GAMBLING IN GRAIN.
CHICAGO SPECULATOR’S CRASH. TOP-HEAVY OPERATIONS. CHICAGO, August 14. Surprising facts are being disclosed by the Government inquiry into the recent debacle on the Chicago and other wheat exchanges. One report alleges that two members of the Business Conduct Committee of the Chicago Board of Trade were actually the brokers for “Doc” Crawford, the New Orleans dentist, whose gigantic top-hea-vy operations were the main cause of the market breakdown. They lent him assistance in providing margin to buy many millions of bushels of grain for which he could not pay. Crawford at one stage of his operations was reputed to be worth £7,000,000, but his gambling took him too far, and he crashed ending with nothing. His crash brought the rest of the market tumbling.
The investigators insist that new reregulations must be framed to prevent gamblers “getting-in’’ over their heads.
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Bibliographic details
Ashburton Guardian, Volume 53, Issue 272, 29 August 1933, Page 6
Word Count
143GAMBLING IN GRAIN. Ashburton Guardian, Volume 53, Issue 272, 29 August 1933, Page 6
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