Word: cotton
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Dates: during 1960-1969
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...Government would insure investors against losses by guaranteeing to purchase securities at parity-the 1962 highs. The certificates will be stored in Billie Sol Estes' cotton warehouses. Called STOC-CARE, the scheme will be a part of the social security program and cost only $15 a year...
...scandal just kept growing and growing-and every time an answer turned up, so did a few more questions. Last week the New York Herald Tribune (see THE PRESS) got its eager hands on a copy of the Agriculture Department's secret report on Billie Sol's cotton manipulations. Dated Oct. 27, 1961, the 140-page document clearly warned that Estes was a sleight-of-hand wheeler-dealer. Yet, three weeks after the report was submitted, Secretary of Agriculture Orville Freeman confirmed Estes' appointment to the National Cotton Advisory Committee, and the Pecos Ponzi was not arrested...
...explicit detail, investigators described how Estes illegally bought up cotton acreage allotments for his own use. Farmer Travis Hunt declared that he had written a letter to Freeman about the scheme-but had received no reply...
...Taylor Allen, former Southwest area director for the Agricultural Stabilization and Conservation Service, said that Henry Marshall, chief of production adjustment in Texas, had been planning to torpedo Estes' cotton scheme, when he was found dead with five bullet holes from a bolt-action rifle. Originally ruled a suicide by local authorities, the case is now being investigated by a grand jury...
...Billie Sol bluntly warned Agriculture investigators that if the department tried to change "in the middle of the game" the regulations under which he had built up his cotton holdings, he would "take the matter to the Secretary and the President if necessary...