GENERAL FARM PROGRAM 275 



in the market in such a dominant way that if the Government bought 

 the price went up, and if the Government stopped buying the price 

 went down. 



I do not want to criticize you for making the statement here, but 

 I tlxink it was unfortunate tliat the statement should have been made, 

 because the price of hogs is going down as you predicted and these 

 suppUes are coming into the market in larger volume. 



You sa}^ the price has gone down again today? 



Secretary Brannan. Yes. 



Mr. Andresen. How much? 



Secretary Brannan. It is $17.75. 



Mr. Andresen. I know you appreciate that any statement coming 

 from the Secretary of Agriculture is ver}^, very potent when it comes 

 to the price of any farm commodity. I do not believe your statement 

 before the committee affected the stock market at all, but I think 

 you did influence the downward drift of hog prices. 



Mr. \T HiTE. If the gentleman will yield, I believe it is a fact that 

 the average index of prices of farm commodities has reached a new 

 low just in the last few days, which would indicate that not only 

 hogs but many other things have also dropped. I certainly do not 

 feel the Secretary of Agriculture is particularly to blame for all of 

 this price falling. It seems that all commodities more or less move 

 together, and it seems that the gentlem.an's statement may be a little 

 paradoxical wiien he speaks a'oout the Government's buying and the 

 price going up, and when you merely talk about buying the ]>rice 

 goes do^\^l. 



Frankly, as a dealer in commodities all of my life, I do not see that 

 the vSecretary's statement in that instance had any effect on the 

 market. 



Mr. Andresen. I do not want to argue with the gentleman at this 

 time, but I know if the Secretary would say they won't buy any 

 cotton for the European recovery program in the next 6 months, that 

 it would have its effect upon the price of cotton. 



Mr. White. But this is the reverse. 



Mr. Andresen. Yes. He said he was going to buv at $16.50, not 

 at $19. 



Mr. O'SuLLivAN. Mr. Chairman, I would like to ask a few questions. 

 I do not think that this is the proper time to try to castigate the 

 Secretary of Agriculture and make political capital, when we are 

 considering a proposed bill and a proposed plan. This is not the 

 place to bring up things like Mr. Andresen brings up and try to put 

 the Secretary of Agriculture in a bad light on a subject that is not 

 pertinent at all. I think the Secretary ought to go outside with Mr. 

 Andresen and talk this over. Certainly I am not interested in this 

 Republican political hay. 



The Chairman. We will proceed in order. 



Mr. Andresen. Mr. Chairman, may I let the record show I did 

 not start this hog proposition? I assume the gentleman from Nebras- 

 ka, Mr. O'Sullivan, feels it is all right for the Democrats to critize the 

 Secretary, but, when it comes to a member of the minority, if he asks 

 pertinent ciuestions, then it is all politics. 



Mr. O'Sullivan. Some of your questions were not pertinent at all. 

 They just illustrated the way you feel politically. 



