Word: bank
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Dates: during 1950-1959
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When House-Senate conferees voted to extend the life of the Agriculture Department's soil bank for another year (see NATIONAL AFFAIRS), many Congressmen did so reluctantly. Last week Arizona's Democratic Congressman Stewart L. Udall turned up a case that went a long way toward explaining their reluctance. The case: Arizona Cotton Farmer Jack A. Harris, who put his entire 1,600-acre Pima County cotton farm in the soil bank in return for a $209,701 Government payment, then turned around and plowed up a new farm to grow three times as much cotton. Cried Congressman...
...Silly. In singling out Harris, Udall picked on a farmer-businessman who is actually on his side. Last year Harris was credited with being a force behind an Arizona Cotton Growers Association resolution calling for an end to the soil bank and to Government farm price supports and controls. This spring Harris watched in strong disapproval as county soil bank authorities offered farmers $145 an acre not to plant cotton. Then, Harris put his whole Pima County farm in the bank. Explaining his apparent flipflop, Farmer Harris says: "I wanted to show how silly, and how unnecessary, this whole thing...
...have to pay a penalty of 18½? per Ib. for growing cotton without an allotment. But even if the penalty amounts to $800,000 as it may, Farmer Harris will feel no pain. A fair-to-middling crop will likely yield him $1,200,000, plus his soil bank payments, or a profit of $600,000. Harris also has a 2,000-acre cotton patch near Fresno and a 1,000-acre field near Phoenix, both eligible for full price supports...
Taxpayers' Loss. Washington officials admitted last week that cotton-picking Jack Harris was not alone in picking the soil bank clean. So many other big-acreage cotton farmers are growing penalty cotton that the Agriculture Department long ago gave up any attempt to count them. Rather than cutting cotton surpluses through the soil bank, Harris had made the cotton surplus considerably worse. The 9,000 to 13,500 bales of cotton that he will grow on his new farm will take away the market for an equivalent amount of other cotton grown in compliance with the rules. This other...
WEST GERMAN INFLATION will be eased by 25% tariff cut designed to spur import of low-cost foreign goods, trim West Germany's $4.95 billion gold and foreign-exchange reserves, which are mounting at rate of $1 billion a year. To tighten domestic money supply the Bank Deutscher Laender (the government's central bank) will also lend $100 million to World Bank at terms of from one to three years at 4¼% interest...