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US-USSR / Wheat Deal #224855

CBS Evening News for Monday, Sep 18, 1972
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(Studio) House agriculture subcommittee continues investigation of wheat sale to USSR , esp. that advance information helped big grain firms to reap windfall profits. Telephone calls of especially concern today.
REPORTER: Walter Cronkite

(Capitol Hill, DC) Agriculture Department officials admit telephone calls; deny calls provided inside information that aided pricing. Charles Pence admits calls on August 24 to tell them of policy change already in effect: government no longer guaranteeing subsidy levels. Claims information not beneficial to exporters. [Agriculture Department, PENCE - explains action in context of subsidies. Disavows knowledge of price futures, but admits exporters might have thought in that direction.] 1 Republican calls investigation a witch hunt; but Democrats said unconvinced, especially Representative John Melcher. [MELCHER - questions reasons for calls.] Questions to be raised regarding Clarence Palmby, example Agriculture Department official who was involved in USSR negotiations them later joined grain firm. Palmby to appear tomorrow.
REPORTER: Barry Serafin

Cronkite, Walter;
Serafin, Barry

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