Word: markets
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Dates: during 1920-1929
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Last week the Southwestern wheat harvest was clogging Gulf ports. Kansas farmers were dumping their crops on the market. At Galveston a rail embargo had been declared. "HOLD YOUR WHEAT!" cried the Federal Farm Board in Washington as the fear grew that the lake ports would next be stuffed with an excessive harvest. Said Chairman Legge: "It seems unfortunate to crowd wheat on the market faster than existing facilities can handle it, resulting in cash prices much lower than contract prices for future delivery...
...libel, was awarded damages of $1 which he never collected, preferring to hold the court order for payment as a "vindication." In his cell he learned several languages, wrote poetry, was called "Grandpa" by other convicts. In 1923 he was supposed to have speculated by mail in the stock market, plunging on Moon Motors, Ventura Oil. When he left jail last week, he carried with him the sum of $1.60. At the State Farm Pomeroy sulked in the sunshine. He was displeased at ejection from his Charlestown "home." Silent, stolid, unsmiling, he awaited an operation for hernia...
...Methodist Episcopal Church, South, who could speak for a vast rural constituency, had declared stock trading on thin margin was not gambling, was therefore not immoral. One reason for his vigorous declaration in behalf of Wall Street stock business was that he himself had been caught playing the market through a bucket-shop firm, now closed...
...Gambling on the stock market is not different from gambling in other business transactions. The purchase and quick resale of stocks is not any more gambling than the purchase and quick resale of lots. . . . The amount of margin upon which a man trades does not determine the gambling element. ... A man can buy stock for a small cash payment . . . and there is no reason to call him a gambler because he sells the stock shortly after at a profit. ... If the trading in stocks . . . is immoral, then the church should eliminate from her membership the heads of stock exchange houses...
Repercussions. Leading U. S. cotton experts were in substantial agreement that: 1) Even a brief Lancashire strike would depress the market for raw cotton as British orders were curtailed. 2) Only a long Lancashire strike would boom the U. S. cotton textile trade. Reason: the British mills have reserve stocks of the type of high class cotton cloth competitively manufactured in the U. S. and can maintain their position in this class of goods for some weeks or months. 3) Germany and Japan, producers of cheapest cotton cloth, will be in a much stronger position to grab what Lancashire loses...