Word: last
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Dates: during 1930-1939
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Another Allied acquisition last week was Edgar Selden Bloom, longtime president of the $281,000,000 A. T. & T. subsidiary Western Electric (which makes 80-90% of all U. S. telephone equipment). Circumstances made it easy for the British Purchasing Commission to obtain the services of a front-rank U. S. businessman as purchasing agent. Though his hair is not white, Mr. Bloom last week turned 65 (Western Electric's retirement age), announced he would retire Dec. 31* and take the British Commission's job as Director of Purchases...
...crop condition of winter wheat last week was 59.4% of normal, lowest on record, and a harvest of only 389,000,000 bushels is expected (down 43.3% from this year) and the price of wheat soared from 87!^ Nov. 28, past the haloed $1 mark to hit a high of $1.05, a 26-month high...
...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...
...which to subsidize exports. He spent about $32,500,000, paying 1½?a Ib. to subsidize exports of 4,344,434 bales. To conserve the balance of this fund, the subsidy was cut in half, midnight, Dec. 5. A few days later, it was cut to 2/5?, again last week to 1/5?. Anxious to share in the Government subsidy before it was all gone, exporters rushed into the market and bid cotton up 1? to 10.55?, highest in two years...
...yard); when cotton is rising, textile fabricators like to buy for future use in hope of inventory profits. Last week's cotton buying was paralleled by a rush to buy cotton grey goods: sales, 100,000,000 yards, up 80,000,000. This piling up of inventories is a gamble that retail sales will boom before production declines under inventory pressure. But there was an additional reason for textile activity: England, needing burlap for sandbags, has virtually cleaned out the Calcutta market since the outbreak of war with orders so far totaling 1,000,000,000 bags. The price...