Evening star., 1947-11-22
Senate Banking Group
To Take Up Consumer
Credit Curb Monday
By J. A. O'LeoY


Monday by taking up a bill te
restore consumer credit regula'
tionS.
At the same time, bureau chief
of the Agriculture Department viii
go before the Joint House-Senat'
Economic Committee Monday t.
follow up the testimony OF Secre'
tary Anderson late yesterday, II
which he recommended:
l. A tighter law to curb specula.
ton on commodity exchanges.
2. Authority for his department
to cooperate in increasing food pro.
duction in parts of the world out.
side of Europe.
Meat Shortage Forecast.
Mr.. Anderson also forecast dis.
stressing" shortage of meat begin.
ming in February.
Meat is going to be distressingly
short for February. March, Apri
and May, and possibly June shoulc
be added" he told the committee
We are likely to have higher prices
then" he added.
Mr.. Anderson said. however, thai
unless there is disastrous wheat
crop" next year there will be ne
general shortage of food in the
United States. His statement took
into account the proposed food ale
shipments to Europe.
Americans meat consumption
now averaging some 156 pounds pei
person annually. will be reduced te
about 1875 pounds. he predicted.
Meat Seen Short Next Fall.
Meat is likely to be hard to fino
In sufficient quantities until next
October or November, he said. BY
that time, grass-fed livestock Is ex.
pected to be reaching the market.
Although the joint committee
headed by Senator Taft, Republican
of Ohio, is getting an overall pic
ture of the imitation problem from
Government officials, the corrective
legislation will have to come from
the separate Committees on Bank
ing and Agriculture of the two
houses.
Chairman Tobey Of the Senate
Banking Committee gave assurances
his group will move promptly to gel
one or more of the bills ready te
take to the Senate by the time II
disposes of stopgap aid to Western
Europe.
Mr.. Anderson's proposal for new
restrictions on margin buying or
commodity exchanges is one Of tht
bills Senator Tobey's committee ha!
marked for early action.
Senator Taft said today ht
thought Congress could mark of
Of its agenda point No. 5 Of Presi'
dent Truman's 1o-point program
which proposed rules to regulate
the weights and grades at which
livestock and poultry are marketed
to conserve grain.
Senator Taft's statement was
based on Mr.. Anderson's testimony
late yesterday that his department
has come to the conclusion no com.
pulsory measure of this sort would
work unless accompanied by price
control. He also testified that II
price ceilings we're put back on meat
then legislation on the weight OF
cattle would not be the proper ap-
proach.
Secretary Anderson had just fin
ished reading a statement, describ-
ing the success the department Is
achieving in its voluntary program
for conserving grain. This prompt
ed Senator Ball, Republican, OF Min
nesota to ask why compulsory regu-
lation of grain for feeding should
be considered if voluntary program
Is working.
Public Reaction Sought.
The House Banking Committee
headed by Representative Wolcott
Republican, of Michigan, begins Its
hearings Tuesday morning. on Mr.
Truman's 10-point program, and This
committee may seek an early public
reaction to the Presidents plea for
standby authority to restore limited
rationing, price and wage controls
Republican leaders appeared still
to be undecided today, however. just
what course they will take on this
controversial question of reviving
OPA, even in limited form
COP Senators failed in their first
party conference yesterday after
noon to reach any policy decision.
on how to deal with imitation, be-
yond stating that they recognize
the seriousness of the situation
and will study all remedies pro-
posed, either by the President OF
congressional committees.
One sign seems clear, namely
that rationing. price and wage con-
trols will still be the subject oi
furious debate when the regular
session starts in January.
Some Action Expected.
Between now and Christmas
however, both houses may act or
some of the less volatile points or
Mr.. Truman's list.
The commodity exchange bill Sec
retary Anderson presented yester-
day would give the President broad
authority to require up to 100 per
cent margin in the trading in farm
products. The Secretary said no
more than a so per cent margin re-
quirement would be imposed except
under extreme conditions" but he
does not want the law limited to
that figure.
Republican members indicated
they would support some increase in
the present 33ls per cent margin
rule, but may not be willing to go
for the 100 per cent maximum.
In asking Congress for authority
to cooperate in stimulating food
production in other parts of the
world, outside of Europe, Mr. An
derson warned that the United
States cannot hope to continue
meeting Europe's food needs for the
next few years, unless favorable
conditions prevail. For 10 years, he
said, this country has been gambling