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Show FARMER MUST USE BUSINESS METHODS-HOYT Dean H. V. Hoyt Urges Farm-I Farm-I ers to Adopt Same Methods j as Manufacturers. The next biz field to he explored by the farmers of the state is that , of agricultural economics, according to Dean II. V. Hoyt of the Young university who spoke on that subject sub-ject to a large group of farmers at the Leadership Week conference. "The problem of economics as it now faces the agriculturist is a very large problem," said Dean Hoyt. "It is one of the most extensive problems ever to confront the farmer farm-er and requires the attention of the biggest men in the field, because not only must the farmer know how to raise his crops but must also know how to market the same to the best advantage possible. The latter lat-ter part is the economic phase of the work. "To be thoroughly successful the farmer must adopt the same co-operative ideas that have been used by the manufacturers of the nation for years. Some of these principles are that prices follow the law of sup- ply and demand ; producers control supply sensitively ; producers are 1 highly organized in credit associations, associa-tions, trade associations and chambers cham-bers of commerce. "The manufacturers are highly specialized and pay a great deal of attention to the standardization of their products which includes the grading, packing and shipping of the products. Through their organizations organiza-tions the manufacturers not only control the supply and the distribution distribu-tion of their particular articles but they also control the price of these articles. "The price of any commodity is controlled by the amount of the produce pro-duce to be sold as well as by the demand de-mand for that particular product. ' A manufacturer of an article knows exactly how much produce to put out in order to suuply the market and regulate the ..price. Should -a slump occur he can reduce his output out-put to meet that requirement. Not so the farmer. The reason is, the manufacturer is organized, the farmer unorganized. "The farmers in a certain section should specialize on certain crops as nearly as that is possible. They should also standardize the product, pro-duct, make it uniform on a large enough scale so that it can be marketed mar-keted at a good advantage. He must first see to it that the product is of a high quality and then take care htat it is properly packed. In short he must perfect! an organia-tion organia-tion of up-to-date business methods if he is to meet the manufacturing world on a safe basis." |