Word: bankhead
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Dates: during 1940-1949
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Last June Alabama's desk-farmer, Senator John H. Bankhead, headed the Congressional bloc that shoved through a law forcing the Government to make every effort to buy cotton, wheat and other farm products at 100% of parity.* Cotton prices had soared over 100% since 1939, but John Bankhead wanted more: specifically, he wanted cotton prices to rise nearly 1? more a pound. Because cotton and wheat production have been consistently greater than domestic consumption, the law of supply & demand had long worked against Bankhead's dream of top prices for these commodities. Futures prices in the open...
Economics by Law. After his law was signed by President Roosevelt, John Bankhead waited & waited, three long months, for War Food Administrator Marvin Jones to get busy and buy cotton. Marvin Jones showed no enthusiasm-he was having trouble enough buying the avalanche of wheat pouring into midwest markets...
Last week Bankhead could wait no longer. It was Congressional vacation time, and his Southern voters were waiting for some proof of the $50 million gift from the taxpayers. Bankhead turned on the heat; Marvin Jones hastily ordered the Commodity Credit Corp. to start buying cotton at parity, beginning Oct. 2. This was believed to be a temporary policy of expediency, to apply to the 1944 crop only -but the consternation in the trade was the commodity news of the week...
...whose newest creation is a hat composed of a single pink garter) and Dressmaker Hattie Carnegie announced they would take the first possible boat to Paris. In San Francisco, Department Storekeeper Paul Verdier closed his doors and broke out champagne for his 600 employes. In Hollywood, husky-voiced Tallulah Bankhead, who had vowed not to take a drink until complete Allied victory, was rumored to have fallen off the wagon at an Elsa Maxwell Paris celebration party...
With Truman holding a narrow lead, 477½-to-472½, the bosses could wait no longer. Alabama's Bankhead withdrew his name, threw 22 votes to Truman. South Carolina switched all 18 votes to Truman. The galleries howled and screamed. Indiana's huge Boss Frank McHale withdrew Paul McNutt's name. Maine came over to Truman. "We want Wallace!" roared the galleries...