Word: marketeers
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Dates: during 1950-1959
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Benson succeeded in winning approval of his basic idea in the 1958 farm bill, which set subsidy rules for the 1959 corn crop. It abolished acreage controls, lowered price props toward the level set by the market (support price: $1.12 per bu.). But instead of cutting surplus production, as Benson unswervingly predicted, the no-control formula encouraged farmers to raise a bumper crop. And, as Benson's own department admitted last week, it swamped by 600 million bushels the previous all-time corn record set in 1958. Reason: farmers boosted production to make up for lower prices. Result: more...
...approval for the legislative proposals he will make to Congress early next year. Chief aim: to extend to wheat the same program that failed in corn, abolish acreage controls while lowering price supports from $1.77 to $1.40 per bu. Because the plan links support prices to the average market prices for the preceding three years (abandoning the old parity ratio based on 1910-14 figures), the Benson program will admittedly lead to a gradual downstep of prices each year. Benson believes that dropping prices will ultimately cut down the amount of wheat raised; U.S. farmers, past masters of food production...
...1950s, Western Europe and Japan, their economies rebuilt with U.S. help, were briskly competing with the U.S. in foreign markets, even in the U.S. home market. By last year the U.S.'s international transactions were drastically out of balance: the U.S. ran $3.4 billion in the red in its overall international payments. Gold flowed overseas so briskly that the U.S. gold reserve shrank by $2.3 billion, a thumping...
...slowest of the Big Three to enter the small-car race made a strong bid last week to catch up in a hurry. Into production went Chrysler Corp.'s compact Valiant station wagon, well ahead of Ford, which will not have a station wagon on the market until next spring, and Corvair, lagging far behind, which will not have one until fall...
...their first months on the market, the Big Three's compact cars got off to a fast start. Wards Automotive Reports last week announced that compact-car sales for October totaled 86,244 units, or a hefty 16.4% of the overall auto market, compared to 5.6% in October 1958. Of that big new share, Chevrolet's Corvair, Ford's Falcon and Chrysler's Valiant carved out a 48.1% slice to challenge American Motors and Studebaker-Packard. In their first month U.S. compact cars outsold imported cars by nearly...