Word: baling
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Dates: during 1930-1939
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Every year it is news in the South when the first bale of cotton is ginned. Last week, for the fifth time, Francisco P. Lozano, Rio Grande Valley farmer, made this news. But the event was the signal for little glee, for Texan Farmer Lozano and other U. S. cotton growers are expecting their second biggest crop in five years. Estimates have placed the total yield at 13,000,000 bales, compared to 12,400,000 in 1936, 10,630,000 in 1935. With a carryover of 14,000,000 bales from last year, this bumper crop can mean...
...agencies. But despite its auspicious start in 1933-34, its successful $200,000,000 issue of Government-guaranteed 3/4% notes last month, the agency has lately run into difficulties.* Recently it announced a $51,000,000 loss on 12? cotton loans made in 1934, and with 1,670,000 bales left on its hands it has a further paper loss of $46,250,000. Now Commodity Credit apparently must lend more heavily than ever if it hopes to peg the 1938 price against a 13,000,000-bale crop...
...five members from each house, headed by Ohio's affable, gum-chewing Senator Vic Donahey, foregathered in the Senate's cavernous marble caucus room. Senator Donahey called Arthur Morgan to present his complaints first. The gaunt, eagle-faced old hydraulic engineer carried to the stand a fat bale of mimeographed matter. As he read, his big audience became successively quiet, bored, restless. For in low, mumbling tones he continued reading, uninterrupted, for five and three-quarter hours...
This year's cotton quota has already been set at 26,300,000 acres, to produce a 10,125,000 bale crop (8,621,000 under last year's). Dark tobacco quotas will be 145,000,000 Ibs., flue-cured tobacco 705,000,000. Fines for over-productive farmers, whether they voted for or against quotas, will be two cents a pound for cotton, 50% of the market price for tobacco. Said Administrator H. R. Tolley, "We consider the vote an overwhelming endorsement of the new farm program...
Already this year one more odd piece of canvas has been added to the New Deal's present makeshift policy. To meet the threat of a 16,000,000-bale cotton crop, which knocked the price from 15? to 8? per lb., the New Deal broke out a well-worn storm sail in the form of loans to cotton growers (TIME, Aug. 23). Hastily arranged just before Congress adjourned, the cotton-loan program was financed by Jesse Jones's RFC through the Commodity Credit Corp...