Word: cea
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Dates: during 1950-1959
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Another new part of the center will contain a division for the study of cyrogenics, or low temperature physics. Here the CEA plans to build equipment for manfacturing liquid hydrogen, required for the synchrotron's operation...
...CEA said that the market-rigging had been directed by a New York onion grower, Vincent W. Kosuga, and a Chicago produce distributor, Sam S. Siegel, in a deal with 13 onion growers. But partway through, said CEA, the city slickers seemed to have doublecrossed the growers, who lost heavily...
Last autumn, charged CEA, Kosuga and Siegel bought 928 carloads of onions, which were shipped to Chicago and stored. This constituted 98% of the onion stocks available in Chicago for onion futures delivery. They then asked 13 of the growers to buy onions, threatening to dump their onion holdings on the market and force down prices if the growers refused. The growers accordingly bought 285 carloads for which they paid $168,000. In return, Kosuga and Siegel promised to hold their onion stocks off the market until March 1956, thus supporting the long side of the market...
...growers were tricked shortly afterwards, when Kosuga and Siegel switched to a short position in the market, CEA charged. In February they held short positions for 1,148 car lots, and the price was down to $1.02 a bag. They were engaging in "a conspiracy to depress the prices in order to cover their short position," in the March onion futures. To grease the price skids, they allegedly shipped some of their aging onions out of Chicago, had them culled, resorted and repacked, and then sent back to Chicago #151;to make it appear as though large quantities...
...next day the same thing happened as speculators with tiny margins and quick reflexes hastened to unload. Rumors that the Commodity Exchange Authority (the SEC of commodity trading) was going to investigate possible market rigging brought still more stop-loss orders pouring in. At week's end, the CEA investigation rumors quieted; July futures closed at $3.20 per bushel, a loss of about 22? in three days, and the market seemed slightly firmer. Said a broker: "This is the kind of business that can give you heart failure...