Word: rubbering
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...London Rubber Exchange in Mincing Lane (near the Tower of London) trading was quiet among disgruntled British rubber men. They established a price which hung close to 10¼ pence per pound, virtually the equivalent of the U. S. average price of 21 cents (since one pence equals two cents). Londoners, therefore, had ample time to ponder and explain why the Stevenson Plan will be scrapped...
...plain fact is that the plan has progressively failed of its purpose. True it sent rubber up to $1.21 in 1925; but in January 1928 the price had declined...
...understand, one must examine the original assumption on which the Plan was based in 1922, namely that, since Britain then produced five-sevenths of the World's rubber, she might, by curtailing her own production, create a scarcity of rubber such that the price would rise. In the year 1925, as has been said, this assumption was temporarily justified. So high a price, however, encouraged rival Dutch producers to extend their plantations. Moreover U. S. rubber manufacturers, urged by Secretary of Commerce Herbert Hoover, proceeded to circumvent partially the artificially high price of new rubber by turning...
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...