892 GENERAL FARM PROGRAM 



Saving!^ of small-income families have been largely exhausted; mortgages on 

 homes have nearly doubled since midthirties, and very few public works are be- 

 j'ond the blueprint stage. On the other hand — 



Economic Indicators for April reports that for the 3 years 1946, 1947, and 1948, 

 corporate profits after taxes were 50.6 billion dollars, of which 20.3 billion dollars 

 were paid as dividends, and undistributed profits were 30.3 billion dollars — or 

 almost one-eighth of the national debt. 



United States News and World Report state that for these 3 years, corporation 

 capital invested was 82.2 billion dollars, of which 13.6 billion dollars was from 

 reserves for depreciation; 18.8 billion dollars past savings; and 28.2 billion dollars 

 retained earnings. 



Consumers deserve a break which Congress can give them, by forcing prices 

 down through price controls and efficient production, processing, and distribution 

 of farm products. 



Mr. Pace. The committee will now stand in recess until tomorrow 

 morning promptly at 10 o'clock. 



(At 3:40, the committee recessed to reconvene Thursday, May 19, 

 1949, at 10 a. m.) 



(The following telegram is included at the request of Congressman 

 Thornberry, of Texas:) 



Austin, Tex., June 17, 1949. 

 Hon. Homer Thornberry, 



House of Representatives Office Building, Washington, D. C: 



H. R. 4753 does not contain adequate price support provisions for turkeys. 

 Section 302 (b) should be amended to include turkeys along with othci" livestock. 

 Farm chickens are mentioned specifically, so why not turkeys? Turkeys were 

 mcluded in original Steagall commodities to be supported at 90 percent of parity. 

 Therefore, turlceys should be specifically mentioned in present bill. Please keep 

 me advised as to developments. 



R. E. .Janes. 



