Page 1 

Commodity Futures Trading Commission 

CEA CASES 

NAME: GEORGE S. CASHMAN 

CITATION: 23 Agric. Dec. 37 

DOCKET NUMBER: 114 

DATE: JANUARY 13, 1964 

DOCUMENT TYPE: DECISION AND ORDER 

(No. 8861) 

In re GEORGE S. CASHMAN. CEA Docket No. 114. Decided January 13, 1964. 

Trading Limits -- Suspension of Registration -- Consent

For exceeding the maximum daily speculative trading limits in rye futures, 

respondent's registration as a floor broker is suspended for 15 days and all 

contract markets are directed to refuse all trading privileges to him for the 

same period. 

Mr. Earl L. Saunders, for Commodity Exchange Authority. Cunningham and 

Coughlin, of Chicago, Illinois, for respondent. 

Decision by Thomas J. Flavin, Judicial Officer

PRELIMINARY STATEMENT

This is an administrative proceeding under the Commodity Exchange Act (7 

U.S.C. Chapter 1), hereinafter referred to as the Act. The respondent, a member 

of the Board of Trade of the City of Chicago and a registered floor broker under 

the Act, is charged with exceeding the maximum speculative trading limits in rye 

futures, in violation of the Act and the regulations issued thereunder. 

No hearing has been held with respect to this proceeding. On January 9, 

1964, the respondent submitted a stipulation under § 0.4(b) of the rules of 

practice (17 CFR 0.4(b)), in which he admits the facts hereinafter set forth 

under "Findings of Fact," waives hearing on the charges in the complaint, and 

consents to the entry of the order contained herein. 

FINDINGS OF FACT

1. The respondent, George S. Cashman, an individual, whose address is 141 

West Jackson Boulevard, Chicago, Illinois, is now and was at all times material 

to the complaint a registered floor broker under the Act and a member of the 

Board of Trade 

of the City of Chicago, hereinafter referred to as the Chicago Board of Trade. 

2. The Chicago Board of Trade is now and was at all times material to the 

complaint a duly designated contract market under the Act. 

3. On September 20, 1963, the respondent made the following speculative 

purchases and sales of rye futures on the Chicago Board of Trade. 

Future Bushels 

Purchases Sales 

December 1963 410,000 402,000

March 1964 96,000 63,000

May 1964 39,000 24,000

July 1964 8,000 13,000
Page 2 

Future Bushels 

 Purchases Sales 

 Total 553,000 502,000

4. On August 15, 1962, the respondent entered into a stipulation pursuant to 

§ 0.4(a) of the rules of practice governing administrative proceedings under the 

Act (17 CFR 0.4(a)), in which stipulation the respondent admitted that on July 

18, 1962, he made speculative purchases of rye futures on the Chicago Board of 

Trade which were in excess of the maximum permissible quantity of 500,000 

bushels, in violation of § 4a of the Act (7 U.S.C. 6a), and the order of the 

Commodity Exchange Commission establishing limits on position and daily trading 

in rye for future delivery (17 CFR 150.3). The respondent, in such stipulation, 

agreed to cease and desist from the acts set forth therein in the future, and 

agreed that such stipulation would be admissible as evidence of such acts in any 

subsequent proceeding against the respondent before the Secretary of 

Agriculture. 

CONCLUSIONS

Section 4a of the Act (7 U.S.C. 6a) empowers the Commodity Exchange 

Commission to "fix such limits on the amount of trading under contracts of sale 

. . . [a] commodity for future delivery on or subject to the rules of any 

contract market which may be done by any person as the Commission finds 

is necessary to diminish, eliminate, or prevent" burdens on interstate commerce 

caused by excessive speculation. Pursuant to this section, a limit on the 

maximum speculative purchases and on the maximum speculative sales of rye that 

any person may make on or subject to the rules of any one contract market during 

any one business day was established as 500,000 bushels in any one future or in 

all futures combined (17 CFR 150.3). Findings of Fact 3 and 4 establish that 

the respondent made speculative purchases and sales of rye futures on the 

Chicago Board of Trade which were in excess of the maximum permissible quantity 

of 500,000 bushels, in violation of § 4a of the Act and § 150.3 of the 

regulations issued by the Commodity Exchange Commission. 

The complainant states that the administrative officials of the Commodity 

Exchange Authority have carefully considered the proposed stipulation and order, 

and that they believe that the proposed sanction is adequate and that the prompt 

entry, without further proceedings, of the order to which the respondent has 

consented will constitute a satisfactory disposition of this case as against the 

respondent, serve the public interest, and effectuate the purposes of the Act. 

The complainant recommends, therefore, that the stipulation and waiver submitted 

by the respondent be accepted and that the proposed order be issued. It is so 

concluded. 

ORDER

Effective January 28, 1964, the registration of the respondent, George S. 

Cashman, as a floor broker under the Act is suspended for a period of 15 days, 

and effective on the same date all contract markets shall refuse all trading 

privileges to the respondent for a period of 15 days, such refusal to apply to 

all trading done and all positions held by the respondent directly or 

indirectly. 

A copy of this decision and order shall be served on the respondent and on 

each contract market. 

LOAD-DATE: June 8, 2008 
Page 3