Traders Recall the 'Roar' as Famed Futures Pits Close

Pete Meegan had every intention of going back to college, but then he got a summer job in the Chicago trading pits and fell in love with the excitement of "4,000 people yelling, 'Buy! Buy! Buy!'" and decided no more classroom for him.
That roar will soon go silent. On Monday, most futures pits in Chicago and New York, where frenzied buying and selling once helped set prices on cattle and corn, palladium and gold, and dozens of other commodities, are expected to close for good. Now the computer — faster, cheaper and not nearly as noisy — has taken over. It will be a sad day for 54 year old Meegan who as a college student mustered up the courage to tell his dad he was dropping out to pursue trading.



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