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178295348
label
White House Press Release
core
doc
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document
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1
Source metadata
id
178295348
contentType
document
title
White House Press Release
citationUrl
collections
White House Press Release Files (Truman Administration)
White House Press Releases
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178295348
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16
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1947-07-16
month
7
year
1947
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nara-archive
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1
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92f295bce06ab7fa
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2778
#1229
IMMEDIATE RELEASE
JULY 16, 1947
The Assistant to the President has roquested the Reconstruction
Finance Corporation to continue for an interim period the sale of
fibors in accordanco with previous allocation patterns. This was dono
in order to assure unintorrupted production of bindor and baler twine.
The text of the lettor follows:
July 15, 1947
My dear Mr. Goodloe :
Tho Second Decontrol Act of 1947, which the Prosident signed
today, doos not provide for the continuation of allocation controls
on sisal and honequon fibers. Those controls, thoroforo, expiro
tomorrow. With the expiration of these controls, the allocating of
RFC receipts of these fibers by the Office of Materials Distribu-
tion of the Department of Commerce will also terminato.
In view of this determination by the Congress, it would not be
aporopriate to continue indefinitely the distribution of these
government-held fibers upon the basis used whilo controls wore in
TRUMAN
effect. I am advised, however, that because of the shortages of
those fibers, the cordage mills are operating virtually without
working inventories. Any cessation in regular shipments to mills,
caused by a sudden shift from sale in accordance with the OMD al-
locations to compotitive bid sale, would scriously disrupt production
in the cordage mills thus affected, with consequent unemployment and
losses of urgently neoded cordago. It is important that the transi-
tion from sale by allocation to sale by compotitive bid be such that
these unfortunate consequencos not ensuo.
I therofore request the RFC to continue to soll in accordance
with the OMD allocation pattern for an intorim period. During
this interim poriod, the RFC should develop such procodures as are
practical for making forward sales of fiber yet to be delivered
undor RFC contracts, so that purchasos may be made in time to plan
inventories and operations, thus avoiding interruptions in produc-
tion. I leavo it to your jud gment to determine the length of this
intorim period, but it should be no longer than is required to
accomplish a smooth transition to competitive salo.
Sincerely,
JOHN R. STEELMAN
Assistant to the President
The Honorable
John D. Goodloe, Chairman of the Board
Roconstruction Finance Corporation.