The Sun. [volume] (Price, Utah) 1915-1932, 1920-12-03


barge and necessary tariff legislation
calculated to give immediate relief in
the wool and live stock industries,
Frank J. Hagenbarth, president Of the
National Woolgrowors' association,
and other Western live stock repre-
senta.ives Left Zion for the East and
Washington, u. G., last Tuesday. IL
is proposed to have introduced an en-
barge measure on wool and lie pro-
duets in the finance committee Of the
senate. This bill will be fathered By
United States Senator Reed Smoot.
Another bill will be placed before the
WAYS and means committee Of the
house Of representatives, providing
for an emergency tariff on imports of
foreign meats and Of which millions
of pounds are coming into the country
monthly llagenbarth said before
leaving Utah that he had had assur-
ances from high sources that If con-
grcss sees fit TO pass the measure asI
outlined the president will not veto IT,
With VI. X Parsons, vice president Of
the American National Live Stock as
sociation, Hagcnbarih only recently
returned 70 Salt Lake City from a.
trip back East, where they organized a.
S25.O00.000 "livc stock finance cor
poration,n n pool among the banks Of
New York, Chicago. Boston aud the
Twin Cities Of st. Paul and Mime
npolis. Banks in other cities are yet
10 be- heard from in this matter Dis
cussing the need for immediate and
adequate action, Hagenbarth says:
"The situation In the wool and live
stock industries in general has become
Fo acute that it ~ the conccnsus Of
opinion thai some radical measures
have 10 be taken to preserve these in
dustrics, not only la the intermoun-
tain country but nationally. The
credit situation has reached the point
whore Il has been necessary To resort
10 extreme measures 10 prevent ire
parable loss through liquidation. The
wool crop Ia the extent of 90 per cent
is still IN the hands of the original pro-
duccrs, practically without a market
All animals, either cattle or sheep
that are Ne and of marketable age
have gone 10 market. and a further
liquidation is demanded. IL will re-
suit IN shipment of tho breeding cows,
the breeding ewes and immature AMI
mails, which means the serious cur
tnilment of our future meat produc-
ton. Large shipments TO market Of
live stock means lower prices. Lower
prices IN turn force further iquida-
ton, thus setting up vicious circle.
This Is what has been happening dur
ing the past few months. Certain
live stock loan companies, owing Ia
the uncertain future prospects, have
forced their clients 10 excessive liqui-
dntion, The heavy shipments have
smashed the markets. Normally, this
peculiar situation would right itself
naturally, but the credit situation be,
ing so bad, and the foreigner finding
the opportunity of a life time by rea'
son of the unusually favorable eX'
change rates, is dumping into oui
markets his surplus The American
market is actually bringing a bonus "a
the foreigner of 80 10 40 per cent
varying with the poin, of origin OF
these imports.
Quick Action Necessary.
"The basis of the whole trouble, as
q matter of fact, is the lack of agri
cultural policy on the part of the
United States government The live
stock industry is left 10 shift for Itself
and 10 meet the varying currents OF
adverse trade and finance conditions
without any help or consideration
whatever on the part of the govern
ment. Unless radical measures ar,
promptly adopted by congress, th'
West will receive a blow during th'
next few months which IL will tax,
ten years TO recover. The West ha
three great industries-liye stock
mining and farming, The farmer
with the possible exception of tn
sugar producer depends almost en-
tirely ON the prosperity of the min
err or the stockmen for his wellbeing
Take away our live stock production
from the great West and the farme
receives n blow from which he canno
recover. In turn the merchant and Oh
banker becomes involved aud th
fabro Of all Western progress is i'm
paired. IL is manifestly impossibl
for a producer 10 continue 10 produc
when he is receiving for his produc
less than the cost of transportation
This is exactly the situation today i
the live stock industry. Having thu
briefly outlined the general stuatio
without going into burden5ome dC
tails, the problem arises as to wha
can be done 10 save our breeding herd
and flocks and 10 continue their pre-
ductiyity. The only remedy that
practical, immediate, and which wi
restore full confidence, stability an
credit is the passage Of an embarg
measure By congress which will PR
vent the dumping Of surplus foreig
woods and meats and their product
into the American market, espec all
at the present ruinous rates of el
change.
at has been urged that such a