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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

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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

CONTENTS

Page

1

9

10

207

257

152

169
200

238

61

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..

161
157

10
251

312

313

313

316

317

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...

215

301

271

173

195

314

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

316

329

327

316

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