TWENTY-FIRST ANNUAL YEAR BOOK— PART VII 549 



1.00 to 1.12 and 1.00 to 1.14; September, 1.00 to 1.11, 1.00 to 1.10, 1.00 to 

 1.11 and 1.00 to 1.12; October, 1.00 to 1.07, 1.00 to 1.09, 1.00 to 1.08, 1.00 

 to 1.00 and 1.00 to 1.09; November, 1.00 to 1.09, 1.00 to 1.12; 1.00 to 1.05 

 and 1.00 to 0.97. As you will notice, in the last week in November it ran 

 down to 1.00 to 0.97, which indicates on that kind of ratio that we are not 

 getting as much out of the beef and by-products as they were paying for 

 the cattle. 



That is the conclusion I reached some time ago, and as a result of 

 the discussion between the different members of the two organizations, it 

 was thought perhaps desirable that something ought to be done along 

 the line of trying to arrange or perfect an organization which might give 

 feeders of cattle a better control over the industry, both over the collec- 

 tion and the distribution, and for that purpose there was a meeting of 

 the directors of the Corn Belt Meat Producers' Association held in Des 

 Moines about two months or two and a half months ago, and I made a 

 report at that time as to what I thought might be accomplished, and the 

 direction which such an organization should work, or along what lines 

 it should be made, and preliminary to that I considered the question 

 as to how the cattle industry could be handled, considering it simply as 

 a manufacturing industry, whether it could be put on a manufacturing 

 or industrial basis, as others are, whether the price should be made by 

 the industry or part of the industry that puts the product into consump- 

 tion, or whether it should be made on the initiative of the feeders them- 

 selves. Under present conditions of the industry, the feeders have to 

 take their chance with the market after the stuff is produced, and it is 

 fairly plain to all of us that it is not on a strictly manufacturing basis — 

 that is, letting the men produce the cattle under contract from the men 

 who distribute the product, and it is plain that any action toward an 

 organization should be along the line of giving the producers a better 

 control over the production and the distribution of the product, and not 

 along the line of trying to put the industry on a strictly manufacturing 

 basis. So at that time a sub-committee was appointed to try to draw an 

 outline for some such organization as could undertake to control the dis- 

 tribution and in a way the production of these different classes of cattle, 

 and they finally shaped up rules and regulations for such an organiza- 

 tion, and Mr. Wallace will present the result of their deliberations to you 

 this afternoon. 



Now, just one announcement, I am supposed to appoint a com- 

 mittee of three men to meet with a like committee of the Co- 

 operative Live Stock Shippers' Association of this state to deter- 

 mine whether or not it is advisable to have a joint session of these 

 two organizations in 1921 — that is, in their annual meetings. 

 I have appointed as members of this committee George E. Morse, 

 of Eldora; R. A. Lenocker, of Dexter, and F. J. Bauer, of Payton. 



