Word: marketings
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Dates: during 1950-1950
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...Soviets bought rubber by the shipload, sent prices bouncing up almost 6?a pound in one day to 52.5? a pound. As a result, rubber also rocketed in New York-to 54.3? a pound, a 22-year record. New York's Commodity Exchange governors, fearing that the futures market was soaring out of control (a speculator who put up $800 to buy rubber futures in January could have had a $7,500 profit last week), ordered speculative futures margins doubled; buyers had to put up almost half the purchase price in cash...
Official Shouts. That brought Secretary of Agriculture Charles Brannan bustling into the market place, shouting "Speculator!" at the top of his lungs. Said he: high commodity prices are the fault of speculators; since the war began, the volume of futures trading has jumped 128% in eggs, 98.2% in lard, 78.6% in wheat and 44.1% in wool tops; prices have increased accordingly, from 5% to 41%. Brannan wanted Congress to give him authority to control margins and thus choke off "unrestrained" speculation...
Sugar Plum. Commodity men had another solution for high prices. Instead of throttling the futures markets, they said, the Government could keep prices down simply by dumping on the market some of its $2.5 billion load of surplus farm products. Said Chicago Board of Trade Executive Vice President J. 0. McClintock: "Since there is really no scarcity, with the government holding all these goods . . . selling surplus is possibly the best way to stave off inflation...
Brannan needs congressional permission to sell products below 105% of support prices (plus carrying charges) or below the going market prices, whichever are higher. But cotton, for example, is selling so far above supports that the Commodity Credit Corp. can dump it without the political blessing of Congress...
SEITA not only wanted to dry up the black market, but hoped to boost its sales of tobacco paper in the U.S., where it once supplied 90% of the market. During World War II, U.S. companies started making their own paper, and SEITA has been unable to win back the market. Last week's deal with Reynolds and Lorillard calls for 70% payment in barter (half in paper, half in miscellaneous commodities), and 30% in dollars. In some Paris circles, the legalization of Camel and Old Gold sales also called for a new snobbery in cigarette fashions. Said...