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Commodity Futures Trading Commission 

CEA CASES 

NAME: T. D. CUMMINS 

DOCKET NUMBER: STIPULATION 32 

DATE: September 16, 1955 

DOCUMENT TYPE: STIPULATION OF COMPLIANCE 

UNITED STATES DEPARTMENT OF AGRICULTURE 

BEFORE THE SECRETARY OF AGRICULTURE 

 

In re: T. D. Cummins 

Stipulation of Compliance under the Commodity Exchange Act No. 32 

WHEREAS, the Secretary of Agriculture has reason to believe that T. D. 

Cummins has 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 Act, and 

WHEREAS, the said T. D. Cummins is desirous of disposing of this matter by 

entering into such a stipulation, 

 

NOW, THEREFORE, the said T. D. Cummins hereby stipulates and represents that 

the following facts are true: 

1. T. D. Cummins, an individual, whose address is 231 South LaSalle Street, 

Chicago, Illinois, is now and was at all times mentioned herein a registered 

floor broker under the Commodity Exchange Act and a member of the Board of Trade 

of the City of Chicago, hereinafter called the Chicago Board of Trade, a duly 

designated contract market. 

2. 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. 

3. 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. 
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4. On July 21, 1955, T. D. Cummins, acting in his capacity as floor broker 

and pursuant to instructions received from the purchaser, entered on his trading 

card purchases of 190,000 bushels of 1955 soybean 

 

 

futures. The said 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). 

In addition to admitting the foregoing facts, the said T. D. Cummins hereby 

agrees 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 agrees 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 

4 hereof which may hereafter be brought by the Secretary of Agriculture against 

the said T. D. Summins under the provisions of the said Act. 

Done at Chicago, Illinois 

this 16th day of Sept., 1955 

/s/ T. D. Cummins 

T. D. Cummins 

 

Witnessed by: 

 

/s/ Jas. F. Likar 

 

/s/ R. L. Kennedy 

 

LOAD-DATE: June 16, 2008 
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