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2-24-42
Letter of transmittal..
Letter of submittal_
Summary
CONTENTS
9035 A25
Page
XXI
XXII
1
Sec. 1. Introductory
CHAPTER I.-SPECULATION
2. Specialization in commercial risk taking-
The merchandizing function__
The speculator's concern_.
The speculator's possible service--
3. Stabilization of prices__.
How speculation may stabilize prices--
Question of stabilization__
4. Unification and broadening of grain markets--
Difference in price in place and in time....
Connection of markets by way of future quotations..
Futures as a world market.
Broadening effect of deferred delivery.
5. Speculation described and defined__.
Speculation as an open commitment in futures_
Holding of unhedged grain as speculation__
The general situation and its relation to the producer's
position___
The elevator's position.__
The manufacturer's position__
Special reasons for hedging by grain merchants_
A simple definition___
6. Development of speculative facilities__.
7. Varieties and characteristics of speculation_
Pit scalping.
The speculator's trading further distinguished_.
Shorts and longs-.
8. Classes that speculate_.
The appetite for speculation_.
The professional operators-.
Speculation by outsiders_
9. Trading elements in the grain futures markets.
Classification of members____
Sec. 2. Hedging as the justification of future trading__.
Hedging in relation to scale of operations___
General significance of hedging---
Hedging in relation to periodicity of supply.
The part of the speculator..
3. Illustrations of hedging by specific concerns_-
Life of open trades for elevators and mills_
Computed average life of open trades__.
Indicated volume hedged_--
Use of various markets__
Use of the options---
4. Hedging practices of flour mills_.
General policies----
Hedging by mills in various geographical sections_.
Minneapolis practice
Opposing theories on mill hedging.
5. The use of futures by exporters---
General characteristics of exporters' hedges--
Other uses of futures by exporters---
6. Commercial and territorial extent of hedging---
Sources of hedging with reference to its distribution
dealers
Country elevators-Northwest contrasted with South
Other conditions
Hedging to protect third parties__.
Proportion of hedging country elevators by States__
7. Strict-rule hedging
Equating the quantity of cash and future commitme
Simultaneity of opposite transactions_.
Waiting for a price---.
Net position of a large mill from week to week..
November 30 position data.......
Extent of hedging by rule__.
The argument from averaging_
Hedge market
Relation of the opportunity to hedge to price fluctuat
8. Commercial judgment and hedging---
Hedging practices in relation to expected price chang
Hedging in relation to discounts on futures_.
Hedging in relation to visible supplies---
Policies of a large elevator merchandiser.
Other methods___
Hedging as a sort of spreading_
The shifting of hedges---.
The choice of a futures market-
The choice between options----.
9. Substitutes for hedging in futures---
To arrive sales_.
Synchronized cash purchases and cash sales_.
Economy in utilizing future sales_.
10. Border-line hedging‒‒‒‒
Substitution of futures for cash grain holdings_
Contracting the crop ahead____
66
99
"Overhedging" and cognate speculation_
11. Conditions for the correct functioning of hedging-
General considerations‒‒‒‒
Hedging risks and losses compared with mercantile ris
losses___
Insurance different from hedging_
12. Hedges as a means of obtaining and disposing of grain___.
Relation of hedging to deliveries on futures_.
Instance of large deliveries on hedge sales-
Taking delivery on hedge purchases--
13. Services and costs of hedging_.
Stabilization of profits-----
Hedging in the service of competition___
The price paid for the hedging service---
Pit scalpers as customers_.
Possible economic waste in scalping---
Difference between scalpers and speculators_.
Economics of the scalping process..
Scalping operations
Scalpers as a factor in the smallness of price changes---.
The relation of scalping to prices--.
2. The pit scalping business_-_-
Association of execution of trades for others with scalping--
Earnings of scalpers---
Taxes in relation to scalping-
3. General economy of scalping-.
Alleged unfair advantages of the scalper_--
Incomplete conformity to the requirements of speculative
service----
4. Spreading in general---
5. Spreading between markets__
Technical conditions affecting price differences_
The handling of spread orders--
Sources of spreading trade‒‒‒‒
The volume of spreading operations_
Function of inter-market spreading-
Sec. 1. Character of analysis-.
Data for period prior to 1918.
87
Internal Revenue Bureau data__
Open trades____.
2. Volume of transactions in futures___
The grouping of clearing-house members for tabulation_.
88
89
Totals on the Chicago Board of Trade____
91
at Chicago, 1915-1917 and 1920-1923_
Curves showing variations of transactions and of open trades
Future transactions at Chicago by grains.
Future transactions at Chicago by options.
92
Foreign grain futures markets-Liverpool_
Other futures markets compared with the Chicago Board
of Trade___.
93
94
and
Foreign grain futures markets-Winnipeg-
Values involved in all commodity future trades in the
United States--
95
96
Subsidence of future trading in delivery months..
Disturbing factors in the variation of the volume of futures__
Changes in speculative activity between different grains--
Correlation between speculative interests and hedging re-
quirements ---
98
6. Spreading between options---
General characteristics_.
Spreading between options relating to the same crop--
Elevators as factors in interoption spreading-----.
Spreading between options relating to different crops_.
7. Other spreading operations__
Spreading between grains___.
Spreading between round lots and job lots-- Compound spreads_-_.
Spreading in cash grain___
8. Operations in futures by the elevator merchandizers_- The merchandizer and the warehouseman_ The problem of earning carrying charges‒‒‒‒
CHAPTER IV.-VOLUME OF FUTURE TRADING
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