Word: cottone
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Dates: during 1940-1949
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...other bowl games: Duke and Alabama in New Orleans' Sugar Bowl; Texas Christian and the Oklahoma Aggies in Dallas' Cotton Bowl; Georgia Tech and Tulsa in Miami's Orange Bowl...
Died. Ellison DuRant ("Cotton Ed") Smith, 80, walrus-mustached, unreconstructed Democratic Senator from South Carolina for 35 years (longest consecutive Senatorial term in U.S. history); of coronary thrombosis; in Lynchburg, S.C. Perched on cotton bales in a mule-drawn wagon, Cotton Ed galumphed through South Carolina, roaring his belief that in his God-blessed state a family could have security on 50? a day. A pain in the New Deal's side, he championed "white supremacy," the poll tax, states' rights. Last July, roundly trounced in the Democratic primaries by Governor Olin Johnston, he returned to his dirt...
...Government last week made a move considerably out of line with the international trade policies of Cordell Hull. The Commodity Credit Corp. announced that, under an amendment to the Surplus Property Act, it would pay export subsidies to help clear the U.S. of its huge surpluses of cotton and wheat. This will permit the exporter either to obtain the wheat and cotton from the corporation at world prices or to pay farmers the current domestic prices, then sell the commodities abroad at the much lower competitive world price and collect the difference from the Government. The difference will...
...long and vigorously condemned subsidies on goods sold by other nations to the U.S. The American objection is based on the sound economic theory that export subsidies are mutually destructive and are bound to bring a cutthroat international price war in the competition for markets.* Commenting on the new cotton plan, the National City Bank of New York said: ''Selling abroad at prices below the domestic market is 'dumping,' a policy Which other producing countries may resent. The cotton subsidy . . . notifies foreign producers that we are not interested in supporting the world price any longer...
Actually the trouble rests with domestic policy. Surpluses of cotton and wheat are being built up because: 1) the U.S. farmer has priced himself out of the world market, and 2) the Government is committed to supporting this high price for at least two years after the war. Thus the U.S. is trying to put the farmer back into the world market by granting an export subsidy which in the long run goes to him. But the international result of CCC's present policy may be reprisals by other nations angling for markets for their surpluses either...