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ANTI-INFLATION PROGRAM AS RECOMMENDED IN THE

PRESIDENT'S MESSAGE OF NOVEMBER 17, 1947

HEARINGS

BEFORE THE

JOINT COMMITTEE ON THE ECONOMIC REPORT

CONGRESS OF THE UNITED STATES

EIGHTIETH CONGRESS

FIRST SESSION

PURSUANT TO

SEC. 5 (A) OF PUBLIC LAW 304,

79TH CONGRESS

NOVEMBER 21, 24, 25, 26, 28, DECEMBER 2, 3, 4, 5, 9, AND 10, 1947

Printed for the use of the Joint Committee on the Economic Report

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JOINT COMMITTEE ON THE ECONOMIC REPORT

UNITED STATES SENATE

HOUSE OF REPRESENTATIVES

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ROBERT A. TAFT, Ohio, Chairman

JESSE P. WOLCOTT, Michigan, Vice ChairJOSEPH H. BALL, Minnesota

man RALPH E. FLANDERS, Vermont

GEORGE H. BENDER, Ohio ARTHUR V. WATKINS, Utah

ROBERT F. RICH, Pennsylvania JOSEPH C. O'MAHONEY, Wyoming

CHRISTIAN A. HERTER, Massachusetts FRANCIS J. MYERS, Pennsylvania

EDWARD J. HART, New Jersey JOHN J. SPARKMAN, Alabama

WRIGHT PATMAN, Texas

WALTER B. HUBER, Ohio
CHARLES 0. HARDY, Staff Director
FRED E. BERQUIST, Assistant Staff Director

JOHN LEHMAN, Clerk
II

CONTENTS

Page

1

561

515

493

124

133
595

Statement of —
Anderson, Hon. Clinton P., Secretary of Agriculture, Washington,

D. C.

Baer, Julius B., general counsel, Commodity Exchange, Inc., New

York, N. Y..

Barnes, Raymond J., president, North American Export Grain Asso-

ciation, New York, N. Y.---

Boyd, James, Director, Bureau of Mines, Department of the Interior,

Washington, D. C.

Bright, Edgar A. G., New Orleans Cotton Exchange, New Orleans,

La---

Brown, Edward E., chairman of board, First National Bank, Chicago,

Ill., and president, Federal Advisory Council.
Cate, Henry H., president, Flour Mills of America, Inc., Kansas City,

Mo.

Chapman, Hon. Oscar L., Acting Secretary, Department of the

Interior, Washington, D. C..
Crawford, Roy D., secretary and general manager, the Farmers Union

Jobbing Association, Kansas City, Mo.

Creekmore, E. F., American Cotton Shippers Association, New

Orleans, La..
Crow, William C., Director, Marketing Facilities Branch, Production

and Marketing, Administration, Department of Agriculture, Wash-

ington, D. C.----
Eccles, Marriner S., chairman, Board of Governors, Federal Reserve

System, Washington, D. C.-
Eccles, Marriner S. (resumed testimony)
Farrington, Carl C., Assistant Administrator, Production and Market-

ing Administration, Department of Agriculture, Washington, D. C.-

Federal Advisory Council..

Ferguson, E. S., vice president, Kellogg Commission Co., Minneapolis,

Minna

Friedman, Robert E., Oil and Gas Division, Department of the

Interior, Washington, D. C..
Gardner, John C., president, New York Coffee & Sugar Exchange,

Inc., New York, N. Y.--

Gordon, Colin S., vice president, Quaker Oats Co., Chicago, Ill.

Harriman, Hon. W. Averell, Secretary of Commerce, Washington,

D. C.

Harriman, Hon. W. Averell (resumed testimony)

Hunt, Karl G., Dallas Cotton Exchange, Dallas, Tex.

Lang, Benjamin S., vice president, First National Bank, St. Louis,

Mo.

McClintock, J. O., president, Chicago Board of Trade, Chicago, Ill..
McIntyre, Francis E., Export Supply Branch, Office of International

Trade, Department of Ĉommerce, Washington, D. C.-.
Mehl, J. M., Administrator, Commodity Exchange Authority, Depart-

ment of Agriculture, Washington, D. C.-
Rhodes, F. Marion, assistant to the Administrator, Production and

Marketing Administration, Department of Agriculture, Washing-

ton, D. C.

Sanford, H. E., Pacific manager, Continental Grain Co., Portland,

Oreg-

Schutte, George C., president, New York Cocoa Exchange, Inc., New

York, N. Y..

Skyberg, Herman F., president, Farmers Cooperative Marketing

Association, East Grand Rapids, Minn.-

92

146

538

458

393

406

267

192

67

127

374
Page
501

408

Statement of-Continued

Slaughter, Charles, New York Cotton Exchange, New York, N. Y.---
Strange, H. G. L., director, research department, Searle Grain Co.,

Ltd., Winnipeg, Canada.

Sturtevant, R. H., vice president, Hart-Bartlett-Sturtevant Grain Co.,

Kansas City, Mo

Snyder, Hon. John W., Secretary of the Treasury, Washington, D. C.-

Uhlmann, Richard F., president, Uhlmann Grain Co., and vice presi-

dent, Chicago Board of Trade, Highland Park, Ill.-

Vaile, Roland S., professor of economics and marketing, University of

Minnesota, Minneapolis, Minn.
Wheeler, Dan H., Director, Program Division, Department of the

Interior, Washington, D. C..

Witkin, Isaac, president, General Cocoa Co., New York, N. Y.

340

528

484

ANTI-INFLATION PROGRAM AS RECOMMENDED IN THE

PRESIDENT’S MESSAGE OF NOVEMBER 17, 1947

FRIDAY, NOVEMBER 21, 1947

CONGRESS OF THE UNITED STATES,
Joint COMMITTEE ON THE ECONOMIC REPORT,

Washington, D. C. The committee met at 2 p. m., pursuant to call, in Room 318, Senate Office Building, Senator Robert A. Taft, chairman, presiding.

Present: Senators Taft (chairman), Ball, Flanders, Watkins, O'Mahoney, Myers, Sparkman, and Representatives Wolcott (vice chairman), Bender, Rich, Hart, Patman, Huber.

Senators Capper, Aiken, Écton, Baldwin, Bushfield, Cooper, Young, and Representatives Talle, Poulson, and Horan.

Also present: Charles 0. Hardy, staff director; Fred E. Berquist, assistant staff director; and John W. Lehman, clerk.

The CHAIRMAN. The committee will come to order.

The committee is meeting in a series of hearings to complete the investigation which the committee itself has been making for the last 3 months, particularly through three subcommittees which have held hearings in some, 30 or 40 cities on the subject of high prices, and also to consider the President's recommendation in his recent message in particular the 10 points, or some of the 10 points which appear in that message.

Secretary Harriman, acting for the President, has arranged to have the officials directly concerned appear before the committee to present in more detail the proposals made by him in his message.

The first witness to appear is Secretary Anderson, Secretary of Agriculture, and I presume he will deal with various of these items, and particularly items 2, 5 and 6. I assume also that he is open to questions on those, and perhaps any of the others that are stated in the message.

Mr. Secretary.

STATEMENT OF HON. CLINTON P. ANDERSON, SECRETARY OF

AGRICULTURE, UNITED STATES DEPARTMENT OF AGRICULTURE, WASHINGTON, D. C.

Secretary ANDERSON. Primarily, Senator, I thought we would deal with No. 2, briefly with No. 3, if you do not mind we would like to make some comments on it, and No. 4, No. 5, No. 6, and No. 7.

The CHAIRMAN. All right.
Secretary ANDERSON. And very briefly on some of the others.
The CHAIRMAN. You may proceed.

Secretary ANDERSON. Mr. Chairman and members of the committee, the Department of Agriculture, through me, in the main would

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