AMERICA AND RUBBER.
Users of rubber in the United States evidently cannot forget the miscalculation made last year when, relying upon abnor- mally low prices for rubber continuing, large dealers were caught short of the commodity. Not, perhaps, short in the sense of having sold " bears," but short in the sense of having unduly deferred buying orders on anticipation of a further slump. Notwithstanding the heavy fall which has taken place in rubber during the present year, the idea apparently prevails in the States that there may be some very pronounced rally later on, and accordingly, what is described as a " pool " of buyers of raw rubber has been formed, with the object, so it is affirmed, of effecting stabilization in price. Undoubtedly by this arrangement a certain amount of competition on the part of American buyers will be prevented, but, with rubber at its present price, and with the prospects of scarcity later on, if there should be a general revival in trade, the latest defensive (or offensive) movement on the part of American buyers of rubber has not disturbed the market here in any way. In fact, the impression grows that while an upward movement may be deferred, most of the shares of the better-class rubber
companies now stand - below • rather .than above intrinsic merits.
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