Word: depression
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...spree. FSCC will buy 100,000,000 bu. around prevailing prices (62?), dump it abroad for whatever it will bring. Estimated cost: $25,000,000. Although Chicago prices shot up 3? a bu. as short holders ran for cover, likely ultimate effect of the dumping program will be to depress already-depressed world prices...
Reason for the 1938 program and its attendant complexities was that cotton farmers last year cultivated 34,471,000 acres, grew the huge total of 18,945,022 bales, had to fall back on Government loans, wound up with a carry-over sufficient to depress this year's prices. So Mr. Wallace invoked the powers-granted him in the new AAA, instituted drastic control, got a majority of farmers to approve by referendum. Last week Mr. Wallace's analysts announced the result: a cultivated acreage of 26,904,000, lower than any since the Department of Agriculture began...
...previous alltime Russian record of 105,000,000 metric tons. All Soviet grains have done well in 1937 with the possible exception of corn. In Rotterdam grain traders were glum as the Soviet Union reopened its selling agency, apparently ready to unload on Europe this fall enough produce to depress prices seriously. Within a few hours Russia's Rotterdam agents were selling wheat and barley in such volume that the Soviet Union's offerings were virtually setting the European market prices for these grains. In the Ukraine, "Granary of Russia," Soviet secret police last week swept into Zolochev...
...wave after wave against the street barricades of Japanese marines, broke through the line to the north river bank held for many hours about five full blocks of Whangpoo dockyards. Promptly the Japanese warships in midstream upped anchor and steamed slowly past the broken line Too close to depress the muzzles of their big guns sufficiently, they passed in review pouring a hot stream of fire from every machine gun and light cannon into the Chinese lines...
...parallel was obvious. The President had asked Congress for crop control legislation and had failed to get it. Now, with a bumper crop threatening to depress cotton prices, Southern Congressmen wanted him to use Commodity Credit Corporation's $135,000,000 kitty to grant farmers loans of 10? a lb. on their cotton and to peg the price at 12? a lb. Only assurance that such loans would be repaid lay, according to the President, in legislation to limit next year's crop. Before granting them he wanted as assurance the equivalent of a "banker's acceptance...