New York, Mar. 7. apletacular nose-dive this morni Reber prises In New York after the receipt of Reuter cables from Singapore and Colombo announcing the growth of the sentiment in producing circles in favour of the abolition of restriction on the production of the commodity.
The opening market was swamp-with selling orders) and all futures were sold at the lowest levels in the history of the Rubber Exchange. The market, however, recovered 30 to 70 points before. noon, on short-covering and buying. by. strong interests.
The collapse of the price of crude rubber was nceompanied by weakness of prominent rubber shares, which dropped two to six points.
Dealers estimate that the Ameri. can Rubber Pool, which was formed in the year 1926 for the purpose of stabilizing rubber prices and assuring a sufficient supply of crude rubber hae lost about $4,500,000 on the 50,000 tons of rabber it is be-leved to have in hande—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.