Word: cottons
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Dates: during 1950-1959
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...handlers laid out fresh clothes as Fats mopped his face and clambered out of his tan silk suit (he owns 51 such rigs). The band got a quick dressing-down: "You guys ain't playin' wuth a cotton picker's wages-a real crummy beat." Then, turning to reporters, Fats philosophized about his wearying one-night stands: "Gold all the way, but man, they get old." Fats's gold standards are high: he estimates that he will make $600,000 to $700,000 this year, spend $60,000 on a house in New Orleans...
...much does the cotton support program cost taxpayers? Last week Lamar Fleming Jr., board chairman of Anderson, Clayton & Co., world's largest private cotton dealers, dug into Government figures, came up with the staggering total of $1,156,000,000 as the cost this year. In a speech to the American Cotton Congress in Dallas, Fleming, a crusader for sound farm policies (TIME, April 8), pointed out that this is more than $1,000 for each of the 850,000 farms on which cotton is grown...
Fleming's figures were underlined in a press conference in Washington where Agriculture Secretary Ezra Taft Benson took pride in the fact that his department this fiscal year is selling 7,500,000 bales of surplus cotton abroad v. total U.S. cotton exports last year of 2,200,000 bales. But Benson conceded that the Government will lose $530 million by selling cotton for an average of $115 a bale v. the Government cost...
Actually, said Cottonman Fleming, the Department of Agriculture export program is just plain old-fashioned dumping, and the U.S. has laws to punish other countries who try to do this in the U.S. Now, said Fleming, "by espousing international dumping as the key procedure for liquidation of cotton surpluses, we have initiated a reaction from these principles, back toward an isolationism which, if adopted by other nations, will play havoc with our export markets...
Mule-Power Farms. Moreover, said Fleming, the U.S. is not really selling about half of the exported cotton; it is giving it away or exchanging it for soft currencies or covered by long-term soft loans. He estimated that some $100 million of such losses should be added to the outright subsidy in this year's export program, which he figured out at $536 million. On top of $636 million, he added $150 million in cotton soil-bank payments this year, $80 million in general Agriculture Department expenses for cotton, and $290 million in artificially inflated raw-material costs...