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Commodity Futures Trading Commission 

CEA CASES 

NAME: GLIDDEN COMPANY, AND WILBUR E. BINDENAGEL 

DOCKET NUMBER: STIPULATION 30 

DATE: September 14, 1955 

DOCUMENT TYPE: STIPULATION OF COMPLIANCE 

UNITED STATES DEPARTMENT OF AGRICULTURE 

BEFORE THE SECRETARY OF AGRICULTURE 

In re: Glidden Company, and Wilbur E. Bindenagel 

Stipulation of Compliance under the Commodity Exchange Act No. 30 

WHEREAS, the Secretary of Agriculture has reason to believe that Glidden 

Company, a corporation, and Wilbur E. Bindenagel have violated the Commodity 

Exchange Act (7 U.S.C. 1-17a) and the rules and regulations thereunder (17 CFR, 

Chapter 1) by virtue of certain transactions involving the purchase and sale of 

soybean futures, and 

WHEREAS, no complaint with respect to such violations has been issued, and 

WHEREAS, section 0.4(a) of the rules of practice under the Commodity Exchange 

Act (17 CFR 0.4(a)) provides that at any time prior to the issuance of a 

complaint in any proceeding, the Secretary of Agriculture may, in his 

discretion, enter into a stipulation with a prospective respondent whereby the 

latter admits the material facts and agrees to discontinue the acts or practices 

which are intended to be set up as violative of the statute, and 

WHEREAS, the said Glidden Company and Wilbur E. Bindenagel are desirous of 

disposing of this matter by entering into such a stipulation, 

NOW THEREFORE, the said Glidden Company and Wilbur E. Bindenagel hereby 

stipulate and represent that the following facts are true: 

1. Glidden Company is now and was at all times mentioned herein a corporation 

with an office and place of business at 1825 North Laramie Avenue, Chicago, 

Illinois. At all such times the said corporation exercised membership trading 

privileges and clearing privileges on the Board of Trade of the City of Chicago, 

hereinafter called the Chicago Board of Trade, a duly designated contract 

market. 

2. Wilbur E. Bindenagel, an individual whose address is 1825 North Laramie 

Avenue, Chicago, Illinois, is now and was at all times mentioned herein an 

employee of the said Glidden Company and a member of the Chicago Board of Trade. 

3. Section 1.38 of the rules and regulations under the Commodity Exchange Act 

(17 CFR, 1954 Supp., 1.38) provides as follows: 

All purchases and sales of any commodity for future delivery on or subject to 

the rules of a contract market shall be executed openly and competitively as to 

price by open outcry or posting of bids and offers or by other equally open and 

competitive methods, in the trading pit or ring or similar place provided by the 

contract market, during the regular hours prescribed by the contract market for 

trading in such commodity: Provided, however, That this requirement shall not 

apply to such transactions as are executed in accordance with written rules of 

the contract market which have been submitted to and not disapproved by the 

Secretary of Agriculture, specifically providing for the noncompetitive 

execution of such transactions. 
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4. Regulation 1832A of the Chicago Board of Trade prohibits trading in 

soybean futures during the last seven days of a delivery month. Pursuant to the 

said regulation, trading in July 1955 soybean futures terminated at the close of 

business on July 20, 1955. 

5. On July 21, 1955, Wilbur E. Bindenagel, acting on behalf of the said 

Glidden Company and with its authorization, sold 780,000 bushels of July 1955 

soybean futures to various purchasers by direct and private negotiation with 

such purchasers. Such transactions were not within any of the exceptions 

specified in section 1.38 of the rules and regulations under the Commodity 

Exchange Act (17 CFR, 1954 Supp., 1.38), and were in violation of the said 

section and Act. 

In addition to admitting the foregoing facts, the said Glidden Company and 

Wilbur E. Bindenagel hereby agree to discontinue all such acts and practices and 

all other acts and practices which are in violation of the Commodity Exchange 

Act or the rules and regulations thereunder, and further specifically agree that 

this stipulation shall be admissible as evidence of acts and practices in 

violation of the Commodity Exchange Act and the rules and regulations thereunder 

in any subsequent proceeding brought against the said 

Glidden Company or Wilbur E. Bindenagel, or either of them, under the provisions 

of the said Act. 

Done at Chicago, Illinois 

this 14th day of September, 1955 

Glidden Company 

by /s/ Dwight P. Joyce 

Pres. 

/s/ Wilbur E. Bindenagel 

Wilbur E. Bindenagel 

Witnessed by: 

(GLIDDEN CORPORATE SEAL AFFIXED) 

/s/ R. W. Homer 

Secy 

/s/ R. K. Dutton 

LOAD-DATE: June 16, 2008 
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