Mr. VOIGT. You said in your opening statement here that you were opposed to any sort of regulation by Congress.

Mr. BALDWIN. But that was tending to the ends of that bill.

Mr. VOIGT. But it seems to me you are advocating the worst kind of regulation in what you have to say here.

Mr. BALDWIN. Well, I think it is the best kind. And my idea, rather indefinitely stated, probably, is that there could be such a thing as a vast Government clearing house for meats, whereby the packers could deliver that stuff into those houses and have them filled against the time of need. The glutting does not take place really on the market itself. The glutting, the stopping, the damming of the flow of this stock takes place in the packing houses themselves and in the avenues out of the packing houses.

The CHAIRMAN. That is all. We are very much obliged to you, Mr. Baldwin,

Mr. RAINEY. That is all for to-night. We will have Mr. Day, of the Traders' Exchange, Chicago, to-morrow morning.

The CHAIRMAN. Without objection the committee will stand in recess until to-morrow morning at 10 o'clock.

(Whereupon, at 5.55 o'clock p. m., the committee adjourned to meet at 10 o'clock a. m., to-morrow, Saturday, March 20, 1920.)