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Commodity Futures Trading Commission 

CEA CASES 

NAME: IRVING LEE BUSH AND BUSH HATCHERIES, INC. 

DOCKET NUMBER: STIPULATION 6 

DATE: MARCH 20, 1946 

DOCUMENT TYPE: STIPULATION OF COMPLIANCE 

UNITED STATES OF AMERICA 

BEFORE THE SECRETARY OF AGRICULTURE 

In re Irving Lee Bush, Bush Hatcheries, Inc., Clinton, Missouri 

Stipulation of Compliance Under the Commodity Exchange Act No. 6 

WHEREAS, the Secretary of Agriculture has reason to believe that Irving Lee 

Bush has violated the Commodity Exchange Act, as emended, and the rules and 

regulations of the Secretary of Agriculture promulgated thereunder; and WHEREAS, 

no complaint has been filed with respect to said violation and said Irving Lee 

Bush desires to enter into a stipulation pursuant to the provisions of section 

0.4 (a) of the Rules of Practice under the Commodity Exchange Act; Now, 

therefore, the said Irving Lee Bush admits that the following facts are true: 

(1) Irving Lee Bush is an individual controlling the trading in commodity 

futures carried on in his name and in the name of his wife, Margaret E. Bush or 

Mrs. Irving Lee Bush, and in the name of Bush Hatcheries, Inc. or Bush Farms & 

Hatcheries. 

(2) Irving Lee Bush, during and since September 1945, traded in the names 

mentioned above in wheat futures on the Chicago Board of Trade and acquired 

market positions in excess of 200,000 bushels in one or more of said futures, 

and was therefore subject to reporting requirements of the Commodity Exchange 

Act, as amended, and the rules and regulations promulgated thereunder, 

(3) Irving Lee Bush was advised of aforesaid reporting requirements as 

follows: 

(a) Letter dated September 28, 1945, from George Livingston, Commodity 

Exchange Supervisor, Chicago, Illinois, advising that Form 203 reports were due, 

since Irving Lee Bush then held market positions exceeding the reporting 

requirement of 200,000 bushels in one future. 

(b) Registered letter dated October 9, 1945, from George Livingston, 

Commodity Exchange Supervisor, Chicago, Illinois, following up his request for 

reports as made in (a) above. 

(c) Letter dated November 14, 1945, from George Livingston, Commodity 

Exchange Supervisor, Chicago, Illinois, advising that additional reports were 

necessary. 

(d) Registered letter dated December 4, 1945, from George Livingston, 

Commodity Exchange Supervisor, Chicago, Illinois, requesting that delinquent 

reports be filed. 

(e) Irving Lee Bush was instructed personally by Mr. Louis E. Wolf, Commodity 

Exchange Supervisor, Kansas City, 
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Missouri, on January 7, 1946, as to the reporting requirements of the Commodity 

Exchange Act and the rules and regulations promulgated thereunder. 

(4) Irving Lee Bush was aware of the reporting requirements under the 

Commodity Exchange Act, as amended, and the rules and regulations promulgated 

thereunder as evidenced by letters received as follows: 

(a) A letter dated October 11, 1945, from Irving Lee Bush stating that he was 

sorry that the reports were neglected but that he would see that they were sent 

immediately. 

(b) A note from the office of Irving Lee Bush appended to the Commodity 

Exchange Authority [ILLEGIBLE TEXT] letter of November 14, 1945, advising that 

Mr. Bush was sick in Texas and would send in the reports next week. 

(c) A letter dated February 14, 1945, from Irving Lee Bush advising that all 

records regarding his trading and position in wheat futures had been destroyed 

in a fire. 

(5) Irving Lee Bush, on numerous occasions between September 1945 and 

February 1945, failed to report, filed delinquent reports, and filed incorrect 

and incomplete reports covering the transactions in wheat futures in the names 

mentioned above on the 

Chicago Board of Trade, required, to be reported under the provisions of the 

Commodity Exchange Act, as amended, and the rules and regulations promulgated 

thereunder. 

(6) At all times between September 1945, and February 1946, Irving Lee Bush 

held or controlled open contracts on the Chicago Board of Trade in excess of 

200,000 bushels in one or more wheat futures. 

(7) Irving Lee Bush filed reports on Form 203 purporting to cover his 

holdings in wheat futures during the period set forth in (6) above, as follows: 

Date report was received in 

Date covered by report Chicago office of Commodity 

Exchange Authority 

September 27, 1945 October 12, 1945 

September 28, 1945 October 12, 1945 

October 4, 1945 October 12, 1945 

December 1, 1945 December 10, 1945 

December 18, 1945 December 26, 1945 

December 20, 1945 December 26, 1945 

January 21, 1946 January 31, 1946 

January 23, 1946 January 31, 1946 

January 25, 1946 January 31, 1946 

January 28, 1946 January 31, 1946 

(8) All of the reports referred to in (7) above were incomplete and incorrect 

and a number of them were delinquent as of date of filing. For example, the 

report of September 27, 1945, showed 125,000 bushels short May wheat and 125,000 

bushels long December wheat, when in fact the correct 

positions were 300,000 bushels short in May wheat and 300,000 bushels long in 

December wheat; and no trading figures were shown in the report of December 1, 

1945, whereas changes in market positions in May and December wheat were 

reported. 

Asserting inadvertence and no willfulness, in addition to admitting the 

foregoing facts, Irving Lee Bush agrees to discontinue all acts and practices 

which are in violation of the Commodity Exchange Act, as amended, and the rules 

and regulations promulgated thereunder, and further agrees that this stipulation 

shall be admissible as evidence of acts and practices in violation of the 
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Commodity Exchange Act, as amended, and the rules and regulations promulgated 

thereunder, in any subsequent proceedings brought against him in the enforcement 

of the provisions of the said act and regulations. 

Done at Clinton, Missouri, this 20th day of March, 1946. 

/s/ Irving Lee Bush 

Irving Lee Bush 

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