Word: baling
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Since July 27, the Department of Agriculture has made subsidy commitments on 5,700,000 bales against total exports of only 3,362,000 bales in the cotton year ended July 1, 1939. The balance of the subsidy fund should account for another 600,000 bales at $1 a bale. But if farmers, who have 3,941,950 bales in hock with the Government, start repossessing, they can flood the market all over again, break the price...
Only 30,000 tons of the rubber are now in stock in Singapore; the rest must ooze out of trees, be dried and baled for shipment. The U. S. cotton is but 41% of the 13,700,000-bale mountain held by the Government. To release it, Congress has only to authorize Commodity Credit Corp. to dispose of it at less than the prices loaned on it to U. S. planters. Joe Kennedy, old-time Wall Street trader, felt tickled that he had saved his country about $6,000,000 on a $30,000,000 purchase, also that half...
...January 6 a bale of silk (132¼ Ibs.) in Japan cost 840 yen ($229). On March 2 the price hit 1,080 and the Japanese Government stepped in and stopped trading for a few days. Nonetheless, the price climbed to 1,195 yen ($325) on April 19, stood last week at 1,160. When this 40% price rise began, the small group of U. S. branded hosiery makers (such as Gotham and Phoenix) which control their resale prices had already announced their spring prices. For fear that unbranded rivals would undercut them, they did not raise prices and continued...
...bales in loan stocks the Government had lent farmers an average 8.3? a pound. Since cotton was last week selling at about the current loan rate of 8.3?, it was obvious that the loan was pegging the price. It was also clear the farmers could not get their cotton out of hock. Let the Government make them a nominal payment of $1.25 a bale (about ¼? a pound) and take clear title...
...blue pencil to Government expenses for publicity, such frills as an expense account turned in by the President's ten-man junket to study European marketing co operatives. More recently Mr. Elliott refused to O. K. expenditures for AAA's scheme to pay growers $10 a bale for cotton surrendered for loans, termed a Navy contract with Cleveland's Wellman Engineering Co. "illegal," watched complacently from the sidelines as three of his accountants last November filled the TV A investigating committee with unflattering accounts of TVA accounting practices...