In my opinion, it's a growth inhibiting hormone but I cannot tell you what it's called because I never had it tested in a lab and I'm not a molecular biologist.
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My tanks were given a complete gravel clean when they got water changed and the new water had high levels of minerals in (300ppm GH) and sufficient KH to prevent the pH dropping in any of my tanks. My tapwater naturally had a GH below 50ppm and 0 KH. I used Aquasonic Rift Lake conditioner at a lower than recommended dose rate to get the water hardness to 300ppm. The Rift Lake conditioner is designed for fish from Africa's Rift Lakes and has high levels of calcium and magnesium in. These minerals are used by fish to develop good skeletons and healthy muscles. The amount of these minerals that would have been used by small larval fish fry is insignificant and would not have decreased significantly over a one or two week period.
The amount of fish waste removed during water changes was minimal during the first month of growth but did increase as the fish grew. However, the fish in the tank that was being water changed once every 2 weeks, only had small amounts of waste in the gravel that was removed with the water change. And this was at the end of the 3 month period. The smaller fish were still fed well but not as much food went into the tank because they weren't as big and didn't eat as much.
Small amounts of fish waste are unlikely to harm the fish or inhibit their growth but can contribute to the pH dropping. This did not occur in any of the tanks with the pH remaining stabile at 8.4. The pH was tested using Bromothymol Blue and a colour chart and numbers were confirmed several times during the experiment with a digital pH meter. Fish waste can encourage infusoria (paramecium) to grow, however this is unlikely to occur in a filtered aquarium or when regular water changes are done. Any infusoria growing in the tank would have been eaten by the fry.
Nitrates were never an issue and remained under 30ppm in all tanks during the 3 month period. In the tanks getting water changed daily or twice weekly, the nitrates stayed below 20ppm. For the first month while the fry were small the nitrates remained less than 10ppm in all tanks. Liquid test kits were used to check ammonia, nitrite & nitrate levels. It wasn't until the fry were being fed marine mix (at about 4 weeks of age) that the nitrate levels started to increase in all the tanks.
If the tanks became dirty enough and high levels of nutrients were inhibiting the growth, then diseases could be a contributing factor. None of the fish in the rearing tanks developed any diseases or showed any signs of disease. This would suggest the water changes and filtration was sufficient to minimise any microscopic organisms in the water.
I do not believe that replacing minerals or removing nutrients was a factor.
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Not all fish live in flowing water so whilst hormones produced by fry in a river will be diluted and washed away, it doesn't mean the hormones are not produced. Fish also produce stress hormones and breeding pheromones that are picked up by other fishes in the water. Why produce these if they only get washed away?
Fish have a much better sense of smell than people or even dogs, and can detect odours from long distances away. They use this to find food and potential mates. The breeding pheromones have been found in seawater and freshwater and in aquariums. There have been numerous reports of fish starting to breed after a single pr of fish spawns. There are two main reasons for this, one is pheromones released into the water, and the other is visual stimulation. The fish see other fishes breeding and produce eggs and sperm at the same time so there is more chance of the eggs being fertilised and less chance of their eggs being eaten. Hormones are also used to encourage some species of aquaculture fish to breed.
In a pond or lake, the water is not flowing anywhere and hormones will not be washed away. And in the ocean the plankton stay near the surface and even tho there is swell and currents moving the water around, the fry are not battered about that much because you can have calm areas amongst the moving water. If you are in the water at the beach standing in calm water and you pee in the water, it takes a few minutes for the water temperature to cool down. The same thing with fish releasing hormones. In most areas where fry occur, the water doesn't flow that rapidly and hormones can remain around the fish for some time.
Most freshwater fish fry live among plants that reduce the flow of water and hormones could be used to slow the growth of nearby fry that are competing directly with you for food.
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Hormones produced by an individual might actually slow that individual's growth. However, it is unlikely that would happen because all animals and plants produce hormones and if they inhibited or harmed the organism producing it, that would defeat the purpose of producing it.
Most hormones are produced for a reason, possibly to attract a mate, tell others there is something wrong or danger is approaching, or to repel intruders (plants use this a lot).
Whilst there may not be information readily available on growth inhibiting hormones produced by fish, it is my opinion that they do exist and occur in aquariums, and these hinder the growth of fish fry.
Without research into this area by a specialised biologist, it might never be substantiated. It's not really high on the list of something people really care about and it could be a while before someone with an interest in fish keeping and who has the knowledge and tools to play with chemicals at a molecular level, ever looks into this subject. I could be wrong and there might not be growth inhibiting hormones released by fish fry. If there is an upcoming biologist that studies this subject and proves me wrong, then I will change my opinion.
I can't see farts but I know they occur. I can't see the wind but I see what it does. Your point that is has not been 100% conclusively proven is acceptable. However, I am a believer