Word: grains
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Dates: during 1940-1949
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Raising an almost imperceptible eyebrow (by mentioning that the letter came by prepaid cable), the Times ran Tovarish Shisheyev's dispatch in its news columns. It remained for a Times reader to supply the grain of salt. Wrote Russian-born J. Anthony Marcus, a veteran foreign-trade specialist: "It would not surprise me to learn that the 'chief engineer' had no more to do with the writing and dispatching of the cable than you or I. ... With about 1,600 words in the cable, even at the lowest rate, the cost would have been about $100, close...
Fever Chart. The Government, which berated industry for raising prices, did the same thing itself. In the commodity markets, it was Government buying, more than anything else, that boosted grain prices. They helped pull up the wholesale commodity price index (1926 average: 100) from 141.5 to 162 in a year. No one disputed that the Government had to buy grain for relief abroad. But did it have to buy it the way it did? In five months, it gobbled up some 400 million bushels of grain, despite the short corn crop which put pressure under all grain prices...
...traders so far listed by Anderson, Graham and Pauley were the only Administration big shots brought into the open. Of the 99 local, state and federal employees listed, most were minor functionaries. Three employees of the Agriculture Department were listed; none was close to grain-purchasing activities in Washington. There were a few dozen Army and Navy officers, none well known. Utah's bald, Democratic Governor Herbert B. Maw was in the market with 5,000 bushels of wheat...
Despite the mass killing of war, the world's population had swelled by 8% since 1939 (nearly 200 million more people), but world food production had dropped by 7%. Because of last summer's drought, Europe's grain crop was 8,000,000 tons below last year's. Shipments from the great North American granary will be 2,300,000 tons less in this "cropyear" (ending July 1, 1948) than in the previous year...
...Peron government, which pays Argentine farmers only $1.59 to $1.83 a bushel for wheat, demands from foreign purchasers more than $5 a bushel, payable in hard-to-get U.S. credit. As for the U.S., it had saved next to nothing so far by Charles Luckman's noisy grain conservation plan. The U.S. was still feeding some 90 million tons of grain a year to livestock; a tenth of that would avert next spring's crisis...