Word: ccc
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Dates: during 1940-1949
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Most of the young men in Selective Service's problem are conscientious objectors who were plucked from other camps as troublemakers and sent to Camp Germfask, Mich. Officials had hoped that at Germfask, an old CCC camp on the 95,000-acre Seney Wild Life Refuge in northern Michigan, the troublemakers might mend their ways. But there has been little reformation...
...much higher in 1945. This fact came out last week when War Food Administrator Marvin Jones bravely marched up Capitol Hill to ask the Senate Banking and Currency Committee to: 1) extend the life of the Commodity Credit Corp., which expires June 30, for two more years; 2) expand CCC's borrowing power from $3 billion to $5 billion...
...Government is committed to supporting this high price for at least two years after the war. Thus the U.S. is trying to put the farmer back into the world market by granting an export subsidy which in the long run goes to him. But the international result of CCC's present policy may be reprisals by other nations angling for markets for their surpluses either in the form of new or higher subsidies of their own, or by higher duties on U.S. manufactured exports. In turn, the U.S. may have to put higher tariffs on textiles made abroad with...
When the Jones announcement was flashed to the commodity exchanges, promptly the textile mills sharply curtailed selling cotton goods for future deliveries. They remembered an almost forgotten joker, a 1938 law which prohibits the CCC from selling more than 300,000 bales of cotton a month in the domestic market. While that law remains on the books, the cotton mills cannot hope to get much more than one-third of their monthly cotton needs from the CCC...
There was another joker. If the mills offer to pay the farmers full parity prices for their cotton, there is no assurance the farmers will sell. The farmers can take out CCC loans up to 95% of parity and hold their cotton off the market. Thus they will take the very good gamble that the parity price a year from now may be moved up even higher, or that the mills will be so desperate for cotton that they will bid prices skyhigh...