Salesmanship: Modern Principles and Practices

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futures prices. Section three describes the users of futures markets in four chapters. It specifically looks at warehousemen and merchants, primary producers, users of raw materials, and speculators. The fourth section discusses market operation, with emphasis on market performance, market regulation, and market development. A glossary or an early section devoted to terminology would be desirable. Persons not well acquainted with the futures market and its vocabulary would have difficulty in understanding the material. The terms are later defined, but not until the reader has encountered them several times. The speculator is overly defended and glorified throughout the book. The heavy emphasis on speculation tends to detract in several instances from grasping other important aspects of the book. The defense of the speculator as a nongambler is not very convincing. It would be helpful if the author would put more emphasis on the various aspects of the futures market in their simplest form. Practically every subject was complicated before the reader gained a comprehension of its basic function. For example, the speculative aspects of hedging were introduced much too soon, especially for the reader newly introduced to the futures market concept. This book makes a significant contribution to the literature. It is the only extensive economic analysis of the futures markets of which the reviewer is aware. While the book in its entirety would be most useful as a text in many marketing courses, segments of it would serve well as supplements to the general marketing textbooks in use, particularly where additional depth is desired in the area of futures marketing. Also the practitioner in the futures market, experienced or novice, would find the book or individual chapters useful in developing a better understanding of the concept of futures marketing.