  It's very cool to see that a guy from the trading pits went on to another fulfilling career as that is the exception rather than the norm. 

picture from Floored blog

CBOT 1899 member's ticket