Word: cottons
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...vision: "I discovered that my own little postage stamp of native soil was worth writing about and that I would never live long enough to exhaust it. I created a cosmos of my own." He called it Yoknapatawpha County and set it down in the rolling pine hills and cotton-rich valley bottoms of northeastern Mississippi, 80 miles from Memphis, Tenn., named its county seat Jefferson, and peopled its 2,400 sq. mi. with 15,611 residents-"Whites, 6,298; Negroes, 9,313. William Faulkner, sole owner and proprietor...
...other Faulkner character, Ike McCaslin grapples with and points the way to the moral and emotional resolution of the white man's guilt. Faulkner begins again at the beginning, where Ike McCaslin's ancestors with their slaves took the land from the Indians and tamed it to cotton. He then tells how Ike himself as a boy grows up in the town of Jefferson, learns to hunt deer and bear, and is initiated into a manly love for the wilderness and all the creatures...
...Government's cotton policy is a crazy quilt that would put even Rumpelstiltskin in stitches-and it costs the U.S. taxpayer $500 million a year. Congress has piled subsidy on top of subsidy, seems to think up a new price prop every year...
First the Government fixed the price of domestic cotton at 32½? a lb., which is 8½? above the present world market price. Then it has been paying an 8½? subsidy to exporters so that they can sell U.S. cotton competitively at the world price. But U.S. textile manufacturers have been complaining that foreign textile makers can thus buy U.S. cotton cheaper than they can-and the Government has now devised still an other subsidy to meet their complaints. Beginning Aug. 1, it will drop the farmers' support price 2½? to 30?, automatically lowering the subsidy...
...system last week proved to be the last boll for the 93-year-old New Orleans Cotton Exchange, which closed its doors to trading. Because the price of cotton has been so firmly fixed, big dealers no longer have to go to the exchange to buy futures contracts to hedge against possible fluctuations. Futures trading on the New Orleans exchange dropped from 12 million bales a decade ago to only 18,000 last year. The exchange did not take its closing easily, planted full-page ads in many newspapers to attack the situation. After suggesting that Secretary of Agriculture Orville...