Word: ccc
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...first glance, the news from the Department of Agriculture looked good: in the past year, the Commodity Credit Corp. had cut in half (to $2 billion) its holdings of surplus grain, potatoes, eggs, etc., bought to support farm prices. Then Agriculture added the kicker. In unloading, CCC lost $290 million in the eleven months ending May 31. Sample sale: to Britain, 16.8 million Ibs. of dried eggs, bought at $1.03 a lb., sold at less than...
...Minneapolis branch. The charge: in 1949, Rowlands had picked up an inside tip that the Commodity Credit Corp. was looking for storage space, and told a friend. The friend, one Jule Marachowsky, thereupon leased warehouse space from the Army, cut Rowlands in for a 40% interest. When CCC came shopping, Marachowsky and Rowlands were ready, charged CCC $215,000 for Government space that cost them only $11,500. For the original tip on CCC, said Symington, RFC's Rowlands gave another friend a $400 television set, luggage, and a number of coats (rain, not mink). For his part, Rowlands...
...National Terminals Corp. of Cleveland for $2,083 a month. National Terminals turned around and rented it for $12,000 a month to Brannan's Commodity Credit Corp. as a storehouse for 359 carloads of surplus beans. By October 1950, when the Defense Department reoccupied the plant, CCC had paid National Terminals $58,602 in rent. Net profit to National Terminals for leasing storage space from one U.S. agency and renting it to another...
...abandoned CCC camp near Beulah, Colo, last week, 150 young Seventh Day Adventists were winding up an intensive two-weeks' course of training for duty with the armed services. Because of the Adventist injunction against taking human life, none of them would shoulder a rifle or man a gun. But they hoped to serve their country as "conscientious cooperators" in the Medical Corps or some other noncombatant branch...
...Commodity Credit Corp. last week reported a $249 million loss on its price-support programs for the year ended June 30. It now has $3,538,125,000 tied up in loans and purchases. Furthermore, CCC cannot unload the surpluses on its biggest potential customer, the armed services. Reason: CCC by law adds a carrying charge to its selling price, and in some cases the total exceeds current wholesale prices. Result: the services are buying such items as butter in the open market, although CCC has 190 million Ibs. in its deep freeze...