ML 2811*. 13 F&H Foundation elects directors New Directors fprthe Lancaster County Farm and Home Foundation were elected for three-year terms,Thursday night during their 19th annual meeting* at the Farm and Home Center. Elected, from left were Henry Reist. Mount Joy; Mary Martin,- R 2 New Holland, re-elected; Ctarence JCeeoer, R 1 Manheim, re-elected; Elam Bollinger, R 7 : Manbeim, re-elected; J. Clayton Charles, R 2 Lancaster; Roy Brubaker, Lititz, re-elected; Raymond F. Wrtmer, Widow Street Moore predicts “feast” for beef farmers BY SHEILA MILLER LANCASTER Cheap grain ind a diminished inventory of attle are two reasons cited by *enn State Extension Economist jou Moore for a brighter outlook or Pennsylvania’s cattle feeders n 1983. Moore’s promising redictions were heard here at the ’arm and Home Center Tuesday, s roughly 200 beef feeders from .ancaster and surrounding Banker assures “affordable” interest LANCASTER - Hamilton Bank’s Damn Boyd shared “good news” with local beef farmers here at the Farm and Home Center, Tuesday. Looking at the money situation, the Lancaster banker predicted that the prime lending rate could drop to 10 percent by “late winter, early spring” this year, and should only climb back up to 11.5 percent by the end of 1983. This relatively low interest rate (compared to last year’s rates which neared the 20 pecent mark) will be based on supply and demand, he explained. While interest rates of 10 percent [might seem like “cheap” money for farmers to cash in on, Boyd warned that this money is actually “expensive relative to the inflation cate.” He noted that while inflation has dropped to 3.9 percent, interest rates will remain at least 4-6 points above the rate of inflation.' , Looking back over the past three Four Sections counties listened intently to any glimmer of profit-making forecasts. Although the latest U.S. Department of Agriculture statistics were only announced late this week, the ag economist based his theories on USDA’s July 1,1962 inventory of cattle which showed beef cow numbers down 4 percent, replacement heifers down 2 per cent, and last spring’s calf crop years, Boyd explained how interest rates in the United States were directly affected by the country’s monetary and fiscal policies. He credited the Federal Reserve Board for “getting inflation under control.” “Now we must stimulate the economy and get production going again, while constantly monitoring inflation,” Boyd "said. Positive signs of economic recovery, he added, are at least 4-6 months away, since unemployment con tinues high, industrial production remains low, and large cor poration bankruptcies are at their highest levels since the Great' Depression. The nation’s rate of recovery will hinge on the federal government’s efforts to control spending and taxation, he said. Boyd told fanners that the U.S. is now in its eighteenth month of recession—previously, the longest recession on record since World (Turn to Page A2O) t. • «. V . ■. « « » • • X » •» X ■ 1. L I. «. t. I. (. C 1 Laaeasttr Fwiwfc SataNay, Jhhht reduced by 3 percent. All pointing to less available cattle for the market. Moore pointed out that the USDA figures for cattle on feed were somewhat misleading, showing a constant increase over the past five months: However he noted that these figures correlated to the fact that younger cattle were being run into feedlots due to the availability of cheap grain and a Joining in a discussion on starting beef cattie on feed during Tuesday's Lancaster Co. Cattle Feeders’ Day were: from left, cattle feeder Ken Rohrer; cattle jockey Jimmy Hoar with Kreider Cattle Co.; cattle feeder Earl G. Martin; and veterinarian Dr. George ■ ’-Zimmerman; ’ v * 1 v • - -»-- ~«»«»•»«* > ■>«< *-' •• ,- - PMMB explains new accounting BY SALLY BAIR Staff Correspondent HARRISBURG A hearing scheduled by the Milk Marketing Board last Friday to explain new accounting procedures to reflect unit casts br production and to allow comments on the proposed changes met with many questions from dealers, but little opposition to its implementation. The only witness to present formal testimony was James Wagner, vice president of finances for the Johnstown Sanitary Dairy. Speaking as a member of a special committee of the Pennsylvania Milk Dealers Association which studied the proposals, Wagner said, “We congratulate the Milk Marketing Board and its staff’ for its attempt to update the existing accounting procedures. The committee recognized that they are not perfecTbut it is believed that the amendments, as published, are a step in the right direction. Earl B. Fink, Jr., executive director of the MOk Marketing poor winter wheat stand in many areas of the Midwest. Otherwise, he said, these animals would have stayed out on pasture, as grassfed beef. Any hints of a profitable year came as good news to the local cattle, feeders .who have realized incomes in the red, for the most part, over the past several years. Only four months of 1982 gave cattle feeders “plus-side” com- $7.50 ptr year Board, expressed surprise at the bigger-than-expected turnout for the hearing, but noted, “The milk dealers were very receptive to the proposed system. Other comments were favorable.” The system is being changed in compliance with a directive by Commonwealth Court Judge Craig who reversed a price increase ordered by PMMB. At that time Judge Craig called unit cost an essential part in determining price. The major portion of last week’s hearing was devoted to a presentation by the accounting firm of Main Hurdman, who ex plained the proposed system of gaining unit cost of each kind of product. Roy Byers, Main Hurdman representative, explained that the system is based on the develop ment of unit costs based on the size of the container, the type of product and the area in which it is marketed. Components of unit costs, ac- (Turn to Page A3B) pensation for their hard work, Moore noted. Reviewing per capita con sumption and red meat availability, he pointed out that the amount of beef Americans eat each year has remained about the same during the past two years, whereas the amount of pork and poultry has increased in most diets due to price differences and the (Turn to Page A2I)
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