Word: glut
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Dates: during 1950-1959
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Most businessmen believe that the best and quickest way to cure the glut in many commodities is not a governmental plan but voluntary agreements to trim output and bring supply in line with demand. The copper industry has shown how producers can solve many of their own problems. Copper producers voluntarily cut back production in the face of a big supply and falling prices. The market stabilized itself without any artificial controls, and last week copper prices were moving...
...supplies were tighter and demand stronger than at any time since the post-Suez glut. By cutting production, imports and refinery runs in the first half of 1958, oilmen had whittled gasoline and crude-oil inventories to what they consider ideal levels. Last week stocks of gasoline slid to 183 million bbl.-a six-week supply-and crude dropped to 252 million bbl.-a five-week supply. More important, the boom in vacation driving boosted gasoline demand in June 4% above April and May, one of the best gains in twelve months...
...build up its nickel supply during World War II, the U.S. signed at least 28 long-term purchase contracts for nickel, now is trying to wiggle out of every one of them, because there is a nickel glut. The U.S. estimates that it has lost $31 million by paying premium prices for nickel, stands to lose $124 million if it honors all its contracts...
EXPORT-HUNGRY CANADA, hoping to ease wheat glut and dependence on U.S. trade, will make hard sales pitch to Red China. Canada recently closed first big wheat deal (1,700,000 million bu.) with Red China since Korean war, now wants to step up sales of lumber and chemicals, boost exports to China above the $55 million yearly level attained during pre-Communist days...
...help hard-pressed U.S. copper producers, suffering from a copper glut that has depressed prices to 25? per lb., the Government last week threw its weight behind a Senate bill that would restore copper import taxes which have been suspended (for all but nine months) since 1947. The Government's endorsement, made by Secretary of the Interior Fred Seaton, was a victory for Western miners and protectionists, who have stepped up attacks on the suspension since copper began to slide badly last year. If the bill goes through-and Administration endorsement makes it almost a certainty -all copper imports...