Word: shellacing
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...frowning on the public orgy in pepper, in shellac and in other recent British favorites, the banks refused to aid. It was predicted that six firms would collapse. Fear spread throughout the City, cutting heavily into the sale of three big new bond flotations. Although settlement day was postponed over last week end, James & Shakespeare was in too deep for even its smartest stockholder. To the wall it went with no inconsiderable part of Garabed Bishirgian's fortune. One other house failed before the banks relented...
...crisis in peanuts, which virtually stopped trading on the Baltic Exchange for three days, soon provoked uneasiness in two other commodities which have lately become speculative favorites in London: white pepper and shellac. Gamblers who had bought orange shellac on margin at 122 shillings per cwt. during last year's frantic speculation could not sell for more than seven shillings sixpence last week. Although financial editors declared that "certain weak positions have been taken over by strong hands," Mincing Lane brokers remembered that the same thing had been said before the Strauss crash. White pepper traders were chilled...
...Japan can and does buy more scrap steel from the U. S. Sugar at 2¢ per lb. for the first time in four years may in time permit the U. S. to regain a $150,000,000 Cuban export market, now almost vanished. Better prices for shellac and pepper, favorites of boisterous Speculator Bernard E. ("Sell 'Em Ben") Smith, better prices for jute, hemp, antimony, caraway seed, balm of Gilead and scores of other minor world commodities will eventually result in a rising volume of international trade...
...commodities, as yet unexploited, were being investigated. Quicksilver, now selling at $75 per flask of. 76 Ib., was suggested as a good inflation hedge. Bernard E. ("Sell 'Em Ben") Smith, brash and jovial stockmarket operator, lately returned from a trip around the world full of good words for shellac and pepper. Though he personally inspected the habits of the Far Eastern lac beetle, he had apparently been influenced by a group of London speculators who call themselves the "Crusaders" and whose sworn purpose is to make the world "commodity conscious." Nothing much ever happens marketwise in either black...
...bitten speculator whose low opinion of high-priced stocks was an early Depression legend. Reports quickly spread that Ben Smith was buying this or selling that, but it was soon learned that Ben Smith had acquired a new interest on his junket. In India he had learned much about shellac, had become convinced that the outlook for shellac was bright indeed. Last week it was learned that Ben Smith thought it would be a fine idea if a shellac futures market were established in Manhattan, similar to the one in London...