Word: wheated
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...case in 100 years--the hijacking of the Santa Maria from Portugal in 1961. He has worked on the thorny legal questions in creating NATO's multilateral nuclear force, and he also has played a major role in solving the technical difficulties of the recent agreement to sell surplus wheat to the Soviet Union...
Different Shops. One reason for despair is the cold war's "lessening of tensions," which inadvertently bolsters the hated regime of Soviet Puppet Walter Ulbricht. East German citizens oppose the U.S. wheat sale to the Russians because the West did not try to extract political concessions from the Reds in exchange. Talk in Bonn about $100 million in trade credits to the Soviet Zone inspired an avalanche of protest letters from the captive population to friends in the West. "We would starve," said one correspondent, "if we could make the government fall...
...wealthy man by steering his New Jersey-based Allied Crude Vegetable Oil Refining Corp. in and out of quick trades in the risky commodities futures market. Then DeAngelis thought he saw another chance for a fast fortune in soybean and cotton-seed-oil futures. If the Soviet bloc wheat crop failed, he reasoned, other farm products, including vegetable oils, must have suffered as well; and as soon as the Red nations had signed their wheat purchase contracts in the U.S., they would be back bidding on oils and other U.S. produce. DeAngelis bought $150 million worth of vegetable-oil futures...
...never came. Instead, as the Soviet wheat deals ran into difficulties, the futures market in vegetable-oil dropped. DeAngelis' firm was faced with $19 million in margin calls-demands that he pony up enough cash to make up the drop in price of the commodities. Unable to pay, DeAngelis last week took refuge in bankruptcy, leaving his hapless brokers stuck with his immense debt. His action shattered the well-established brokerage firms of Ira Haupt & Co. and J. R. Williston & Beane, triggered a Securities and Exchange Commission investigation and raised once more some serious questions about how Wall Street...
...measure now goes back to the Senate for its consideration, possibly Tuesday or Wednesday, A speedy decision is needed since officials of the Export-Import Bank have agreed to delay action on wheat deals until the Senate acts on Mundt's bill. The bank has agreed to underwrite sales of $25 million of U.S. wheat to communist Hungary...