Word: rubbering
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...cannot our rubber magnates act like gentlemen toward one another and get together for the stabilizing of the price of rubber tires...
...sermons received front-page space. Yet last week the Cleveland Plain Dealer front-paged the Sunday sermon of Rev. J. M. Russell, pastor of the Monroe Memorial United Presbyterian Church of Akron, Ohio. The reason: Mr. Russell's sermon was one of the most acrid attacks on the rubber industry yet heard, and many a Clevelander, especially Goodyear-controlling Mr. Eaton, has a stake in that industry...
Since February quotations on crude rubber have been sinking regularly to the worst levels in history. Last week the downward movement gathered momentum, sent the price crashing to a low of 8¢ per pound. Reason: The Dutch East Indies refused to impose restrictions on output, bringing an end to the latest of many attempts to curb production. Disheartened, producers compared the present low to the 14.2¢ which was the bottom in the depression of 1922, and the 17.85¢ low six years later when the Stevenson Act was removed. And longingly was 1910's fabulous high...
Scarcely better is the finished rubber products market. Even companies with no inventory losses have nothing to rejoice over. Bitter was the description given the U. S. tire market last week by Jules Hauvette Michelin when he announced that Michelin Tire Co., potent in Europe, will withdraw from the U. S. Said he: "Price is now decidedly the most important factor in closing any sale. The quality seems to have been lost sight of. . There is no profit for the manufacturer and no profit for the retailer either...
...Another rubber item last week was a petition for receivership against Kelly-Springfield Tire Co. (Keep Smiling with Kellys). Answering that the application had not been made in good faith, Kelly-Springfield claimed it has suffered no more than any other tire company, that its present position is better than the "current assets nine times current liabilities" showing of June 30, that it earned $270,000 during July and August...