Commodities: New Job, Old Territory

As a congressional liaison man for J.F.K. and L.B.J., Henry Hall Wilson Jr., 45, was a well-paid civil servant who earned $29,500 a year. Last week, when he accepted the presidency of Chicago's Board of Trade—the world's foremost commodity exchange—he got a raise of $70,500. His $100,000 salary reflects the fact that the commodities trading the 18-man board controls has just hit a record yearly volume of $81.4 billion.

In his new job, Wilson will preside over the activities of more than 600 men who daily crowd octagonal trading pits, flailing the air as they shout "Buy!" or "Sell!" The commodities...