Word: cottons
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Dates: during 1920-1929
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There was another element in Mr. Coolidge's tariff pronouncements last week,-probably of more interest to the country. The President announced his refusal, in spite of a recommendation by the Tariff Commission, to raise the duty on cotton-warp knit-fabric gloves. Before the War these gloves were always made in Germany. When the War came and cut off the German supply, the industry sprang up in this country. More recently the German competition sprang into existence again and began to undersell the U. S. commodity. In 1922 in the Fordney-McCumber Act, the duty on these gloves...
...spite of this situation, Mr. Coolidge refused to increase the duty on these gloves. His reason: It would increase the price of moderate-value cotton gloves from about $1.00 to $1.50, increasing the cost of living...
...estimates as to the probable size of the 1925 cotton crop made by the Government have alternately provided anxiety and entertainment to the cotton trade all this year. Issued every fortnight, they have alternated violently up and down, and have led to similar fluctuations in cotton futures on the exchanges...
...estimate as of Oct. 1 provided the biggest sensation of the year. Previously the Government "experts" had not predicted a cotton crop of as much as 14,000,000 bales. The estimate as of Sept. 16, in fact, was 13,931,000 bales, and on Sept. 1, 13,740,000 bales. Suddenly, as of Oct. 1, the estimate shot up by 828,000 bales and reached 14,759,000. After being below privately made estimates of the cotton crop, the Government estimate is now higher than the largest important private estimate...
Concurrently the pound sterling was quoted at $4.83⅞, the lowest figure since Britain returned to the gold standard. This represents a fall of 3/16 of a cent from the previous week, and was supposed to be due to heavy British purchases of grain and cotton. U. S. bankers_ calculated that the exchange is now well below the point which calls for an export of gold from London to New York. It is expected that Britannia will draw upon credits of $100,000,000 and $200,000,000 respectively, at her disposal with J. P. Morgan & Co. and the Federal...