A BILL TO ESTABLISH A SYSTEM OF PRIORITIES AND ALLO-
CATIONS FOR MATERIALS AND FACILITIES, AUTHORIZE THE
REQUISITIONING THEREOF, PROVIDE FINANCIAL ASSISTANCE
FOR EXPANSION OF PRODUCTIVE CAPACITY AND SUPPLY,
STRENGTHEN CONTROLS OVER CREDIT, REGULATE SPECULA-
TION ON COMMODITY EXCHANGES, AND BY THESE MEASURES
FACILITATE THE PRODUCTION OF GOODS AND SERVICES
NECESSARY FOR THE NATIONAL SECURITY, AND FOR OTHER
PURPOSES
JULY 24, 25, AND 26, 1950
Printed for the use of the Committee on Banking and Currency
COMMITTEE ON BANKING AND CURRENCY
BURNET R. MAYBANK, South Carolina, Chairman GLEN H. TAYLOR, Idaho
CHARLES W. TOBEY, New Hampshire J. W. FULBRIGHT, Arkansas
HOMER E. CAPEHART, Indiana A. WILLIS ROBERTSON, Virginia
RALPH E. FLANDERS, Vermont JOHN J. SPARKMAN, Alabama
JOHN W. BRICKER, Ohio
J. ALLEN FREAR, JR., Delaware
IRVING M. IVES, New York
PAUL H. DOUGLAS, Illinois
RUSSELL B. LONG, Louisiana
A. LEE PARSOxs, Clerk
Jos. P. MCMURRAY, Staff Director
II
S. 3936
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-
Gerholz, Robert P., president, National Association of Real Estate
Boards
Goss, Albert S., master, the National Grange--
Jerome, Edward, representing the National Economic Council, Inc.,
New York, N. Y..
Kline, Allan B., president, American Farm Bureau Federation.-
McGrath, J. Howard, Attorney General, accompanied by Peyton
Ford, Deputy Attorney General, and John Stedman, Antitrust
Division, Department of Justice-
Moore, Perry E., president, New York Cotion 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.
Americans for Democratic Action, Washington, D. C.: Letter to
Senator Maybank enclosing statement on ADA mobilization pro-
gram.--
Atkinson, Robert A., New York Coffee and Sugar Exchange, Inc.:
Letter to Senator Maybank with reference to Senator Gillette's
letter.
Atlanta Cotton Exchange, W. A. Simpson, president: Telegram to Sen-
tor Maybank.
Baruch, Bernard M.: Letter to Senator Maybank.
Bennettsville Chamber of Commerce, Bennettsville, S. C.: Telegram
to Senator Maybank..
Letters—Continued
Capehart, Homer E., a United States Senator from the State of
Indianá:
Comparison of Defense Production Act of 1950 with postwar
Presidential requests as reflected in the Spence bill and the
Barkley bill..
Comparison of Defense Production Act of 1950 with world war
statutes and Executive orders.--
Cargill, Robert G., Jr., vice chairman, National Grain Trade Council:
Views of section 411 of bill..
Government stocks of grains.
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.--
Consumer Conference of Greater Cincinnati, Mrs. Arthur L. Van
Veen, chairman, consumer-credit committee: Letter to Senator
Maybank
Eccles, M. S., member, Board of Governors, Federal Reserve System:
Statement -
Federal Reserve System, Board of Governors: Statement-
Federation of Post Office Clerks of South Carolina, A. F. Hollings-
worth, secretary: Letter to Senator Maybank..-
Fidelity Federal Savings and Loan Association, Greenville, S. C.,
Marion M. Hewell, president: Letter to Senator Maybank.-
First Federal Savings and Loan Association of Charleston, S. C.:
Letter to Senator Maybank...
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-
Letter to Senator Maybank..
Telegram to Delaware business, labor, and civic leaders..
Replies from
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.
Goss, Albert S., Master, the National Grange: Parity, support prices,
and market prices---
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...
Letters—Continued
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:
L
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-
bank..
National Savings and Loan League, Oscar R. Kreutz, executive man-
ager: Letter to Senator Maybank -
National Small Businessmen's Association:
Dewitt Emery, president: Telegram to Senator Maybank -
J. Raymond Tiffany, general counsel: Telegram to Senator May-
bank.
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.
Southern Cotton Shippers Association, Memphis, Tenn.:
Sam G. Loring, secretary and general manager, telegram to
Senator Maybank.
W. H. Willey, Jr., letter to Senator Maybank.
Summit Portage County Savings and Loan League, H. B. Lecky,
president, Akron, Ohio: Telegram to committee -
Taylor H. S., president, Oglebay, Norton & Co., Cleveland, Ohio:
Statement-
Thye, Edward J., a United States Senator from the State of Minne-
sota: Letter to Senator Maybank..
Walker, Joseph, Joseph Walker & Co., Columbia, S. C.: Letter to
Senator Maybank enclosing statement of E. F. Creekmore-
Weil, Charles A., Edmond Inc., New York, N. Y.: Letter to
Senator Maybank
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