Word: raws
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Meanwhile, around Nanking utterly raw, undrilled Chinese youths, most of whom scarcely knew how to use a rifle, were flung against advancing Japanese regulars, and horribly butchered. The crack, German-drilled Chinese 88th Division under ruthless officers, conserving its own strength, drove the Chinese recruits forward and shot in the back those who broke and ran. Twelve miles from Nanking 300 Chinese were surrounded atop a hill by Japanese who set fire to the long grass. It set fire to the trees, burned fiercely completely around the hill, slowly forcing the 300 Chinese to the top. There Japanese machine guns...
...from becoming geared to a war-time pitch, with the inflation this entails, it would be necessary to control industrial and agricultural production and to fix all prices. More than this, the government would have to begin even now, in peace-time, to build up a surplus of import raw materials as reserve against war scarcity...
...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 for cash...
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...
Ignoring this obvious reason why present wool sales are few & far between, hard-pressed dealers in Boston and Providence last week suddenly came out flat-footed against the wool tops futures exchange. Not only did they yammer about the 10? price differential between wool tops futures and raw wool, but they claimed that wool tops margins are too low, speculation too rife. The Providence Journal announced that a group of dealers this week will ask the Senate Wool Investigating Committee to suspend trading in wool tops futures. While other wool factions called this "ridiculous," Senator Alva Blanchard Adams of Colorado...