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260 A Book of Precious Stones
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union.
From January, 1906, until May, 1908, trade agreements existed between
the employers' and employees' associations in the United States,
whereby hours of labour, scales of wages, apprentice regulations, and
practically all matters which could result in conflicts, were
regulated. For matters which were not covered in these agreements a
clause provided that recourse must be had to arbitration.
The
diamond-cutting industry in the United States was in a flourishing
condition from its beginning until the latter part of 1907, when,
because of the financial depression popularly termed " the rich man's
panic," all the diamond-cutting factories in America were closed,
throwing out of employment the entire number of diamond workers.
Before the advent of the ensuing year a few factories reopened with
work progressing on a small scale, and, gradually, as confidence in the
commercial world was restored, the factories resumed operations.
During the period of idleness about one hundred of the workmen in the
trade returned with their families to Amsterdam and Antwerp, where they
received immediate employment.
At the beginning of the panic of 1907 the American diamond cutters' union had a surplus
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