Word: cocoa
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Neutral observers in Mexico City judged that President Cardenas and his associates have only just realized what economists have known for months: that his agrarian decrees of the past year have had many disastrous results. Total production of such Mexican staple crops as wheat, corn and cocoa has shrunk sharply partly due to drought, partly to inefficient working of lands divided and parceled out among the peons...
...boom, the root of current business troubles. Cash wheat was down from $1.60 to $1.23 per bu.; corn from $1.58 to $1.21 per bu. ; cotton from 15¼? to 8½? per lb.; rubber from 27? to 17¼ per lb.; steel scrap from $23.50 to $18 per ton; cocoa from 13? to 7? per lb.; turpentine from...
Still jolting downward last week were two British-dominated commodities, rubber and cocoa. In Manhattan, following one of those perennially disastrous revisions in the estimates of the Gold Coast crop, cocoa broke the full 1?-per-lb. limit, dropping well below 7?. There were strong suspicions that British cocoa interests had given U. S. speculators another thorough whipsawing, the British having the advantage not only of controlling the biggest source of supply but also of controlling the statistics. Only a few months ago the figures indicated a shortage, and cocoa was merrily bid up above 13? per lb. Last week...
Rubber statistics are by no means so elastic as cocoa's, and rubber has slumped only about 25%, a bad break last week caused by announcement of Nazi restrictions on German imports carrying prices below 21? per lb. Meantime tin had tumbled from 67? to 54? per lb., copper from 16½? t012...
...Washington Luis and President-elect Julio Prestes were both from Sao Paulo which was then sorely handicapped by the collapse of the world coffee market and unable to fight back. Since most of Brazil's 20 States, which figure in the world market only with such specialties as cocoa, Brazil nuts or carnauba wax (phonograph records), are merely so many jungle-choked, politically impotent drains on the Federal Treasury, this shift provoked no outcry. Rebellious Paulistas were brought to terms when the Federal Navy tied up Sao Paulo's harbor city of Santos, kept their grey-green mountains...