d from the White House read as
follows:

Edward N. Hurley, Charles M. Schwab, Bainbridge Colby and Charles Piez
were received by the President at the White House today. It was stated
that the subject discussed was the progress and condition of a national
ship-building program. The carrying forward of the construction work in
the one hundred and thirty shipyards now in operation is so vast that it
requires a reinforcement of the ship-building organization throughout
the country. Later in the day Chairman Hurley of the Shipping Board
announced that a new office with wide powers had been created by the
Trustees of the Emergency Fleet Corporation. The new position is that of
Director General and Mr. Schwab has been asked, and has agreed, to
accept this position in answer to the call of the nation. Charles Piez,
Vice-President of the Emergency Fleet Corporation, recommended that the
post of General Manager of the corporation be at once abolished, so that
Mr. Schwab as Director General should be wholly unhampered in carrying
on the large task entrusted to him. Mr. Piez, since the retirement of
Admiral Harris, has been filling both the position of Vice-President and
that of General Manager. Mr. Schwab will have complete supervision and
direction of the work of ship-building. He agreed to take up the work at
the sacrifice of his personal wishes in the matter. His services were
virtually commandeered. His great experience as a steel maker and
builder of ships has been drafted for the nation.

Although the fact that production during the month of March had not been
as great as had been hoped probably brought about this change, it should
also be said that those who had been responsible deserved much credit
for what had actually been done. They had been handicapped constantly by
poor transportation and shortage of materials, but had worked faithfully
and with what under ordinary circumstances would be regarded as
remarkable success. The call upon Mr. Schwab was simply an effort to
draft into the service of the country its very highest executive
ability. Mr. Schwab's name had been mentioned before for more than one
government post, and it was thought that here was the place where his
talents could have the fullest play. It was stated in Washington that he
would receive a salary of one dollar a year.

Mr. Schwab at once proceeded to "speed up" the shipping-program. It took
him just one day to arrange his own business affairs an