Word: bank
(lookup in dictionary)
(lookup stats)
Dates: during 1950-1959
Sort By: most recent first
(reverse)
...reply, President Black reaffirmed the bank's policy that loans must be related to "the real credit worthiness of the borrowing countries," that loans will be granted only for "specific projects soundly conceived," and that each country and loan will be treated "on its individual merits...
...amazing feature of the Agriculture Department's soil-bank program is its consistent tendency to build up farm surpluses instead of reduce them. Last week the newest example was sorghum, a flat leafed, long-stalked feed grain that means little to cityfolk. But it is a price-support gold mine to farmers, and a throbbing new headache to Agriculture Secretary Ezra Taft Benson...
This year the crop will be a whopper: 481 million bu., double last year's. One reason is a new hybrid seed; another is better irrigation. But the biggest is a wide loophole in the soil-bank law which permitted U.S. farmers to plant more acres in sorghum than ever before and collect price supports on much...
Under the 1957 soil-bank law, any farmer who had 100 acres planted in wheat could put 25 acres into the soil bank and collect a payment for letting his land lie fallow, thus reducing the price-supported wheat crop. The law specifically prohibited him from planting those same acres with sorghum, also on the price-support list, in order to collect double payments. But the law said nothing about plowing up additional land not then under cultivation, and planting it with sorghum to make up the lost wheat acreage...
This is exactly what shrewd wheat farmers from Kansas to California did. Everyone joined the soil bank-and everyone piled on the sorghum. For the first time, the sorghum crop in Kansas was bigger than wheat-by 20 million bu. Result: with sorghum selling at $1.57 per cwt. on the free market and Government price supports at $1.83 per cwt., the U.S. will have to buy around 40% of the record crop at a cost of some $183 million in price supports. Then it will have to store the sorghum (if it can find space in wheat-filled granaries...