Word: bushell
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Dates: during 1960-1969
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...used to say of his editorials that "perhaps 300 read them, maybe 30 fully understand them, and possibly three persons act on them." Surely his estimate was conservative. Though he characteristically put his candle under a bushel, how far that candle threw his beams...
...payments by a quarter of a billion dollars. Some 81,700 freight cars will be needed to move the wheat to ports. It will take 470 vessels with average capacities of 8,500 long tons apiece to ship it to Communist ports. By reducing the 1,048,000,000-bushel U.S. wheat surplus, the deal will cut storage charges to U.S. taxpayers by $200 million over a five-year span...
...Hungary. In the U.S. transaction with Russia, Cargill will dicker privately and separately with the Soviets, as will such other big dealers as Continental Grain Co., Bunge Corp. and Louis Dreyfus Corp. Cargill will then draw part of the wheat from its grain elevators (total capacity: 160 million bushels), also buy some fresh supplies from farmers and, in all probability, buy some more from the U.S. Government's wheat hoard of more than a billion bushels. Total costs to the company for purchasing the price-supported wheat, shipping it to port and loading it aboard ships will average about...
Sticking on Subsidies. At first blush, a U.S. wheat sale seemed like a good idea. It would cut the nation's 1.2 billion-bushel wheat surplus-if only by 75 million or 100 million bushels. It would narrow the U.S.'s $5 billion deficit in the balance of payments-if only by a small fraction. A.F.L.-C.I.O. President George Meany, an opponent of any deal with the Reds, was for this one. So was Commerce Secretary Luther Hodges. So were Senate Foreign Relations Committee Chairman J. William Fulbright, Senate Agriculture Committee Chairman Allen Ellender and House Agriculture Committee...
...Administration was eager to close the deal. But it had several bushels of problems. The Soviets like to pay only 25% down for their wheat, and the rest over 18 months. But U.S. law forbids credit sales to countries that have defaulted on their debts to the U.S., as the Soviets did on their lend-lease debt to the tune of $800 million. Beyond that, the U.S. taxpayer would be subsidizing the sale: to make up the difference between the high-propped U.S. price of about $2.30 and the world market price of about $1.75, the Government pays U.S. wheat...