Word: hundredweight
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Dates: during 1950-1959
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PORK PRICES will be boosted by new Government buying program. Including current lard purchases, Agriculture Secretary Ezra Taft Benson will make $100 million available immediately to buy pork for school-lunch programs and other nonprofit uses. As result, pork prices, which had slipped below $15 per hundredweight for first time since March, spurted ahead last week to $15.50 per hundredweight...
...Hassle over Pork. As Ezra Benson moved across the U.S., such assistance was needed. In Chicago he trudged through the manure in the stockyards, spotted and sold (to a livestock commission buyer) a choice lot of hogs at $15.25 a hundredweight, 25? above the day's previous high. Given a stockman's cane as a souvenir of his feat, Benson later referred to the cane as a reminder that hogs should never "go below that price again." But before the week was out, the top for hogs in Chicago had slipped...
...Department of Agriculture's granary of unfortunate experiments, no case is more spectacular than the 1948-50 effort to support the price of potatoes. The Government bought surplus potatoes for about $1.50 a hundredweight, dyed them deep blue, then sold them back to the producers at 1? a hundredweight for fertilizer or livestock feed. Net loss: $478 million. Net result: Congress passed a law prohibiting potato price supports...
...potatoes. Secretary Ezra Taft Benson firmly declined, suggested that growers cut production. But as prices fell and pressure mounted, Benson yielded. Last week he announced that the Department will 1) buy a limited amount of potatoes for school lunch and welfare use, 2) pay a subsidy of 35? a hundredweight to divert potatoes into starch and flour production, and 3) join producers in potato-sales-promotion...
...wholesale drops have not yet reached the housewife. Oranges, for example, were still retailing last week for as much as 60? for 5 Ibs., or 18 times the price on the tree. And though meat prices were moving down in the stockyards (lamb dropped nearly $2 a hundredweight from a month ago), they were still sky-high at the retail counter. Oddest situation of all was in potatoes, which two years ago were rotting on the ground for lack of buyers. Last week there was a thriving potato black market, due to the short potato crop last year. OPS officials...