Word: aaas
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Chicago's bonds used to be rated Aaa (highest grade), are now Baa (good). More typical of the effect of Depression on U. S. municipal finance, Richmond, Va. has slipped from Aaa to Aa, Milwaukee from Aaa to A, Detroit has lately climbed to Baa but it used to rate Aaa. Best municipal bonds are those in Massachusetts, where the State has power to reorganize the finances of weak municipalities and no city rates less than A. Among the worst are those of Florida, where Fort Myers and St. Augustine both rate Caa (poor) and the town of Frostproof...
...Furnished an object lesson to the cotton industry. AAA ordered bagging for 1,000,000 bales of cotton to be 'made of domestic cotton rather than imported jute -at no greater cost. Said AAA: If cotton bagging was used exclusively, 135,000 bales would be consumed yearly...
...hopes to export 100,000,000 bu., about one-fourth the present U. S. surplus. To dump only 26,000,000 bu. abroad in 1934, the U. S. spent $6,500,000. However ingeniously conceived, a similar program now would not only add a neat expense item to AAA's bulging budget but would almost certainly bring a squawk from Secretary of State Hull, champion of reciprocal trade treaties. In addition, subsidized U. S. wheat would have to compete in the world market against wheat subsidized this year by Canada, Poland and Rumania -with other overproducers expected to follow...
...voted against: pay cuts for Congress (1934); shelving the anti-lynching bill, barring Relief workers from political activity, the Byrnes sit-down strike amendment, increased income surtaxes, new processing taxes (1937); the second AAA...
...Awaited a test of the constitutionality of the new AAA as it applies to tobacco. The five-month-old crop law was designed to keep up prices by sales quota for each tobacco region. On all tobacco sold over the quota there are penalty taxes of 50% of the market price or 3? a Ib. if the excess tobacco sold goes for less than 6?. Last week saw the opening of 1938 tobacco auctions in Georgia and Florida with the crop larger than last year (88,047,000 Ib.) and substantially higher than the quotas. Angry planters in both States...