Southern Methodist Review Volume 58, No. 4

Southern Methodist Review Volume 58, No. 4

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1909 edition. Excerpt: ...must lose, since he has agreed to sell "B" one hundred thousand bushels of wheat on this date at the price of one dollar and five cents a bushel; he must make up the difference between one dollar and five cents a bushel and the price at which wheat is selling on the first day of May. So he simply pays "B" on the first day of May this difference, and this closes the deal; this is the "delivery of the wheat." But suppose wheat does not rise in price, and is selling at one dollar a bushel on the first day of May? In this case "B" loses, and he pays to "A" the difference in the price of one hundred thousand bushels of wheat at one dollar a bushel and one dollar and five cents a bushel. This example gives the principle involved in dealing in futures, and represents all transactions of this class. Such transactions are simply wagers on what the price of some product will be at some time in the future, and are clearly cases of gambling. The men engaged in such transactions render no service to society; they simply gamble on the future price of some necessity. Not only is dealing in futures gambling, but it is also, perhaps, the worst form of gambling. It is of prime importance to society that the prices of the products of necessity should be determined wholly by the law of supply and demand. The prices thus fixed are nearest in accord with justice to all, and cannot be disturbed in any way without bringing an unwarranted hardship on a large number of people, without taking property from those to whom it rightly belongs and giving it to those to whom it does not properly belong. Gambling on the future price of these necessities on the large scale makes it to the interest of a great class of...show more

Product details

  • Paperback
  • 189 x 246 x 4mm | 154g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236806867
  • 9781236806864