Word: wool
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Boston, the home of the bean and the cod, is also the home of the U. S. wool market. Until six years ago the Boston wool market was catch-as-catch-can. Buyers went west, bought up raw wool, carried it back to Boston warehouses whence it was sold to mills. In 1931, however, a group of woolmen founded a wool tops futures market under the wing of the New York Cotton Exchange. Lately wool prices have slumped as have most other commodities and last week the wool business, still unused to the complexities of a futures exchange, suddenly began...
...Wool tops are wool that has gone through certain processes-sorting, scouring, carding, gilling and combing-which fit it for manufacture into textiles. After combing, short wool fibres are made into certain types of coating, cheviots, shetlands. cashmeres. Long fibres, or wool tops, go into making worsteds, which comprise about half of wool production.* Since wool tops are wool that has been considerably processed, it seems logical to the uninitiated that wool tops should cost more than raw wool. Yet wool tops for future delivery are now selling for from 5? to 10? a lb. less than raw wool...
This infuriates many a would-be wool buyer who cannot understand the 10? more he must pay to get the raw product. Actually, of course, there is no such direct connection between the future price and the spot price. As on other commodity markets, wool dealers trade in futures largely as a hedge to protect their wool inventories, virtually never make actual delivery in the commodity itself...
...Southerners are sure that, within the narrow limits they allow, they understand the Negro better than Northerners do. To Northerners the Negro is not a social problem but a minor, hardly noticeable industrial phenomenon. Nevertheless, even dyed-in-the-wool descendants of Lincoln's emancipators sometimes find it a socially embarrassing experience to encounter the emancipated Negro, whether in Harlem or between the covers of a book. Southerners would simply disregard the equalitarian gropings implicit in such novels as These Low Grounds and Their Eyes Were Watching God; Northerners might well find in them some indigestible food for thought...
...Sensation of the week was a group of transparent georgette evening dresses by Lanvin, embroidered with designs in wool. Demurely the models hoisted their skirts to show full-length opera tights, dyed to match the dress...