Word: glut
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Dates: during 1950-1959
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Cure for the Surplus. Meanwhile, the U.S. oil glut that prompted the import curbs is being cured. Oil imports were well under the quotas, and inventories of U.S. crude stocks were down to 279 million bbl. from 288 million last July, when import curbs were first applied. This was only 14 million bbl. more than companies reporting to the Texas Railroad Commission, a potent instrument of the domestic oil producers, recently set as desirable and normal operating stocks. During the next two months, Washington is expected to consider whether voluntary import quotas will be needed for the year beginning July...
Pulitzer Prizewinning Biographer Margaret Coit (John C. Calhoun) has entered the supply-and-demand cycle of Baruch books at the critical phase where supply becomes glut. The truth is that the wily old (87) speculator has cornered the market with Baruch: My Own Story (TIME, Aug. ig), which has a grip on the No. 1 nonfiction spot of national bestseller lists. The first half of Mr. Baruch (Book-of-the-Month Club choice for December) is a blurred carbon copy of Baruch's own book, concerned mainly with his South Carolina boyhood and his stock market coups. Biographer Coit...
...some oilmen, mainly the big importers, the growing glut is a result of domestic overproduction during the Suez crisis. They argue for drastic cutbacks in U.S. production. But in many oil states, which depend on oil for more than 10% of their tax revenues, output has already hit rock bottom. In Texas, which supplies 42% of all U.S. oil, October output was limited to twelve days, lowest allowable since 1939. Louisiana wells are producing at history's lowest rate, while Oklahoma is so pressed that it went to court last week with a $500 million suit against Gulf...
Perhaps the real trouble with the American musical theater, of which Rumple is a fair sample, is a glut of achievement. In Porgy and Bess it can boast at least one genuine masterpiece, and in the work of Richard Rogers and Cole Porter it generally displays a very high level of taste and integrity. Furthermore, any cultural phenomenon which shows so much tenacity as the musical theater must fill a real need or it could not exist for thirty or forty years without alteration. Musicals are not only the very distillation of glamor and sophistication, but also hold...
...controls (for farmers who complied with controls, the support price is $1.36). He was "sorry," said Benson, but he just had to take the step, because if free-market corn prices fell too low, farmers would take advantage of cheap feed and raise so many piglets that a hog glut would result. Benson might have added that the cheap-corn danger is a result of the chronic corn surplus, which in turn is a result of, the jerry-built federal price-support programs...