[Operations of Billie Sol Estes, Report Prepared by the Intergovernmental Relations Subcommittee of the Committee on Government Operations, October 1964]
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OCR Page 1 of 46994
OPERATIONS OF BILLIE SOL ESTES
through the Lawrence warehouse system, and they sent their
fieldman in to check his warehouses about twice every 6
weeks. Their fieldman never did find the inventory short
by one single item.
We believe Mr. Estes to be honest and reliable. He is of
good morals and character. In dealing with us, he has
always performed just as agreed, and we have found no dis-
crepancy in any statements he has ever made us.
As well as being in the warehouse business, Mr. Estes is a
large irrigated cotton farmer He also has interest in a well
service company, a pump company, an engine company, a
concrete premix plant, and is one of the largest distributors
of chemical fertilizer and insecticide in this area.
The last financial statement furnished us from Mr. Estes
shows him with a net worth in excess of $5 million.
Yours very truly,
RAY C. McPHERSON,
Executive Vice President.
Two-Bond Proposal
Two days after the January 25 meeting in Washington, the Wichita
office of the Warehouse Act Branch-which presumably did not know
about Estes' visit to Carl Miller's office-was still proceeding with
plans for coverage of Estes' warehouse operations with two separate
surety bonds totaling slightly more than $1 million. The two bonds
would provide $710,000 coverage for facilities at Plainview and
$300,000 total coverage for facilities at all other locations. Donald
McCoy, the warehouse examiner handling details of the license re-
newals for Estes' facilities, had been assured that Estes could secure
the two bonds necessary for this coverage.
On January 27, 1961, Warren Williams, who was temporarily in
charge of the Wichita office, received Donald McCoy's January 25
letter containing the two-bond proposal. Later the same day,
Williams forwarded a copy of the McCoy letter to Carl Miller in
Washington; in the memorandum of transmittal, which follows,
Williams used language indicating that he either anticipated or was
recommending approval of the two-bond proposal by Carl Miller
We have just received Mr. McCoy's original report to
amend license 3-4458 to include additional tanks having a
total capacity of 2,957,000 bushels. He left with the ware-
houseman an agreement to extend bond currently on file
in the amount of $700,000, as you instructed in your wire
of Janruary 18, 1961.
You requested the renewal bond in the amount of $1
million. You will note in Mr. McCoy's letter of January
25 that he prepared two renewal bonds and he gives his
analysis of these bonds. When you have reviewed Mr.
McCoy's letter, will you kindly indicate your approval.
The subcommittee found no record in the files of any response to
Williams' January 27 memorandum, which was received in Washington
on January 30; Carl Miller advised that the Wichita office was noti-
fied by telephone that the order to increase Estes' bond was being
reconsidered.
On February 2, 1961, the Wichita office sent the following letter
to Wayne Cooper, general manager of United Elevators:
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