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Commodity Futures Trading Commission 

CEA CASES 

NAME: MITCHELL, HUTCHINS & CO., AND A. C. HARRISON 

DOCKET NUMBER: STIPULATION 31 

DATE: SEPTEMBER 16, 1955 

DOCUMENT TYPE: STIPULATION OF COMPLIANCE 

UNITED STATES DEPARTMENT OF AGRICULTURE 

BEFORE THE SECRETARY OF AGRICULTURE 

In re: Mitchell, Hutchins & Co., and A. C. Harrison 

Stipulation of Compliance under the Commodity Exchange Act No. 31 

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

Hutchins & Co., a partnership, and A. C. Harrison 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 Com modify 

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 Act, and 

WHEREAS, the said Mitchell, Hutchins & Co. and A. C. Harrison are desirous of 

disposing of this matter by entering into such a stipulation, 

NOW, THEREFORE, the said Mitchell, Hutchins & Co. and A. C. Harrison hereby 

stipulate and represent that the following facts are true: 

1. Mitchell, Hutchins & Co. is now and was at all times mentioned herein a 

partnership with an office and place of business at 231 South LaSalle Street, 

Chicago, Illinois. At all such times the said partnership 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. A. C. Harrison, an individual whose address is 231 South laSalle Street, 

Chicago, Illinois, is now and was at all times mentioned herein a partner in the 

said Mitchell, Hutchins & Co. 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 business 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, A. C. Harrison, acting on behalf of the said Mitchell, 

Hutchins & Co., purchased 190,000 bushels of July 1955 soybean futures by direct 

and private negotiation with the seller, for which action Mitchell, Hutchins & 

Co. accepts full responsibility. Such transaction was 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). 

In addition to admitting the foregoing facts, the said Mitchell, Hutchins & 

Co., and A. C. Harrison hereby agree to discontinue all such acts and practices 

and to refrain from 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 proceeding based upon transactions in addition to 

those referred to in paragraph 5 hereof which may hereafter be brought by the 

Secretary of Agriculture against the said Mitchell, Hutchins & Co. or A. C. 

Harrison, or either of them, under the provisions of the said Act. 

Done at Chicago, Illinois 

this 16th day of September, 1955 

/s/ Mitchell Hutchins & Co. 

Mitchell, Hutchins and Company 

by /s/ W. Edwin Stanley 

/s/ A. C. Harrison 

A. C. Harrison 

Witnessed by: 

/s/ Jas. F. Likar 

/s/ R. L. Kennedy 

LOAD-DATE: June 16, 2008 
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