Word: bumpers
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Dates: during 1930-1939
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...Because of the tremendous crops, nothing can stop business improvement this fall." When famed Economist Roger Babson spoke thus before the Boston Chamber of Commerce last week, he enunciated what is currently the No. 1 bullish hope of the country. In theory bumper crops sold at fair prices provide the huge farming class with such extensive buying power that all commerce benefits. How bumper are crops was last week summarized by revised estimates of the Department of Agriculture, indicating that total value for three major crops of corn, wheat and cotton will be $4,500,000,000, largest since...
Bearish as these statistics were, there were ample other indications that fall business would be good, that the trend is still upward, the trend of prices still toward inflation. Commodities might indeed be falling, but that was a logical outcome of bumper crops which would still leave farmers with the biggest income in years. Industrial and agricultural bank loans attained the highest figure in five years ($620,000,000), while airconditioning equipment production, cigaret sales and electric power output were at all-time peaks. Moreover, retail sales were zooming happily. Payrolls were still fattening. In view of such indices...
...parallel was obvious. The President had asked Congress for crop control legislation and had failed to get it. Now, with a bumper crop threatening to depress cotton prices, Southern Congressmen wanted him to use Commodity Credit Corporation's $135,000,000 kitty to grant farmers loans of 10? a lb. on their cotton and to peg the price at 12? a lb. Only assurance that such loans would be repaid lay, according to the President, in legislation to limit next year's crop. Before granting them he wanted as assurance the equivalent of a "banker's acceptance...
...order the Commodity Credit Corporation to make loans of 9? or 10 ? a lb. on the new crop, pay farmers the difference between what they eventually get for their cotton and 12? a lb. Similar means will be taken to meet any serious price declines which may follow anticipated bumper crops in corn & other grains...
...Awaiting fine traffic from bumper crops in its territory this autumn, Illinois Central R. R. showed net operating income of $6,841,000 for the first half against $5,942,000 in the same six months last year...