Report of the Commissioner of Corporations on Cotton Exchanges ...U.S. Government Printing Office, 1908 - Cotton trade |
From inside the book
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Page iii
... Objections advanced against certificate system in principle ... . Complaints against New Orleans classification _---- Difference between New York and New Orleans contracts . Suggested improvements in classification _ - _- Proposed ...
... Objections advanced against certificate system in principle ... . Complaints against New Orleans classification _---- Difference between New York and New Orleans contracts . Suggested improvements in classification _ - _- Proposed ...
Page v
... Objections urged against present system . Defenses of present New York practice . Suggested modification of New York method ... Objection to the plan on the ground of " differences ' CHAPTER IV . PRACTICABILITY OF A UNIFORM STANDARD OF ...
... Objections urged against present system . Defenses of present New York practice . Suggested modification of New York method ... Objection to the plan on the ground of " differences ' CHAPTER IV . PRACTICABILITY OF A UNIFORM STANDARD OF ...
Page vi
... Objections to specific contracts___ 172 174 2. Proposal for requirement of even - running deliveries without nar- rowing the tenderable range_ 178 Alleged advantages of such restriction to spinners .. Advantage of such restriction to ...
... Objections to specific contracts___ 172 174 2. Proposal for requirement of even - running deliveries without nar- rowing the tenderable range_ 178 Alleged advantages of such restriction to spinners .. Advantage of such restriction to ...
Page xiii
... objected that increased expense of han- dling and of storage would result , but it seems probable that this in- creased expense would be no greater than the expense now thrown on the receiver of cotton in attempting to identify or ...
... objected that increased expense of han- dling and of storage would result , but it seems probable that this in- creased expense would be no greater than the expense now thrown on the receiver of cotton in attempting to identify or ...
Page xvi
... objections to the business of the exchanges would be removed . In making these suggestions the various objections thereto , which have been fully heard , have been carefully considered , and while numerous other suggested reforms have ...
... objections to the business of the exchanges would be removed . In making these suggestions the various objections thereto , which have been fully heard , have been carefully considered , and while numerous other suggested reforms have ...
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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...