Word: ccc
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President Truman last week signed a bill allowing the Commodity Credit Corp an extra $2 billion for crop supports. The CCC had run through most of its previous $4,750,000,000 allotment. With many support prices likely to be higher than last year, the total amount tied up by Government purchases and loans under the support program is expected to hit a whopping $6 billion by the end of this year
Doing its full share to keep up the eccentric cycle, the Government's Commodity Credit Corporation was spending and lending heavily to buy up the nation's overabundance and store it in grain elevators, underground caves, giant refrigerators, empty hangars and vacated warehouses. To keep the CCC going, the U.S. Congress last week agreed to add another $2 billion to its $4.7 billion bankroll...
...Already CCC had stored up enough wheat and corn (516,242,531 bushels) to fill a freight train stretching 11,679 miles -almost halfway around the world at the equator, enough cotton (3,600,000 bales) to loom 90 million bedsheets. In storage it had all the dried eggs (88 million lbs.) that U.S. bakers would need for the next eight years, enough butter (99 million lbs.) for the baking of 495 million cakes, and enough powdered milk (316 million lbs.) to irrigate the Wheaties of all New York City's schoolchildren for several years to come. There were...
Vorys argued that since Europeans would spend at least $1 billion of the ECA money for U.S. agricultural products anyhow, his plan was simpler and certainly cheaper, for the U.S. would be able to unload some of CCC's vast surpluses of cotton, wheat, corn, dried eggs...
...with guarantees of government price support. They also managed to increase peanut planting (another so-called "basic" crop) by 100,000 acres. What the farm program (a bipartisan measure) would cost this year no one could say. To take care of it, the House, by voice vote, unhesitatingly increased CCC's borrowing power another $2 billion...