CABINET MEETING, FRIDAY, NOVEMBER 17, 1950
V. P. absent
Brannan absent
Marshall absent
Tobin absent
Snyder absent
Foley for Treas.
Lovett for Defense
McCormick for Agric.
Galvin - Labor
GEN BEDELL SMITH
Made report on C. I. A. activities to Cabinet.
THE PRESIDENT
We have been working to build up a real intelligence organization for 4 years. We have never had such an outfit. It is found to be invaluable in the present world situation.
ACHESON
National Security Council is reappraising the situation in Korea. This should be completed about the middle of next week.
CHAPMAN
This week the govt received $600,000 as the first payment for acreage rent on tidelands oil property.
SYMINGTON
Benj Fairless of U. S. Steel made a speech yesterday which is definitely contributory to inflation - which could cause serious impact on our economy. This referred to price rise in steel.
THE PRESIDENT
Fairless did a very unpatriotic thing in taking the position he did.
LOVETT
There is no justification for Fairless position.
10:40