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Title
Commodity Research Bureau - (CRB) - Commodity Perspective (CP)
Description
It was 1933, the country was in the depth of the Depression, and the United States had just gone off the gold standard. At a value of $0.59 compared to the pre-devalued dollar, capital began flowing back into the country and trading activity in stocks, bonds, and commodity futures was beginning to show some life. Nevertheless, traders and those interested in commodities found very few sources of comprehensive information were available to them. At this time, Milton Jiler, a young reporter for the New York American, was covering commodity exchanges and doing freelance public relations work for some of the exchanges to supplement his income. Gregarious by nature, Jiler soon became known among the exchanges' commodity traders. He was quick to realize that unless one was actually on the floor of the exchanges, price and volume information was difficult to come by. Although The Wall Street Journal covered the stock market quite thoroughly, there was little if any price information available for commodity futures.
Milton Jiler had a simple idea. If no one was providing information about the commodities markets, trading was limited to those people with direct access to the floor. Increased use of the telephone made communications between customers and their brokers easier, but there was no source of closing prices that could be used to establish trends and trading strategies. This was particularly important to brokers, advisors, and commercial users of the various commodities as well as the speculators who made the markets.
As a journalist, Jiler firmly believed that, "No publication should be started unless it is needed." What he saw was the need for a medium that would bring information about the futures markets to interested parties on a timely basis. With that in mind he founded the Commodity Research Bureau, with the Futures Market Service as its first publication.
Languages
English
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