Speculation And The Chicago Board Of Trade

Paperback | July 9, 2012

byJames Ernest Boyle

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 edition. Excerpt: ...without putting the price down more than he had put it up. He was, in trade language, "able to corner the market but unable to bury the corpse." Speculation which is under the influence of a corner or of manipulation fails, temporarily, to reflect real supply and demand values. The preceding history of the Board of Trade shows, however, that these disturbing factors are not countenanced by the Board and are becoming less and less important features of this market. The daily fluctuations of the market price are often cited by speakers to prove that this price is "artificial," is not "sane," etc., because, it is argued, supply does not fluctuate overnight! There are two fallacies here--one on the supply side and one on the demand side. No one knows exactly what the supply is: it is a matter of opinion--expert opinion, backed by official government crop estimates plus private crop reporting agencies of all kinds. But it is still an estimate, a mere calculation. And the estimate may change overnight, due to a news report. A report of black rust in the growing wheat, for instance, causes a drop in the catimated supply and a concomitant rise in price: crop damage, insect pests, plant diseases, frost, drouth", hail, rain, etc., all have a certain weight in modifying the estimates of the merchantable supply of grain. Thus, with corn in 1917: the crop estimate was for the biggest corn crop in the history of the world. But wet weather made the crop largely unmerchantable. From week to week, the news came into the market that the corn was not keeping, and hence the "supply" figures often literally changed overnight. And as to the demand side of the market, it is perfectly obvious that market news from hour to hour greatly affects this side of the market....

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 edition. Excerpt: ...without putting the price down more than he had put it up. He was, in trade language, "able to corner the market but un...

Format:PaperbackDimensions:72 pages, 9.69 × 7.44 × 0.15 inPublished:July 9, 2012Publisher:General Books LLCLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0217874924

ISBN - 13:9780217874922

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