Word: glut
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Dates: during 1930-1939
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...houses on the venerable Baltic Exchange, gave Mincing Lane the jitters (TIME, Feb. 11). The Strauss failure was brought on by its short position in peanut and vegetable fats, of which there is a decided world shortage. But what tripped the Pepper King was not a shortage but a glut...
Early last month while farmers stolidly eyed their burning pastures, another group of U. S. citizens whose living is also made from an agricultural product began to fear not shortage but glut. This group? the tanners?have the misfortune to use as their principal raw material a commodity in which demand has no bearing whatsoever on supply. Hide production depends not on the use of shoe leather but on beef consumption. Cattle are slaughtered for meat and the hide is merely a byproduct...
Late last week a first report, from the New York Essential Oil Co.. arrived in San Francisco. It was crushing. There was. it said, almost no market for ambergris. A fresh supply of 300 Ib. would glut the market, force the price down to from $2 to $5 an oz. But still crowds flocked to sift the sands of Bolinas and the Peppers, the Henrys, the Kenyons sat tight, held fast to their faith in miracles...
Bonds for Paper. The Federal Reserve's program for abating deflation was a direct outgrowth of the Glass-Steagall bill passed in February. That law permitted the Reserve to substitute U. S. bonds and other Federal securities for commercial paper as part of its currency coverage. Its glut of gold behind paper money was thus ready to be mobilized for more useful purposes...
Little better than the rest of the world has Ireland escaped Depression. Irish industries are depressed. Irish dairy products and livestock are a glut. More important, a lot of doors have been closed to Irish immigration. More depressed Irishmen from the U. S. are going back to Ireland than are trying to leave. With nothing to do, no place to go, Irishmen often make trouble, especially when cooped up at home with a lot of other Irishmen...