Word: baled
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Dates: during 1930-1939
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Biggest moment of a busy week for every member of the Court was when once more it sat in judgment on the question of whether much of the New Deal is legal or illegal. The case arose over a bale of cotton numbered 407784. One night a year ago at Clarksdale in Coahoma County, Miss., Fred Hastings allegedly asked Jed B. Earner, a Negro helper, to steal cotton from the warehouse of Federal Compress & Warehouse Co. Black Jed quietly rolled three bales of cotton, one of them No. 407784, out of the warehouse. He confessed that for these services...
That theft should be punished by a state, Mr. Beck heartily agreed, but that a theft could become a Federal crime because the object stolen had been in possession of a Federal licensee, he vigorously denied. Thereupon Fred Hastings, Jed Earner and Bale No. 407784 were forgotten. For the question of the Federal Government's licensing powers-on which rest AAA's marketing agreements, the Potato Control Act and many another New Deal project-had been raised. The debate was taken out of the hands of Mr. Beck and his opponent, Assistant Attorney General Joseph B. Keenan...
...word of this would Secretary of Agriculture Wallace publicly admit. Nevertheless decreased consumption sharpened to a painful point the first estimate of the U. S. cotton crop for 1935 given out the following day by Secretary Wallace's department. Forecast was a production of 11,800,000 bales. That estimate was well under the big crops of the late 1920's, but it was 2,100,000 bales larger than last year. With world consumption of U. S. cotton down to 12,250,000 bales, the chance of getting rid of any worthwhile portion...
Therefore Secretary Wallace did what the defunct Farm Board did: He announced he would not sell his 4,500,000 bale holdings until the price went up again, to 13? per lb. On the question of lending on the 1935 crop he was not yet willing to commit himself. Last week he hedged bravely...
Normally the U. S. exports half its cotton crop. Exports from Aug. 1, 1934 to March 1, 1935 were down 41%. Domestic consumption is off 22%. The world surplus of U. S. cotton, cut two million bales since AAA began its reduction program in 1933, is still an 8,000,000-bale glut on the market. Of this AAA, which pegged the domestic price at 12? through its loans to growers, holds half. And its holdings are rapidly increasing since the domestic market price slipped fy under the peg in March (TIME, March...