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- Parte de Matthew J. Connelly Papers, Notes on Cabinet Meetings Files
Extracted text
OCR Page 1 of 3"NATIONAL
ARCHIVES AND
RECORDS
SERVICE
CABINET MEETING, FRIDAY, AUGUST 13, 1948
Maurice Tobin
First meeting as
Secty of Labor
THE PRESIDENT
Asked if anything new on Russian front.
MARSHALL
Is investigating Russian Consulate in New York to get facts on
the detention of Russian Nationals in New York City. 2 are being pro-
tected by New York police.
Too early to report on negotiations in Moscow.
SNYDER
Explained change in discount rate from l 1/4 to 1 1/2 announced
yesterday. It is designed for psychological effect on tightening credit
loans and will aid in controlling inflation.
The Federal Reserve Bank - the open market - and the Treasury have
worked together over a period of weeks to accomplish the program. It
looks like it is working but is only a drop in the bucket in the fight
against inflationary pressures.
ATTY GENL
Discussed spy hearings on Hill. Grand Jury members in New York
are being harassed by newspapers for statements.
BRANNAN
15 million bale cotton crop is estimated this year (this is an
underestimate). We will also have the largest corn, rice, soybean and
peanut crops. Wheat and oats will not be record breakers but will be
very large.
This is caused by various factors - improved varieties of seeds,
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