Word: glut
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Dates: during 1950-1959
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...near-record crop of 37 million pigs began moving to market this spring, the seasonal glut sent the average price of pork dropping to $16 a hundredweight. Secretary of Agriculture Charles F. Brannan warned Congress that unless it gave the Commodity Credit Corp. an extra $2 billion for the overall price-propping program, he could not support the pork market. When Congress did nothing, Brannan's economists gloomily predicted that unsupported pork might fall as low as $10 a hundredweight...
When the farmers up in Aroostook County grew too many potatoes, the government stepped in and bought the extra. When the hog growers out Iowa way raised too many pigs, the government stepped in and bought up the glut. But when the Johnson Company canned an oversupply of Bestoval Cocktail Fruit Mixture last fall no one came to their aid. A serious cut in the price of cocktail fruit mixture threatened! If the University authorities hadn't acted decicevly right then, there is no telling what might have happened...
...Chicago, which, in Ojibwa, means "wild onion place," onions were indeed running wild. So many carloads of onions poured in and jammed railroad yards and warehouses last week that the Association of American Railroads slapped an embargo on further shipments. Reason for the glut: farmers had held their onions off the market in hopes that last autumn's cloud-high prices would reach the stratosphere (TIME, Sept. 26). But when the prices started to drop, farmers hurriedly dumped their holdings. Under the avalanche, prices collapsed. From a high of $5.05 a 50-lb. sack last September, onions skidded...
Putting the problem to Congress, Char lie Brannan was too politic to remind its members of what they already knew too well: the potato glut was its baby. The Senate Agriculture Committee handed it back to Brannan, who decided to save the $15 million and dump the spuds...
Housewives could hardly believe their eyes. In three months the glut of eggs across the land had put prices on the skids. In Manhattan, for example, they had dropped as much as 31? a dozen, and by last week were down to 51?, lowest price since 1942. And the Department of Agriculture had finally been forced to lower its high support price...