Word: bu
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Dates: during 1930-1939
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Pool Unplugged, Like Herbert Hoover's hapless Federal Farm Board, the Dominion Pool was created to solve a problem that looked simple, on paper. Since Canada produces about 400,000,000 bu. of wheat annually and consumes only 110,000,000 bu., all the pool had to do was to buy surplus wheat from Dominion farmers and, after a little good-humored waiting, sell it abroad at its own price. Trouble was that Canada does not control the wheat export market single handed. While the pool sat on its wheat waiting for the right price, European bread-eaters bought their...
...also jittery. Overnight, the stock-market greeted the return of business freedom with an opening rally, then dropped sharply, declined for the rest of the week. Uncertainty over the future of NRA and other New Deal legislation precipitated a general break in commodities. Wheat sank 5? per bu. to the lowest price this season, 81¼?. Cotton dropped under 11? per lb. Sugar lost most of its recent gains in the wildest trading in a decade, and Cuban sugar securities nose-dived on the fear that the island's reciprocal trade pact might be annulled as an unconstitutional delegation...
...brighter. The stock-market relapse in any event was overdue after a two-month climb and was accelerated by the plight of the French franc (see p. 19). The fall in commodities was aggravated by President Roosevelt's gloomy forecast that wheat might drop to 36? per bu., cotton to 5? per lb. unless the Constitution were amended (see p. 11). And general uncertainty was increased by the fact that the mourner's bench far outshouted the cheering section...
...riding the rails. He had set himself up in machinery business in Chicago. The War dumped fat marine contracts into his lap. but the post-War collapse nearly ruined him. He and his brother had procured an old sailboat, picked up peaches at night in Michigan for 90? a bu. and sold them in Chicago next morning for $3. Finally Frank Parish had turned up in Kansas City selling gas pipes. What gas men wanted to know, was a 32-year-old pipe salesman who had made his comeback in peaches going to do with a company like Missouri-Kansas...
Here he was in luck. He soon discovered that of Manny Rosenbaum's 4,000,000 bu. of grain contracts, the commitments on the long side were more than offset by contracts on the short side. Liquidation would not dump quantities of grain on the market at once. By agreement with the banks, who had most of Manny Rosenbaum's spot grain as collateral, the Board of Trade Clearing House selected a group of independent brokers (whose names were kept secret) to close out the Rosenbaum open contracts privately. Within a half hour after the market opened. President...