Word: hocks
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Dates: during 1930-1939
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Philadelphia's municipal finances are in a bad way. All Philadelphia knows it; few Philadelphians seem to care. The city's gas plant is in hock to RFC. Its public libraries can afford to replace only 20,000 of 85,000 dog-eared books which are thumbed to tatters each year. More than a third of Philadelphia's annual revenues go to service old debts. Expensive subways, promoted during the heedless '203, are sealed and empty catacombs; Philadelphia lacked the money to run them or to pay for them...
...further drastic price rise is likely to be dampened by the 230,000,000 bushels carried over from the last crop year (of which approximately 175,000,000 bushels are in hock to the U. S. Government), but the chances of wheat staying around $1 were helped by news from Argentina that the wheat crop there was also in bad shape. Reason: late spring frosts. November in the Argentine is the equivalent of May in the U. S. Argentina's expected harvest is around 160,000,000 bushels, less than half of last year's crop...
...bales against total exports of only 3,362,000 bales in the cotton year ended July 1, 1939. The balance of the subsidy fund should account for another 600,000 bales at $1 a bale. But if farmers, who have 3,941,950 bales in hock with the Government, start repossessing, they can flood the market all over again, break the price...
...Moormack for $400,000, later snapped up the Government's offer to take its huge merchant marine off its hands at dirt cheap prices of $10 to $15 a deadweight ton. The advent of World War II found Moore-McCormack big and respectable (capital: $5,000,000), in hock to the Government and worried over what to do with the surplus ships that the provisions of the Neutrality Bill may take out of service. Last week it found an answer...
...Should the option contract be approved by the box holders, the Metropolitan would once more publicly pass the tin cup, as it did to keep going in 1933-35. But this time the Metropolitan might well throw in its lot with The People, get the Diamond Horseshoe out of hock for good...