Commodity Short Selling: Hearings Before the Committee on Agriculture, House of Representatives, 72d Cong., 1st Sess. Jan. 18-22, 25-26, 28-29, Feb. 26, 29, 1932. Serial B-pt. 1-3 |
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Common terms and phrases
actual ADKINS amount ANDERSON ANDRESEN bales of cotton bill Board of Trade bought bushels of wheat buyer cash wheat cents a bushel CHAIRMAN Chicago Board CLARK committee commodity cooperative cost of production cotton prices course crop CROSS deal deliver delivery depress DOWDELL DUVEL effect export Farm Board Farm Bureau farmer FLANNAGAN flour fluctuations FULMER future contract future trading futures exchange futures market GLOVER going grade grain futures act handling HARRIS HAUGEN hear HOPE interest KETCHAM KLEBERG LARSEN legislation limit LINGHAM Liverpool manipulation Marvin Jones merchant miller OLSEN operations Orleans Cotton Exchange present President price level price of cotton producer prohibit purchase PURNELL question regulations risk Secretary of Agriculture seller short sales short selling situation sold speculative spot cotton statement supply and demand tion transactions VESECKY VINSON wash sales York Cotton Exchange
Popular passages
Page 265 - Board of Trade v. Christie Grain & Stock Co., 198 US 236, 250, 25 Sup.
Page 190 - When the governing board thereof provides for the prevention of dissemination by the board or any member thereof, of false or misleading or knowingly inaccurate reports concerning crop or market information or conditions that affect or tend to affect the price of any commodity in interstate commerce.
Page 265 - ... 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 be touched only with a very cautious hand, and that such coarse attempts at a remedy for the waste incident to every social function as a simple prohibition and laws to stop its being are harmful and vain.
Page 265 - 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 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.
Page 191 - Act To prevent discrimination against farmers' cooperative associations by boards of trade and similar organizations, and for other purposes.
Page 265 - Short sellers endeavor to select times when prices seem high in order to sell and times when prices seem low in order to buy, their action in both cases serving to lessen advances and diminish declines of price.. In other words, short selling tends to produce steadiness in prices, which is an advantage to the community. No other means of restraining unwarranted marking Up and down of prices has been suggested to us.
Page 127 - ... regulations made pursuant to its requirements, he may serve upon such person a complaint stating his charge in that respect, to which complaint shall be attached or contained therein a notice of hearing, specifying a day and place not less than three days after the service thereof, requiring such person to show cause why an order should not be made directing that all contract markets until further notice of the said commission refuse all trading privileges thereon to such person.
Page 69 - Specify the grade, type, sample, or description of the cotton involved in the contract, the price per pound at which such cotton is contracted to be bought or sold, the date of the purchase or sale, and the time when shipment or delivery of such cotton is to be made.
Page 258 - June. Mr. COTTER. This would be about 5 weeks or a month after that ? Mr. HUDTLOFF. That is correct. Senator AIKEN. Mr. Chairman, I have this memorandum in my hand. I would like to read the first sentence [reading...
Page 127 - Agriculture who shall cause all evidence to be reduced to writing and forthwith transmit the same to the Secretary of Agriculture as chairman of the said commission.