Word: drought
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Dates: during 1950-1959
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...high, rigid price supports. The supports encourage farmers to overproduce; overproduction menaces prices; falling prices lead to more support and/or quota restrictions on production. Because of falling prices and the demands of dairy farmers, Benson continued dairy price supports at 90% of parity. As a result of the drought in the Southwest, he moved in to hold up the cattle market. To prevent a glut in cotton, he will almost certainly have to set acreage and marketing controls on the 1954 crop...
Rain fell last week on east Texas and scattered sections of west Texas. The rain, plus announcement of an $8,000,000 federal-aid program, brightened the spirits of drought-stricken Texas ranchers. The rush to ship cattle to the stockyards tapered off, and beef rose $1 to $4 per 100 lbs. But the drought was far from over. And when and if it does end, Texas' water problems will be far from solved...
Pattern for Progress. It is along the Gulf Coast, where Texas has had its greatest industrial growth, that the state has its major water problem. To the east of Corpus Christi are flooding rivers, and to the west, drought has brought a "little dust bowl." The Bureau recommends a vast $1.1 billion project to build reservoirs along the eastern rivers and channel their flow into a "trans-basin water supply canal," which would swing in a broad arc parallel to the coast and would irrigate 1,000,000 acres of dust-dry farmland. Estimated costs: $370 million for the reservoirs...
...billion of new credit. It could have provided last week's additional $5.5 billion in the same way, but most of the credit would have gone to big-city banks. By lowering the reserves instead, credit was also liberated in the country banks, where farmers, harried by drought in some regions and glut in others (see below), were having a hard time getting badly needed loans...
...distribution of Government-held cottonseed to drought-stricken Texas farmers (see NATIONAL AFFAIRS...