Cotton Conditions: Hearings Before ..., 71-2 Pursuant to S. Res. 152 ..., December 12 ... 17, 1929; January 11, 13, and 14, 19301930 - 427 páginas |
Palavras e frases frequentes
16 cents 20 cents acreage acres actual cotton Agriculture American cotton association bales of cotton basis bought BUTLER buy cotton buyer carry-over cents a pound Chairman CLAYTON committee consumption cooperative cost cotton business cotton farmer Cotton Growers cotton market cotton merchant Cotton Mills cotton producer crop December deliver depress export Federal Farm Board figures firm foreign cotton future contracts futures exchanges futures market give Government grades hedge HENICAN interest JONES law of supply Liverpool Cotton Exchange Manufacturing MARSH MEADOWs MILLER million bales month MORLEY opinion Orleans Orleans Cotton Exchange price of cotton question reason Senator HEFLIN Senator RANSDELL Senator TOWNSEND Senator WALCOTT situation sold South southern delivery speculation spinners spot cotton staple statement STEALEY straddles supply and demand tender Texas thing thousand bales tion to-day transaction United York Cotton Exchange
Passagens conhecidas
Página 150 - Of course in a modern market contracts are not confined to sales for immediate delivery. People will endeavor to forecast the future and to make agreements according to their prophecy. Speculation of this kind by competent men is the selfadjustment of society to the probable. Its value is well known as a means of avoiding or mitigating catastrophes, equalizing prices, and providing for periods of want.
Página 151 - In the view which we take, the proportion of the dealings in the pit which are settled in this way throws no light on the question of the proportion of serious dealings for legitimate business purposes to those which fairly can be classed as wagers or pretended contracts.
Página 120 - ... that season of the year when the bulk of the crop is moving from him into the channels of commerce. Cotton exchanges properly regulated in their operations, in that they afford opportunities for legitimate speculation, may be made to be of real benefit to farmers, merchants, and spinners. The legitimate speculator, operating through the exchanges, is the only buffer standing between the helpless producer and the powerful buyer of his product.
Página 150 - ... they are very likely to have a chance to satisfy them in that way and intend to make use of it, that fact is perfectly consistent with a serious business purpose and an intent that the contract shall mean what it says. There is no doubt, from the rules of the Board of Trade or the evidence, that the contracts made between the members are intended and supposed to be binding in manner and form as they are made. There is no doubt that a large part of those contracts is made for serious business...
Página 221 - ... consisting of the Secretary of Agriculture, the Secretary of Commerce, and the Attorney General...
Página 150 - Speculation of this kind by competent men is the self-adjustment of society to the probable. Its value is well known as a means of avoiding or mitigating catastrophes, equalizing prices and providing for periods of want. It is true that the success of the strong induces imitation by the weak, and that incompetent persons bring themselves to ruin by undertaking to speculate in their turn. But legislatures and courts generally have recognized that the natural evolutions of a complex society are to...
Página 150 - The fact that contracts are satisfied in this way by set-off and the payment of differences detracts in no degree from the good faith of the parties, and if the parties know when they make such contracts that they are very likely to have a chance to satisfy them in that way and intend to make use of it, that fact is perfectly consistent with a serious business purpose and an intent that the contract shall mean what it say?.
Página 150 - When the Chicago Board of Trade was incorporated we cannot doubt that it was expected to afford a market for future as well as present sales, with the necessary incidents of such a market, and while the State of Illinois allows that charter to stand, we cannot believe that the pits, merely as places where future sales are made, are forbidden by the law. But again, the contracts made in the pits are contracts between the members. We must suppose that from the beginning as now, if a member had a contract...
Página 150 - It seems to us an extraordinary and unlikely proposition that the dealings which give its character to the great market for future sales in this country are to be regarded as mere wagers or as "pretended...
Página 150 - But again, the contracts made in the pits are contracts between the members. We must suppose that from the beginning, as now, if a member had a contract with another member to buy a certain amount of wheat at a certain time and another to sell the same amount at the same time, it would be deemed unnecessary to exchange warehouse receipts.