Word: cwt
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...enormous surpluses. The USDA predicts that the unsold carryover of feed grains, mostly corn, may dwindle from 3.4 billion bu. to 2 billion bu. by the end of the year, a reduction of about 40%. Rice stocks are expected to be cut by almost half, from 68.2 million cwt. (hundredweight) to 36.3 million cwt. "Without PIK, we would have had a market glut like we've never seen," says Agricultural Economist Barry Flinchbaugh of Kansas State University. "It would have been a hell of a mess...
...Connally urged Nixon to support the price rise for political reasons: "They're going to make their associations and alliances this year and they're going to spend a lot of money." Nixon received campaign pledges totaling $2 million from the dairy industry and raised price supports 270 per cwt. But Connally was acquitted of the charge. When the inevitable question aris es, Connally retorts: "I'm the only certified not-guilty candidate running in either party. The jury heard the evidence and said, 'not guilty.' What more do you want...
...March 25, just two days after Nixon had personally met with the milkmen, Hardin announced that he had changed his mind: milk support prices would go up to $4.93 per cwt., or 85% of parity. Thus Nixon has a dubious point in claiming that he saved money for consumers and the Government, since his own plan was no less expensive than most of those being considered by Congress. Moreover neither house had actually passed a milk bill, making Nixon's claim about a gun at his head somewhat extravagant; and the President has rarely backed down on other issues...
Food stockpiles at home have shrunk $1.3 billion (to $6.7 billion) since 1960, now consist of 818 million bu. of wheat, 55 million tons of feed grains, 7.7 million cwt. of rice, and 126 million Ibs. of dried milk. Pointing out nonetheless that domestic commodity stockpiles "must be large enough to serve as a stabilizing influence and to meet any emergency," Johnson asked Congress to authorize establishment of reserves for certain strategic commodities. Such reserves, he said, would be built up and maintained by Government purchases on the open market rather than relying on accumulation through subsidies and price-support...
...Chicago, Armour & Co. announced the selection of President Clark Kerr of the University of California to head up a company-union automation committee. Under a new contract, Armour contributes 1? per cwt. of meat processed to a special automation fund. With the money the committee will study and recommend ways to retrain and relocate workers laid off as a result of the introduction of new machines. Says Kerr: "I think there will be many more committees such as this one. We will see a new pattern of collective bargaining...