S. 3936 amendment (Senator Thye).
S. 3936 amendment (Senator Johnson of Colorado)_
Statement of:
Atkinson, Robert E., New York Coffee and Sugar Exchange.
Baruch, Bernard M., accompanied by Bernard M. Baruch, Jr.
Cargill, Robert G., Jr., vice chairman, National Grain Trade Council,
accompanied by William F. Brooks, executive secretary-
Fleming, Lamar, J., president, Anderson, Clayton & Co., Houston,
Tex_
Kline, Allan B., president, American Farm Bureau Federation__
McGrath, J. Howard, Attorney General, accompanied by Peyton
Ford, Deputy Attorney General, and John Stedman, Antitrust
Divisio", Department of Justice_
Moore, Perry E., president, New York Cotton Exchange
Nathan, Robert R., American Veterans Committee, Washington,
D. C.
Sawyer, Charles, Secretary of Commerce, accompanied by Matthew
Hale, acting Solicitor, and H. B. McCoy, Director, Office of Indus-
try and Commerce..
Scott, Walter R., Board of Trade of the City of Chicago, Min-
neapolis Grain Exchange, and Board of Trade, Kansas City, Mo.--
Smith, Russell legislative secretary, National Farmers Union-
Symington, W. Steuart, chairman, National Security Resources
Board, accompanied by Charles H. Kendall, General Counsel, and
Glenn E. McLaughlin, economist..
Umstattd, William E., president, Timken Roller Bearing Co.
Letters, telegrams, statements, etc., submitted for the record by-
American Coalition, John W. Finger, president, New York, N. Y.:
Telegram to Senator Maybank.......
American Cotton Manufacturers Institute, Inc., A. K. Winget, chair-
man, cotton committee: Telegram to Senator Maybank.
American Cotton Manufacturers Institute, Inc., A. K. Winget, chair-
man, cotton committee: Telegram to Senator Maybank..
American Farm Bureau Federation, Washington, D. C., Allan B.
Kline, president: Letter to Senator Ellender__
Membership list, National Grain Trade Council.
Article, Hedging Reduces Processor's Risks, Etc.
Central Labor Union, Charleston, S. C., and vicinity, E. R. Czaplewski,
secretary: Letter to Senator Maybank enclosing resolution...
Chamber of Commerce, Delaware, Inc., Gerrish Cassaway, manager,
Wilmington, Del.: Letter to Senator Maybank.......
Commerce and Industry Association of New York: Letter to Senator
Maybank.
Consumer Bankers Association, Thomas C. Bonshall, president, Bank
of Virginia: Statement_
Fleming, Lamar, Jr., president, Anderson, Clayton & Co., Houston,
Tex., for the National Cotton Council: Supplemental statement...
Frear, J. Allen, Jr., a United States Senator from the State of Dela-
Berl, E. Ennalls, president, Delaware Bar Association.
Claus, Henry T., News Journal Co., Wilmington, Del...
Oliphant, W. Franklin, C. C. Oliphant & Son, Inc., Laurel,
Del_
Gibbs, Coming B., Charleston, S. C.: Telegram to Senator Maybank
Gibbs, James G., Charleston, S. C.: Telegram to Senator Maybank..
Gillette, Guy M., a United States Senator from the State of Iowa:
Letter to Senator Maybank_
Grain and Feed Dealers National Association, Washington, D. C.,
James A. Tawney, counsel: Telegram to Senator Maybank..
Great Northern Building & Loan Co., E. D. Heppert, secretary-
treasurer, Barberton, Ohio: Telegram to committee
Gurney, Chan, a United States Senator from the State of South
Dakota: Letter to Senator Maybank.__.
Hall, Joe B., Greenville, S. C.: Telegram to Senator Maybank..
Hammond, James H., Columbia, S. C.: Telegram to Senator Maybank.
Hayes Market & Grocery, Lydell E. Hayes, Lakeview, S. C.: Telegram
to Senator Maybank..
Housing and Home Finance Agency, Raymond M. Foley, Adminis-
trator: Letter to Senator Maybank on housing controls of, S. 3936__
Howell, Marion M., Greenville, S. C.: Telegram to Senator Maybank
Hughes, Syd J., vice president, Industrial Bank of Commerce, New
York City: Statement. -
Humphrey, Hubert R., a United States Senator from the State of
Minnesota: Letter to Senator Maybank.
Jenkins, John S. & Co., Norfolk, Va., John S. Jenkins, Jr.: Letter to
Senator Robertson__.
King, Willford I., economics professor emeritus of New York Univer-
sity and chairman, Committee for Constitutional Government:
Statement.
Maybank, Burnet R., a United States Senator from the State of
South Carolina: Comparison of World War II statutes authorizing
controls, and the proposed controls of S. 3936_.
McGrath, J. Howard, Attorney General of the United States:
Memorandum outlining necessity for proposed amendment
Letter containing response to information requested during
testimony and enclosing comment on comparison of the De-
fense Production Act of 1950 with world war statutes and
executive orders__.
Means, Bill, Charleston, S. C.: Telegram to Senator Maybank_
Memphis Cotton Exchange, John S. Dillard, president: Telegram to
Senator Maybank..
Millers' National Federation, Washington, D. C.:
Herman Fakler, vice president, letter to Senator Maybank..
D. O. Stevens, chairman, committee on agriculture, letter to
Senator Maybank__
Moore, Perry E., president, New York Cotton Exchange, letter to
Senator Maybank
National Federation of Independent Business, George J. Burger, vice
president in charge of Washington office, telegram to Senator Cape-
hart..
National Retail Lumber Dealers Association, Washington, D. C.,
H. R. Northrup, executive vice president: Letter to Senator May-
New York Mercantile Exchange, R. Sheldon Wagner, president:
Telegram to Senator Maybank.
Restaurant Beverage Association of Washington, D. C., Philip A.
Guarino, president: Letter to Senator Maybank enclosing resolu-
tion____
Sawyer, Charles, Secretary of Commerce:
Proposed amendment_
Steel shipments to automotive and certain other consumer goods
industries.
UNITED STATES SENATE,
COMMITTEE ON BANKING AND CURRENCY,
The committee met, pursuant to notice, at 10:30 a. m., in the caucus
room, Senate Office Building, Senator Burnet R. Maybank (chair-
man) presiding.
Present: Senators Maybank, Robertson, Sparkman, Frear, Douglas,
Tobey, Capehart, Bricker, and Ives.
Also Present: Senators Johnson of Texas, and Brewster.
The CHAIRMAN. The committee will come to order.
We have for consideration at this time S. 3936, a bill to establish a
system of priorities and allocations for materials and facilities, au-
thorize the requisitioning thereof, provide financial assistance for ex-
pansion of productive capacity and supply, strengthen controls over
credit, regulate speculation on commodity exchanges, and by these
measures facilitate the production of goods and services necessary for
the national security, and for other purposes. The bill will be inserted
in the record at this point together with amendments proposed by
Senators Thye and Johnson of Colorado.
SEC. 2. It is the policy of the United States to oppose acts of aggression and
to promote peace by insuring respect for world law and the peaceful settlement
of differences among nations. To that end this Government is pledged to support
collective action through the United Nations and through regional arrangements
for mutual defense in conformity with the Charter of the United Nations. The
United States is determined to develop and maintain whatever military and
economic strength is found to be necessary to carry out this purpose. Under
present circumstances, this task requires diversion of certain materials and
facilities from civilian use to military and related purposes. It requires ex-
pansion of productive facilities beyond the levels needed to meet the civilian
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