CURRENT PRICE DEVELOPMENTS AND THE PROBLEM HEARINGS BEFORE THE JOINT COMMITTEE ON THE ECONOMIC REPORT EIGHTIETH CONGRESS FIRST SESSION PURSUANT TO SEC. 5 (A) OF PUBLIC LAW 304, 79TH CONGRESS PART 1 JUNE 24, 25, 26, JULY 2, 8, 9, 10, 14, 15, 16, 17, 1947 Printed for the use of the Joint Committee on the Economic Report RALPH E. FLANDERS, Vermont GEORGE H. BENDER, Ohio ROBERT F. RICH, Pennsylvania CHRISTIAN A. HERTER, Massachusetts WRIGHT PATMAN, Texas CHARLES O. HARDY, Staff Director II Statement of- Page Brown, Millard D., president, Continental Mills, and the Pennsylvania 207 Bunting, Earl, president, National Association of Manufacturers, Wash- 409 Burger, George H., director, National Federation of Small Business, Burgess, W. Randolph, vice chairman, National City Bank of New 398 477 527 Colt, S. Sloan, president, Bankers Trust Co., New York City-. Davis, William H., representing Americans for Democratic Action_ Folsom, Marion B., treasurer, Eastman Kodak Co--- Forbes, B. C., editor and publisher, Forbes Magazine, New York City. Francis, Clarence, president, General Foods Corp., New York City--- Gilbert, Richard W., economist, Americans for Democratic Action, Goss, Albert S., master, the National Grange, Washington, D. C----- Harder, C. Wilson, president, National Federation of Small Business, Inc., (George H. Burger appeared in place of Mr. Harder). Henderson, Leon, chairman, executive committee, Americans for Demo- cratic Action; chief economist, Research Institute of America, Inc. 477, 499 Hoffman, Paul G., president, Studebaker Corp., South Bend, Ind___. Humphrey, George M., the M. A. Hanna Co., Cleveland, Ohio____. 460 159 Marsh, Benjamin C., executive secretary, People's Lobby, Washington, 580 Martin, Lawrence, associate editor, the Denver Post, Denver, Colo‒‒‒‒ McCormick, Fowler, chairman of the board, International Harvester Murray, Philip, president, Congress of Industrial Organizations (Emil Nathan, Robert, Americans for Democratic Action, Washington, O'Neal, Edward A., president of the American Farm Bureau Federa- Porter, Paul A., member of board, Americans for Democratic Action, Rieve, Emil, administrative chairman, full employment committee, 105, 156 Robey, Ralph W., chief economist, National Association of Manufac- Sanders, J. T., legislative counsel, the National Grange, Washington, Schmidt, Emerson P., economist, Chamber of Commerce of the United 443 336 291 Schultz, Theodore W., vice chairman, agricultural committee, Na- 322 nson, Ernest, Chamber of Commerce of the United States, Wash- 291 aut, Charles R., Jr., president, National Association of Indepen- 578 Upgren, Arthur R., editorial writer, Minneapolis Star-Journal and 380 Wood, Gen. Robert E., chairman of the board, Sears, Roebuck & Co--- 447 CURRENT PRICE DEVELOPMENTS AND THE PROBLEM OF ECONOMIC STABILIZATION TUESDAY, JUNE 24, 1947 CONGRESS OF THE UNITED STATES, JOINT COMMITTEE ON THE ECONOMIC REPORT, Washington, D. C. The committee met, pursuant to call in the caucus room, Senate Office Building, at 10 a. m., Senator Robert A. Taft (chairman) presiding. Present: Senators Taft (chairman), Flanders, Watkins, O'Mahoney, Myers. Representatives Bender, Rich, Hart, Patman, Huber. Also present: Staff Members Charles O. Hardy, Fred E. Berquist, and John W. Lehman, clerk. The CHAIRMAN. The committee will come to order. Our first witness this morning is Mr. C. E. Wilson, president of the General Motors Corp. Mr. Wilson, will you please take the stand, and if you wish to have anyone with you, you are free to do so. Mr. WILSON. Thank you, sir. The CHAIRMAN. This committee is established under the provisions of section 5 of the Employment Act of 1946, and I think it would be desirable to set out in the hearing a copy of the act. (The Employment Act of 1946 follows:) [PUBLIC LAW 304-79TH CONGRESS] [CHAPTER 33-2D SESSION] [S. 380] AN ACT To declare a national policy on employment, production, and purchasing power, and for other purposes Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SHORT TITLE SECTION 1. This Act may be cited as the "Employment Act of 1946". DECLARATION OF POLICY SEC. 2. The Congress hereby declares that it is the continuing policy and responsibility of the Federal Government to use all practicable means consistent with its needs and obligations and other essential consideration of national policy, with the assistance and cooperation of industry, agriculture, labor, and State and local governments, to coordinate and utilize all its plans, functions, and resources for the purpose of creating and maintaining, in a manner calculated to foster and promote free competitive enterprise and the general welfare, conditions under which there will be afforded useful employment opportunities, including selfemployment, for those able, willing, and seeking to work, and to promote maximum employment, production, and purchasing power. 1 |