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able Adam Smith agriculture American Options Antwerp Arbitragist arbitration artificial fall average become Berlin bona fide speculators bought Bourse Bulls bushel buyer buys Cereals capital cargo cause cents CHAPTER Commission-house consequently considered consuming market consumption contract corn merchant corner cost cover crop dealer deliver demand depreciation depression difference duction economic elevator owner exist exploitation exporting countries fact false farmer flour Frankfurter Zeitung future delivery gamblers gambling Germany grain harvest higher price human labor importance impossible increase influence interest latter legitimate speculation Leiter liquidation loss maize Mannheim Marks merchandise miller millions quarters nomic Options Exchanges Options market Options quotations Options sales Options system Options trade Plata Wheat price of Cereals principle producer profit question realize regard rise risk Sayous seller sells Options sold speculator in Cereals sufficient sumers supply take delivery tions trade in Cereals trade in Options transaction Vienna wages whole world world's market
Page 99 - Servants, labourers and workmen of different kinds, make up the far greater part of every great political society. But what improves the circumstances of the greater part can never be regarded as an inconveniency to the whole. No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.
Page 100 - The liberal reward of labour, therefore, as it is the necessary effect, so it is the natural symptom of increasing national wealth. The scanty maintenance of the labouring poor, on the other hand, is the natural symptom that things are at a stand, and their starving condition that they are going fast backwards.
Page 99 - The common complaint that luxury extends itself even to the lowest ranks of the people, and that the labouring poor will not now be contented with the same food, clothing and lodging which satisfied them in former times, may convince us that it is not the money price of labour only, but its real recompence, which has augmented.
Page 99 - Is this improvement in the circumstances of the lower ranks of the people to be regarded as an advantage or as an inconveniency to the society ? The answer seems at first sight abundantly plain. Servants, labourers, and workmen of different kinds, make up the far greater part of every great political society. But what improves the circumstances of the greater part can never be regarded as an inconveniency to the...
Page 86 - ... furnished by market fluctuations. There is an unending stream of business, the bulls and the bears, the buyers and the sellers, making new contracts with every indication of changed conditions of demand and supply. Into this stream the merchant, or the producer, or the manufacturer, may enter at any time to make such contracts as are necessary in his business. Here there is a price fixed for the delivery of goods of various qualities at various times. Suppose a Minneapolis miller receives a bid...
Page 87 - Now what has in this case been done through an after-thought, may be done intentionally. The dealer, as soon as he buys in the interior, may sell an equivalent amount for future delivery on some exchange, not meaning at all to deliver the wheat he has just bought, and then when he does sell his actual holdings, fulfil his exchange contract by covering in open market. The object of the exchange contract is, of course, to avoid risk. If the price falls, the dealer's wheat is worth less to him, but...
Page 86 - ... short sales, and then keeps them strong by his covering purchases. ' ' (d) The Assumption of Risks by the Speculative Class. — "The manner in which trade risks are shifted to the speculative class is two-fold. First, through the existence of a continuous market, and secondly, through hedging sales. The former is due to a general change in trade conditions, the latter is a special device for insurance against loss. ' '* The never ceasing opportunities for trade arising from market fluctuations,...
Page 9 - Gambling in Options and its consequences may, in my opinion, be considered as a small evil compared to one much greater, the cause of which is the so-called "legitimate" Options-business, which, if not abolished, will infallibly bring about the ruin of agriculture and of the corntrade.
Page 9 - A long experience, acquired in the corn-trade, has led me little by little to this conclusion ; and it is this experience which has imposed upon me the duty of doing my best, within the means at my command, to convince the world that all Options business should at once be condemned and driven from the markets.