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Commodity Futures Trading Commission 

CEA CASES 

NAME: JULIUS WAGNER 

DOCKET NUMBER: STIPULATION 49 

DATE: DECEMBER 22, 1959 

DOCUMENT TYPE: STIPULATION OF COMPLIANCE 

UNITED STATES DEPARTMENT OF AGRICULTURE 

BEFORE THE SECRETARY OF AGRICULTURE 

In re: Julius Wagner 

Stipulation of Compliance under the Commodity Exchange Act No. 49 

The Secretary of Agriculture has reason to believe that Julius Wagner has 

violated the provisions of the Commodity Exchange Act (17 CFR, Chapter 1) and 

the rules and regulations of the Secretary of Agriculture promulgated thereunder 

by virtue of certain transactions in cottonseed oil futures as set forth below. 

No complaint with respect to such violations has been issued and the said 

Julius Wagner is desirous of disposing of the matter by entering into a 

stipulation of compliance, as authorized by section 0.4(a) of the Rules of 

Practice under the Commodity Exchange Act (17 CFR, 0.0-0.28). 

Therefore, the said Julius Wagner stipulates that the following facts are 

true: 

1. Julius Wagner is an individual whose address is 42 Broadway, New York 4, 

New York. He is a clearing member of the New York Produce Exchange. 

2. The New York Produce Exchange is a contract market designated as such 

under the Commodity Exchange Act by the Secretary of Agriculture. 

3. On December 5, 1958, Michael J. Corrigan, a floor trader on the New York 

Produce Exchange, entered the trading ring and advised 

Julius Wagner and other floor traders that a customer had a position in 

cottonseed oil futures that he wished to liquidate and then reinstate. 

4. Julius Wagner participated in the liquidation and reinstatement of the 

position by buying from Corrigan 5 contracts of May cottonseed oil at 1312 and 

selling to Corrigan 5 contracts of May cottonseed oil at 1313. He also entered 

into a so-called "switch" trade with Corrigan as set forth in the table below. 

Wagner Bought Wagner Sold 

3 May cottonseed oil @ 1312 3 March cottonseed oil @ 1310 

3 March cottonseed oil @ 1310 3 May cottonseed oil @ 1313 

The trades made by Julius Wagner were for his personal account. 

The Commodity Exchange Authority has advised Julius Wagner that in its 

opinion the transactions above described are in violation of the Commodity 

Exchange Act and the regulations thereunder, particularly those provisions 

relating to "accommodation trades" and the requirement that all trading be done 

openly and competitively. 

Julius Wagner agrees to desist from such practices in the future and to 

comply fully with the requirements of the Commodity Exchange Act and the 

regulations of the Secretary of Agriculture thereunder; and specifically to 
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refrain from entering into accommodation trades or executing orders otherwise 

than by open and competitive means. He further 

understands and agrees that this stipulation shall be admissible of acts and 

practices in violation of the Commodity Exchange Act in any proceeding based 

upon transactions in addition to those referred to herein which may hereafter be 

brought by the Secretary of Agriculture against the said Julius Wagner under the 

provisions of the said act. 

Done at New York, New York, this 22nd day of December 1959. 

/s/ Julius Wagner 

Julius Wagner 

Witnessed by: 

/s/ Roy Tipton 

/s/ Hugh A. Collins 

LOAD-DATE: June 16, 2008 
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