Word: bu
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Dates: during 1930-1939
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Hardest hit by Drought were corn and oats-both the shortest crops since 1881. Two years ago the corn crop was 2,900,000,000 bu., worth $560,000,000 at a farm price of less than 20? per bu. This year the harvest was only 1,380,000,000 bu. At an average price of 78? per bu. it was valued at more than $1,000,000,000. The oat crop was less than one-half that of 1932 but the farm price had jumped from 13? to 52? per bu. and total value increased in two years from...
While the world's currencies were confounding the moneychangers of Europe last week (see above), the world's wheat was doing hardly less to the grain traders of three continents. Breaking over the Winnipeg market, a dark storm of selling tumbled the price 6¢ per bu. in two days. In Liverpool, Rotterdam and Buenos Aires wheat fell in confusion. In Chicago, no longer a world market, all contracts dropped below $1 for the first time since the Drought. Other commodities, notably rubber, joined the downward march...
...week-end two foreign goats were justifiably tagged. Goat No. 1 was the Government of France, which guarantees to its peasants a price of $1.45 per bu. True to form, the peasants garnered more wheat than France could eat. What it could not eat, France was last week dumping for what it could get.* It was even willing to lay down wheat in Montreal, all expenses paid at a price below Winnipeg...
...serious critics of commodity exchanges deny the economic and social value of hedging. Example: a flour miller buys 10,000 bu. of wheat which will not be sold as flour for several months. To protect himself against a decline in wheat (and flour) prices he simultaneously sells 10,000 bu. for future delivery. While he is milling his wheat, the price drops and with it flour. Thus he makes no money on the flour he sells. But having sold wheat short, he now buys in 10,000 bu. to even up his short position, making a profit on the transaction...
...Sousa ("The Stars and Stripes Forever") founded A. S. C. A. & P. to collect royalties for songwriters and com posers whose works were then being bandied from one cafe to another with never a penny's profit to the men who made them. At first it was uphill sledding bu. Victor Herbert had a smart attorney named Nathan Burkan and a willing helper named Eugene Howard Buck, who collaborated on 20 Ziegfeld Follies. Under George Maxwell, its first president, and now under Gene Buck, A. S. C. A. & P. has prospered mightily. It has brought and won more than...