Uhlmann Prize

The Uhlmann Prize was an academic award established by Richard Uhlmann, president of the Chicago Board of Trade (CBOT), in 1948. The prize was given for the best academic paper about grain and futures markets at an annual symposium sponsored by the CBOT. 
== Origins and Purpose ==
Richard Uhlmann, who served as president of the CBOT in 1948 during its 100th anniversary, created the Uhlmann Prize as part of the centennial celebration. He contributed $3,000 to establish an awards contest designed to generate papers from academia and the trade evaluating the institution of futures trading. The primary purpose of the award was to stimulate interest in futures trading and help the exchange regain its economic narrative in the post-war era.
===Centennial Speech===
In his presidential address in 1948, Richard Uhlmann said,
 During the past year we celebrated our 100th anniversary, which was an outstanding event in the history of our country and our city, and it was a great testimonial to free markets everywhere. People came from all parts of this country and from Canada to pay tribute to a marketing system which had served many millions of people so faithfully since its inception. A symposium was also inaugurated so that professors from thirty-three colleges and universities could come here to learn at first-hand the functions and accomplishments of the Chicago Board of Trade. It has been felt for some time that education was the only method to better acquaint the public that an exchange was not an individual to be loved, hated, feared, laughed at, or wept about. It is an inanimate thing, an institution, an apparatus, an auction establishment, a device or arena, or a scoreboard.
=== Award Structure ===
The Uhlmann Prize was awarded as part of a market symposium organized by the Chicago Board of Trade. Participants would submit academic papers focusing on various aspects of grain and futures markets. The best paper, as judged by a panel, would receive the Uhlmann Prize. After the judging of the papers, the symposium participants would retire to the bar at the Union League Club of Chicago for further discussion.
=== Duration and Evolution ===
The awards contest continued for eight years in its original form. After this period, it was changed to a scholarship award, reflecting an ongoing commitment to fostering education and research in the field of futures trading.
== Legacy and Impact ==
The Uhlmann Prize played a significant role in encouraging academic research and discourse on grain trading and futures markets. It helped bridge the gap between academic theory and practical market operations, fostering a deeper understanding of these complex financial instruments.
One notable winner of the Uhlmann Prize essay contest was John Schnitker, who later became the U.S. Under-Secretary of Agriculture. This example illustrates how the prize helped identify and nurture talent in the field of agricultural economics and policy.
=== Historical Context ===
The establishment of the Uhlmann Prize came at a crucial time in the history of commodity trading. The post-World War II era saw significant changes in global trade patterns and agricultural production. By encouraging academic study of these markets, the prize helped the CBOT and the broader financial community adapt to these changes and develop new strategies for the evolving economic landscape.
=== Richard Uhlmann's Legacy ===
The Uhlmann Prize was part of Richard Uhlmann's broader contributions to the grain trading industry. As a respected figure in the field, known for his statistical acumen and deep understanding of industry practices, Uhlmann used the prize to further education and research in his area of expertise.
== References ==
Category:Chicago Board of Trade
Category:Richard Uhlmann