Word: aaas
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...five committees-Agriculture, Judiciary, Immigration, Naval Affairs, and Pensions (of which he is chairman). In committee he has furthered his two legislative interests: more money for veterans and the cause of the wheat farmer. He wrote the wheat sections of the Pope-McGill Farm Bill (the second AAA), defended them in the longest speech he ever made in Congress...
...harassed Secretary of Agriculture Henry A. Wallace last week, "that some people would say we are back to 1932. . . ." Then, after repeating the complaint that some newspapers were "creating a wrong impression," he issued a batch of figures to show how U. S. farmers are faring under the new AAA: estimated 1938 farm income (including Government largess) is $7,500,000,000, down 12.7% from 1937-but 74% above...
Meanwhile, with no explanation except that it was following the Canadian subsidy program, AAA started Federal Surplus Commodities Corp. on a wheat-buying spree. FSCC will buy 100,000,000 bu. around prevailing prices (62?), dump it abroad for whatever it will bring. Estimated cost: $25,000,000. Although Chicago prices shot up 3? a bu. as short holders ran for cover, likely ultimate effect of the dumping program will be to depress already-depressed world prices...
...AAA lent $7,250,000 to Dairy Products Marketing Association to buy and store 25,000,000 lb. of surplus butter. Few days later a sharp break in butter futures to 22¾?, lowest in four years, pointed up the seriousness of the situation...
Whether or not this year's surplus problems can be solved, the AAA last week fixed 1939 benefit payments at 26-to-30? a bu., 14-18? above the 1938 rate, for U. S. wheat farmers who reduce their acreage 31%. Otherwise, next year's crop-control program is substantially the same as this year's. Total amount earmarked for 1939 benefit payments...