Word: cottons
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Dates: during 1950-1959
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Recapturing the Loot. Behind them the exile seekers left some $18 million worth of land, city real estate, factories, cars and bank accounts. During his time in office, Arbenz emerged as the owner of a $3,000,000 cotton plantation; his Interior Minister turned into a gentleman-farmer with two coffee fincas; another pal acquired two mansions. "Progressive capitalists" who cooperated with the Reds got rich fast. With the owners gone, what was to be done with all this property...
...COTTON CROP will be smaller than expected, may force up the price of cotton goods. The Department of Agriculture's September crop report cut the August estimate 7% (to 11,-832,000 bales), thereby sent prices of cotton futures edging...
...Providence, New Bedford, Mass., four other hard-hit cities, and flew off to New England to check on loan requests. Among them: a Kittery (Me.) lobsterman wanted $1,500 to replace his lost boat; a Providence clothing store wanted $10,000 to replace its ruined merchandise; a New Bedford cotton mill wanted $75,000 to repair wrecked machinery. At week's end SBA offices were getting ready for more disaster loans for damage caused by Hurricane Edna (see NATIONAL AFFAIRS...
Tradition Shattered. Most of Burnet Maybank's ancestors were low-country planters. Senator Maybank's father was a Charleston physician, and Maybank grew up in a stately colonial house in Charleston. After World War I, Maybank became a cotton exporter, then a Charleston alderman and mayor. He shattered the modern tradition that low-country aristocrats could not win the votes of up-country farmers; in 27 years of politics he never lost an election, was elected to the Senate three times, and was unopposed for reelection this year...
...Leon Lowenstein, 71, was elected board chairman of Wamsutta Mills of New Bedford, Mass. He remains chairman of M. Lowenstein & Sons, Inc., the big cotton clothmaker, which recently bought control of Wamsutta (TIME, Aug. 30). Joseph Axelrod will stay as president, but Lowenstein and six of his top executives will sit on the ten-man board...