Word: cottons
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Dates: during 1930-1939
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This week he pushed his sorest worry, cotton, in a new direction. In the 1936 Soil Conservation Act, Secretary Wallace was empowered to use his funds to expand foreign markets and remove domestic surpluses of commodities or commodity products. Under this authority, and that latent in the 1939 Farm Appropriation Bill, he may spend $50,000,000 in subsidizing export cotton and cotton products. This was the first time that the "products" phrase of the authority had been used, and it was a politically agile move, since nobody has damned the New Deal, particularly its Wage & Hour Bill, harder than...
This vast experiment, directly contrary to Secretary of State Hull's reciprocal trade agreements, directly resulted from cotton's tragic predicament: 1) cotton exports for the season ending July 31 were 3,400,000 bales, smallest in 60 years; 2) Mr. Wallace is still holding the bag on 11,300,000 bales of cotton, the accumulated surplus; 3) in three weeks cotton-pickers will begin plucking 1939 bolls for a new unwanted, unsalable crop expected to total about 12,000,000 more bales...
Last week, wheat sold at Liverpool for less than at any time on record, July corn sold at Chicago for less than at any time in six years, October cotton was quoted at New York for 1½? less than the week before. The auto industry was in its summer stagnation period. And out from under U. S. business was knocked 1939's firmest prop: building's spurt to new monthly highs. The Annalist reported that building-earlier in the year up some 70% from the 1938 low (adjusted seasonally), and almost 25% from the 1937 high...
...weighs 1,700 pounds (less than the flywheel of the early Harvester tractors); its four-cylinder engine will pull a 16-inch plow bottom or a one-row middle buster (for furrowing cotton and cornfields...
...case, the U. S. cannot make a decision of any sort that will not profoundly alter the balance of world power. With half the steel capacity of the world, with immense reserves of cotton, oil and wheat, any U. S. decision that materially limits war-time shipments would in effect alter world geography as much as if Hitler seized the Ukraine. Lesser embargoes would amount to lesser geographical rearrangement. So regardless of intention, the U. S. plays a part in power politics-with the responsibilities and the risks of a world power...