Word: tobacco
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Dates: during 1930-1939
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...corn crop was one of the heaviest in recent U. S. history; the tobacco crop broke records; the wheat crop, already in (with spring wheat covering the fields of Minnesota, the Dakotas, Montana, with a yellowish-brown six-inch stubble) was estimated at 736,115,000 bushels...
...Tobacco's bad year followed a good year. Last December, when tobacco growers were called to a crop-control referendum, they had just finished disposing of a big (800-million-pound) crop at the satisfying average price of 22? per pound. They sneered at the compulsory quotas Henry Wallace wanted them to vote and proceeded to plant a far greater acreage this year than quota allotments would have permitted. Fine weather favored the growing, and up sprouted 1,014,000,000 pounds of fat tobacco, 200 million pounds more than a maximum year's consumption...
When the crop came to market late this summer, prices staggered "under the surplus. By September 8, farmers were in a funk; the bellowing auctioneers were knocking down the tobacco at 14½?. Then Britain's big Imperial Tobacco Co., which normally buys a third of the flue-cured crop, stepped out of the market. For one more week the farmers hung on and watched their crops going at ever lower prices. When prices broke through 11? (half of last year's price), they desperately closed the markets...
This week the announcement came that Commodity Credit Corp. had made an arrangement with British buyers whereby $30-to-$40,000,000 would be given them to proceed with normal purchases. The tobacco would be held in the U. S. and the British would have an option to buy any time before July 1941. The markets then would be reopened on Tuesday...
Manhattan's winter nightlife season got under way, set New York society columnists to twittering over the new nightspots and their patrons. Most twittery spot: the new Hawaiian Maisonette of the swank St. Regis Hotel. Most twittered-of socialites: Tobacco Millionheiress Doris Duke and her husband James Henry Roberts Cromwell, who was photographed in a lei, hula-hulaing with bare-foot Hawaiian...