Last week Sears, Roebuck & Co. bought a seat on the New York Commodity Exchange. The No. 1 U. S. mail order house had no intention of speculating in rubber, silk, copper, hides, tin, lead, zinc, gasoline or crude oil. Indeed, the prime reason for buying the seat was to make it easier not to speculate in such commodities. According to Sears's Robert E. Wood, the seat was acquired to facilitate hedging operations.
During this year Sears will buy nearly $375,000,000 worth of merchandise. Many months may elapse between the ordering of the goods...
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