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Here they were gorging greedily on inflation until their grain was cut off. These were the privileged 8% entitled to buy 100 shares of Anything, Inc. and live happily on dividends ever after...

Author: /time Magazine | Title: Letters: Jun. 15, 1962 | 6/15/1962 | See Source »

Omitted Name. Meanwhile, a House subcommittee headed by North Carolina's L. H. Fountain resumed hearings on Estes' massive grain-storage operations. The Fountain investigation was only a sort of aperitif served up before full-course Senate hearings scheduled to begin June 27 under the chairmanship of Arkansas' leathery John McClellan. But even so, the Fountain subcommittee made a splash of its own. Over the protests of Republican members, the subcommittee's Democratic majority fired the minority counsel, Republican Lawyer Robert E. Manuel. His offense: giving a New York Herald Tribune reporter a copy...

Author: /time Magazine | Title: Investigations: The Estes Scandal (Cont'd) | 6/15/1962 | See Source »

...Rumanian grain production has matched prewar output only six times in the last 17 years. Horse meat in Bucharest is plentiful, but beef is scarce. Beef is also short in Hungary, which last year shipped $3,200,000 worth of cattle to West Germany in exchange for industrial goods...

Author: /time Magazine | Title: Communists: Bungling Materialists | 6/15/1962 | See Source »

...Stop Shopping. Last year Massey formed a jointly owned corporation with Kansas City's Butler Manufacturing Co.. a producer of farm buildings, storage and grain-handling equipment. For the new corporation M-F executives cherish vaulting ambitions. One day, they hope, it will offer the world's hungry emerging nations one-stop agricultural shopping in a kind of vast supermarket capable of supplying a farmer with all his needs: implements, farm buildings, seed, fertilizer and free expert advice...

Author: /time Magazine | Title: Canada: Harvesting the World | 6/15/1962 | See Source »

...Hilary Moseley, head of the Agriculture Department's Dallas commodity office, sent a memo to Washington in 1960 warning that Estes' complex operations involved heavy indebtedness. Moseley suggested that Estes' grain-storage bond should be higher than $200,000. After Moseley's memo, the bond eventually was raised to $700,000-still a ridiculously low figure for an operation of such size...

Author: /time Magazine | Title: Investigations: Place in History | 6/8/1962 | See Source »

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