50 Years Ago...

PUBLISHED : Sunday, 27 May, 2001, 12:00am
UPDATED : Sunday, 27 May, 2001, 12:00am

Meeting raises oil hopes

Teheran (May 30): New hopes of a solution to the Persian oil dispute rose to-day when Premier Mossadegh, father of the nationalisation law, left his barricaded office in the Parliament building and had lunch with Mr Henry F. Grady and Sir Francis Shepherd, the American and British Ambassadors.

Nothing was learned from this meeting at Mr Grady's house immediately, but the fact that Premier Mossadegh would relent enough to even talk to the Western diplomats was a heartening sign.

It was the second time he had left his refuge against alleged threats of assassination since May 13. The other time was when he wanted to take a bath.

Red rubber

Taipeh (May 25): Newspapers to-day claimed that the Chinese Communists will attempt to counter the U.N. embargo on rubber exports to them.

A report received in Government circles from the mainland said that already rubber plantation experts had been engaged to help start a rubber-growing industry in Hainan.

Singapore: The Peking Government's invitation to Malayan Chinese planters to return to China and start a rubber industry in Hainan can only be treated as a joke, Singapore rubber producers said.

Rubber producers pointed out that it would take 10 years to develop the industry, and offers of one-third participation in the shares through Communist Government loans could only be regarded as a trap without even a bait.

Price war lull

New York (May 30): Bargain hunting housewives fretted to-day as the Memorial Day holiday forced a temporary lull in the department store war that had knocked prices down as much as 30 per cent. But the battle of price tags will start again on Thursday when the warring merchants reopen their doors.

R.H. Macy and Company and Gimbel Brothers, traditional 34th St. department store rivals, started housewives running one to the other on Tuesday by knocking dollars and cents off the thousands of 'price fired' items which were frozen until May 21 when the United States Supreme Court invalidated the State 'Bill Trade Laws.' Spies stationed by Macy's and Gimbel's in competitors' stores relayed back reports of new price cuts.

Several Brooklyn stores followed and by closing the price war had spread into the Wall Street financial district.