Word: rubbers
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Dates: during 1920-1929
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This movement was accelerated recently when Prime Minister Baldwin made known that he had appointed a Commission to decide whether the Stevenson Plan should remain in effect (TiitfE, March 19). The hint thus given that the Plan was cracking caused the price of rubber to bound down and brought a heavy slump in the shares of British rubber companies. Therefore the pronouncement of Prime Minister Baldwin, last week, was expected, and merely served final notice that his committee has decided that the Stevenson Plan is unworkable and must be scrapped...
...feature of the Prime Minister's latest declaration was that he was careful to utter it while both the London and New York rubber exchanges were in session. Thus he avoided a repetition of the scandal caused when he made his previous rubber announcement, last month, at an hour when the London exchange was closed but the Manhattan exchange was open. The result of the blunder was, of course, to enable U. S. brokers to make a heavy killing before the London exchange re-opened next...
Authoritative Wall Street comment, last week, envisioned future rubber trends as follows...
...Amalgamation of British plantations to meet the world competition which must now be squarely faced; 2) Continued low prices of crude rubber; 3) Development of the system of co-operative buying among U. S. consumers which has proved effective in battering down rubber prices...
Commented President Francis R. Henderson of the New York Rubber Exchange: "Baldwin has made a bold move. But in my opinion he has made a move that will, in the long run, be a good thing for the industry as a whole. Lower prices for rubber will encourage its increased use, and increasing consumption will take care of the entire output of the Far East...