158 DESCRIPTION OF IMPORTANT FISHERIES AND THEIR PRODUCTS 



some distance from a railhead, consequently, the added costs of trucking 

 and double handling have become an important economic factor in cer- 

 tain localities. 



Market Prices for Menhaden Products. Menhaden meal and scrap 

 generally are sold on a 60 per cent-minimum protein basis. Prior to 1959, 

 prices of these products were relatively high and subject to only slight 

 variations arising from moderate changes in supply and the influence of 

 competitive feed ingredients. From 1952 to 1959, the average annual 

 price for menhaden meal at New York City fluctuated between $132.52 

 and $144.18 per ton (F.O.B. East Coast). As a result of a record produc- 

 tion and increased imports, the average annual price in 1960 dropped 

 to an all-time low of $97.88 per ton. With stabilization of the market 

 in 1961, monthly prices increased and during most of the year averaged 

 about $115.00 per ton. 



Menhaden solubles generally are sold on a 50 per cent solids content 

 basis. The prices of solubles have fluctuated much more than the prices 

 for meal. Between 1952 and 1959, the average annual price of menhaden 

 solubles at New York City ranged from $75.00 per ton (F.O.B. East 

 Coast) in 1955 to $107.50 per ton in 1953. Following the downward trend 

 in the meal market in 1960, prices of solubles declined to a low of $39.34 

 per ton. Although prices increased and stabilized by mid-1961, they 

 remained below $50.00 per ton during the remainder of the year. 



For many years oil was considered the most important product of the 

 menhaden industry. Prior to World War II, menhaden oil was used in 

 the manufacture of a variety of industrial products. Technological 

 advances eventually led to the exclusion of fish oils in many of these 

 products, with the result that a depressed market condition for menhaden 

 oil now exists. At present most of the crude oil production is exported 

 to Europe, chiefly to West Germany, Sweden, and the Netherlands, 

 where it is manufactured into margarine. The remainder is sold in the 

 United States where, because of special properties, menhaden oil is still 

 preferred for certain industrial uses. 



As a result of the decline in the domestic demand for menhaden oil 

 and the increased world supply of fish oil, prices recently have been more 

 variable than those of meal and solubles. From 1952 to 1956, the average 

 annual price of menhaden oil at New York City (F.O.B. Baltimore) 

 increased steadily, reaching a maximum of 8.86 cents per pound (78 cents 

 per gallon) in 1956. Since that time prices have declined and reached 

 their lowest level in 1961. The average monthly price during the first 

 six months of 1961 varied between 6.00 and 6.75 cents per pound (52 

 and 59 cents per gallon), })ut by the end of the year had declined to 

 4.62 cents per pound (40 cents per gallon), the lowest value in 10 years. 



