Word: wool
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...Pressagent Giniger (Prentice-Hall) caught TIME'S book reviewer gathering literary wool. The reviewer happily awoke in time to correct himself in the last 1,200,000 copies of the press...
While the prices of other commodities tumbled (see The Economy), the price of wool kept going up & up. At Australian auctions a fortnight ago, fine wool which had sold in 1946 for around 65? a Ib. brought a record price of $2.42¼. Last week, at the Newcastle auctions, it shot up to $2.76¼, and in Tasmania superfine wool went up to $3.53. Reason: a complete change in the world wool supply...
...there was more than a year's stockpile of wool on hand, about 60% of it the finer type raised chiefly in Australia and used in worsteds. Wool men feared that the surplus would take 13 years to work off and prices would tumble. Demand did fall for the poorer wool used in making soft fabrics, which fewer & fewer buyers wanted. But everyone wanted hard worsteds. The unexpected demand cleaned out the fine-wool stockpile (but left the U.S. with a stockpile of low-grade wool) and caused demand to run far ahead of supply...
...make the supply picture worse, the U.S., which had raised 70% of its own wool needs before the war, was now raising only about a third. Sheep ranchers had killed their flocks to cash in on high meat prices until the U.S. sheep population was less than at any time in 82 years...
...hundred of the nation's best golfers shivered and pulled on wool mittens between shots. It was hardly the weather they had expected for the $15,000 Los Angeles Open, played down the sleek Riviera Country Club course. High winds raised hob with tee shots, and one afternoon came bursts of hail and sleet-and then snow. Defending Champ Ben Hogan (TIME, Jan. 10) started off as badly as the weather, and got worse...