Report of the Commissioner of Corporations on Cotton Exchanges ...U.S. Government Printing Office, 1908 - Cotton trade |
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Page xv
... depress the price of future contracts , and this tends to affect unfavorably the value of the entire crop , the great bulk of which is of much better quality . It is certainly wholly improper that a small fraction of very low grade ...
... depress the price of future contracts , and this tends to affect unfavorably the value of the entire crop , the great bulk of which is of much better quality . It is certainly wholly improper that a small fraction of very low grade ...
Page 21
... depress the contract price and thus to depress the price of the entire crop in the spot market . This tendency , it is urged , is the more pow- erful because of the " fixed - difference " system employed by the New York Cotton Exchange ...
... depress the contract price and thus to depress the price of the entire crop in the spot market . This tendency , it is urged , is the more pow- erful because of the " fixed - difference " system employed by the New York Cotton Exchange ...
Page 36
... depress the price of spinnable grades in the South , to further the speculative fea- tures of the New York Cotton Exchange , to the heavy detriment of the entire legitimate cotton trade of the United States . * * * * * * Seventh . We ...
... depress the price of spinnable grades in the South , to further the speculative fea- tures of the New York Cotton Exchange , to the heavy detriment of the entire legitimate cotton trade of the United States . * * * * * * Seventh . We ...
Page 117
... those members of the exchange who favor an exten- sion of the certificate system , is to prevent corners . Whatever tends to prevent corners undoubtedly tends to depress prices , PROPOSED EXTENSION OF NEW YORK CERTIFICATE SYSTEM . 117.
... those members of the exchange who favor an exten- sion of the certificate system , is to prevent corners . Whatever tends to prevent corners undoubtedly tends to depress prices , PROPOSED EXTENSION OF NEW YORK CERTIFICATE SYSTEM . 117.
Page 118
United States. Bureau of Corporations. tends to prevent corners undoubtedly tends to depress prices , and for this reason the extension of the certificate system would not be best for the South . In addition to this , the extension of ...
United States. Bureau of Corporations. tends to prevent corners undoubtedly tends to depress prices , and for this reason the extension of the certificate system would not be best for the South . In addition to this , the extension of ...
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Common terms and phrases
abnormal discounts adoption arbitrators average bales of cotton basis middling buyer central markets classers classification committee commercial differences contract delivery contract price Cotton Association cotton merchants cotton on contract cotton trade crop December December 18 deliver depress dling even-running fact Farmers February fixed differences fixed-difference system fluctuations future contracts future market future system future trading grades of cotton hedging increase January January 15 January 28 Liverpool low grades low-middling clause March margin middling cotton middling fair mills month November November 15 November 21 October October 16 October 23 Orleans Cotton Exchange Orleans market practically present price of cotton price of middling producers purchases quotations range of grades risk season sell seller September September 25 short selling speculative spinners spot cotton spot market staple strict good ordinary Strict middling tender tion Union warehouse York Cotton Exchange York future price York market York spot price
Popular passages
Page 322 - Educational and Co.-operative Union of America." 2. The purpose for which it is formed is to organize and charter subordinate Unions at various places in Texas and the United States, to assist them in marketing and obtaining better prices for their products, for fraternal purposes, and to co-operate with them in the protection of their interest ; to initiate members, and collect a fee therefor.
Page 41 - Resolved, That the Secretary of Commerce and Labor, through the Bureau of Corporations, be, and is hereby, requested to investigate the causes of the fluctuations in the price of cotton and the difference in the market price of the various classes of cotton, and said investigation shall be conducted with the particular object of ascertaining whether or not said fluctuations in the prices have resulted in whole or in part from the character of contracts and deliveries thereon made on the cotton exchanges...
Page 196 - Middling, with additions or deductions for other grades, according to the rates of the New York Cotton Exchange, existing on the afternoon of the day previous to the date of the Transferable Notice of del1very.
Page 82 - I am requested to urge upon you that the matter be brought to the attention of the proper authorities...
Page 322 - To enable farmers to meet these conditions and protect their interests, we have organized the Farmers' Educational and Cooperative Union of America, and declare the following purposes: — To establish justice.
Page 322 - To secure equity, establish justice and apply the Golden Rule. To discourage the credit and mortgage system. To assist our members in buying and selling. To educate the agricultural classes in scientific farming. To teach farmers the classification of crops, domestic economy and the process of marketing.
Page 277 - It is he who keeps prices down by his short sales, and then keeps them strong by his covering purchases. This is especially true in the case of inflation followed by panic. If it were not for strong short selling when the market becomes inflated, prices might rise to almost any extent before the final crash. Now the rise tends to be checked by the efforts of shrewd operators to take advantage of the inflation. On the other hand, when prices begin to tumble, they are kept from going as low as they...
Page 322 - To secure and maintain profitable and uniform prices for grain, cotton, live stock and other products of the farm. To strive for harmony and good will among all mankind and brotherly love among ourselves. To garner the tears of the distressed, the blood of martyrs, the laugh of innocent childhood, the sweat of honest labor and the virtue of a happy home as the brightest jewels known.
Page 305 - ... made individually, or by groups of members, -or through a clearing system, the agency of which is a designated bank near the Exchange. No record is kept of the transactions, but it is probable that for a series of years the sales have averaged fully 50,000,000 bales annually. Inordinate Speculation There have been in the past, instances of excessive and unreasonable speculation upon the Cotton Exchange, notably the Sully speculation of 1904. We believe that there is also a great deal of speculation...
Page 305 - SPECULATION. There have been in the past instances of excessive and unreasonable speculation upon the cotton exchange, notably the Sully speculation of 1904. We believe that there is also a great deal of speculation of the gambling type mentioned in the introduction to this report. In our opinion the cotton exchange should take measures to restrain and, so far as possible, prevent these practices, by disciplining members who engage in them. The officers of the exchange must in many cases be aware...