The Daily Alaska empire. [volume] (Juneau, Alaska) 1926-1964, 1950-07-26
Congress Quick Action Can
Avoid Rdtioning, Says
President Output
BY STERLING F. GREEN

President Truman today summoned
the nation to some sacrifice" of its
civilian plenty. He declared himself
ready to call for complete eco
nomic mobilization" if the defense
OF freedom requires it.
Mr.. Truman told Congress, in his
midyear economic message, that
price ceilings, rationing and serious
shortages" can be avoided if Con-
gress gives him limited control pow
ers and a $780, 5000 tax increase.
But he warned: I'VE must realize
that the engagement in Korea will
be costly and may not be short. We
must prepare against the possibility
that new crises may arise else
where"
That hazard means, the President
said, that industrial output must
be stepped up-possibly by a rate
of $10,000,000000 annually before
January land that basic industry
itself must be expanded by federal
loans and guarantees.
I'VE cannot afford longer to risk
the possibility of future desperate
shortages of some of the most
essential requirements for our ma
tional security" Mr.. Truman said.
Steel Listed
He did not name steel specific
ally as one of the industries criti-
cally needing expansion. But it
headed his list of scarcity" mater
lals, despite capacity operation since
April.
Safety from further Communist
aggression depends, Mr.. Truman
said. on production and more pro-
duction," and safety from initiation
depends on business and consumers
alike refraining from boarding and
avarice."
The message asked no emergency
powers beyond those requested a
week ago-to control credit, allo-
cate scarce materials, limit civilian
output, requisition goods, curb COM
modify speculation, and help fl
nance industry's expansion for war.
Here, in summary. is the Presi-
dents report on the nations re-
cord-setting prosperity when the
peace was broken at midyear:
$3.50 Higher Output
Production: new record rate of
S267 900 100000 worth of goods and
services a year was reached. Pro-
ducticn of steel, autos and buildings
were all at new highs. Industrial
output in June stood SO percent
above the 1859 average.
Jobs: civilian employment was
61,500,000, the highest June on re-
cord and 100000 better than yeai
ago.
Jobseekers: the idle numbered
100000, marked improvement
from February's postwar peak OF
100000 unemployed.
Profits: corporation profits, befor,
axes, were ut ratee of $31 ,000,-
100000 veal. II percent above
yer ago.
Prices. con sumer prices rose l.,
percent in frst-half 1850 but il
June were 2.5 percent under the
postwar peak. Wholesale prices rost
percent, and sharper increase
took place in foods, farm products
rubber and some metals.
Wages Higher
Wages: factory wage rates hit
new high of $1.45 a hour in June
Salary and wage payments reached
an annual rate of $139, 300, 000, 900
in the half-year, up $4,000, 900, 900
from a year ago.
Income: personal income, at an
annual rate of $213, 7OO,O O0, 900 in the
April-May-June quarter, had gained
percent in six months.
Strikes: twice as much work was
lost in the first five months of this
year as in the same period of 1949.
Building: a peacetime high was
reached in June; the construction
rate was 100000 year
Home-building is at a peacetime re-
cord.
Farm income: it was one OF the
few declining indexes: farmers in
come in the second quarter was Is
percent below year ago.