Business & Finance: A Round of Applause

When W. Stuart Symington was RFC administrator, he resolutely refused to place Government orders for tin at the sky-high prices that the U.S. had been paying in the world markets. In less than three months tin plummeted from $1.50 to $1.06 a Ib. Though Bolivia and other tin producers protested vehemently, the U.S. has since been able to buy tin for $1.18 a Ib., a price it considers fair. Last week, in a special report, the Senate Preparedness (“Watchdog”) subcommittee roundly commended Symington because he “bore the brunt of the battle” against the tin producers. The committee said the thrifty tin-buying policies of the RFC had saved the U.S. $500 million. It also recommended a careful study of “the history of the tin negotiations … as a guide” to other government agencies who buy raw materials overseas.