314 CORN 



Now if a 'Short' believes that the market has been manipulated and 

 the price has been forced unnaturally high he may default on his con- 

 tract and a committee is appointed to determine the market value of 

 the grain or product in question, and settlement is made between the 

 seller and his buyer on that basis. 



"Another rule making it difficult to artificially raise prices is a re- 

 cent amendment to the rules of the association whereby it is impos- 

 sible to deliver grain in cars on the last few days of the contract month. 

 Under the old rules the grain had to be in regular elevators to apply 

 on contracts. Members of the Board of Trade recognize the fact that 

 they have faults the same as in any other business and an element will 

 always be found that will take advantage of and abuse liberties, but 

 they are active in trying to correct evils and members whose acts have 

 proved dishonorable and uncommercial have been expelled." 



"Futures" are commodities bought on contract for delivery, which 

 may or may not actually be made at a later date. 



"Settlement" price is a convenient price made upon a given date 

 (usually about the same as the price on the market on that date), by 

 which settlements of contracts which are not delivered are made. 



"Delivery" price is a price fixed upon a given date (usually about 

 the same as the price on the market on that day), by which the finan 

 cial settlements in regard to contracts actually delivered are made. 



The Sign Language of the Pit Traders. The visitor sitting in the 

 gallery of Exchange Hall during a flurry in the grain pits on the floor 

 rarely fails to express wonder that there can be any orderly and certain 

 transaction of business in such a hurly-burly. But the trader in the 

 middle of the excited throng sees in the turmoil, only the fierce deter- 

 mination of his fellows to buy at the cheapest or to sell at the highest 

 possible price. As to the intentness of any man in the pit at that 

 moment, the practiced trader has no doubt whatever. Articulate 

 speech is not only impossible, under such circumstances, but useless. 

 The eye is quicker than the ear; and the signals given with the hand 

 or by a gesture of the head mean as much as a telegram to the per- 

 son addressed. Rarely does a mistake occur in this sign language 

 trading. 



