Word: brannaned
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Official Shouts. That brought Secretary of Agriculture Charles Brannan bustling into the market place, shouting "Speculator!" at the top of his lungs. Said he: high commodity prices are the fault of speculators; since the war began, the volume of futures trading has jumped 128% in eggs, 98.2% in lard, 78.6% in wheat and 44.1% in wool tops; prices have increased accordingly, from 5% to 41%. Brannan wanted Congress to give him authority to control margins and thus choke off "unrestrained" speculation...
...Brannan needs congressional permission to sell products below 105% of support prices (plus carrying charges) or below the going market prices, whichever are higher. But cotton, for example, is selling so far above supports that the Commodity Credit Corp. can dump it without the political blessing of Congress...
Last week, Secretary Brannan did move fast to ward off one possible shortage: for $64,560,000, he bought Cuba's surplus sugar stock (600,000 tons), began negotiations for 250,000 tons more from other producers. This will boost the U.S. sugar supply to a new high of 8,700,000 tons, far more than normal annual consumption...
...last April Secretary of Agriculture Charles Brannan went before 2,322 farmers in Minnesota to tout his controversial Brannan plan. The farmers, who work part-time for the Agriculture Department as local committeemen, were paid $8 a day plus 5? a mile traveling allowances plus incidental expenses to hear the big chief plug his own propaganda. Last week U.S. Comptroller General Lindsay Warren reported to Congress that Brannan's two-day rally had cost...
...shame the fearful, Secretary of Agriculture Charles Brannan got out a special report to prove how shortsighted and unnecessary hoarding was. In sugar, for example, the U.S. has on hand 1,200,000 tons, and could tap at any time another 1,000,000 tons of Cuban sugar. Moreover, the beet and cane crops to be harvested in the U.S. this year would reach nearly 2,500,000 tons...