Word: hundredweight
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...Department of Agriculture's granary of unfortunate experiments, no case is more spectacular than the 1948-50 effort to support the price of potatoes. The Government bought surplus potatoes for about $1.50 a hundredweight, dyed them deep blue, then sold them back to the producers at 1? a hundredweight for fertilizer or livestock feed. Net loss: $478 million. Net result: Congress passed a law prohibiting potato price supports...
...wholesale drops have not yet reached the housewife. Oranges, for example, were still retailing last week for as much as 60? for 5 Ibs., or 18 times the price on the tree. And though meat prices were moving down in the stockyards (lamb dropped nearly $2 a hundredweight from a month ago), they were still sky-high at the retail counter. Oddest situation of all was in potatoes, which two years ago were rotting on the ground for lack of buyers. Last week there was a thriving potato black market, due to the short potato crop last year. OPS officials...
First link in the chain was Harry Phillips, boss of Steubenville, Ohio's Ohio Valley Tool & Die Co. He bought a 74,780-lb. load of sheet steel from Weirton Steel's West Virginia mill at a price of $5.20 to $5.90 per hundredweight. After the steel was delivered, Phillips obligingly passed it on, at $7.50, to his brother Matthew in New Cumberland, W. Va., who promptly sold it for $9 to Isadore Forman, a Pittsburgh steel broker and "friend of the family...
...even though during all six transactions the steel had never moved from Steubenville. The 39,490 Ibs. that Waldman didn't get went in rapid succession to two other brokers before it landed in the hands of Chevrolet's Indianapolis purchasing agent, who paid $15.45 per hundredweight for the steel. As he heard the testimony, he remarked mournfully: "This comes as quite a revelation...
...Anything to declare?" a customs officer asked the Hon. Mrs. Graham Lampson, just back from France, in London's drafty Victoria Station one day last week. "Half a hundredweight [56 Ibs.] of coal," she replied. And there it was, in her immaculate suitcase, each lump neatly wrapped in tissue paper. Mrs. Lampson, daughter-in-law of Baron Killearn, first British Ambassador to Egypt, explained that French friends, concerned over Britain's critical fuel shortage, had given it to her so she could keep warm...