The Sentinel=record., 1918-11-26


 conference as to necessltate an entire
 alteration in the plans of price stabi.
 lIzation. The current peace talk has
 alarmed the holders of corn, and there
 has been a price decline of from 25
 cents to 40 cents per bushel The fact that the accumulations of low priced
 corn in the Argentine and South Afrt
 ca would, upon the advent of peace
 and liberated shipping, become avail able to the European market has ere ated a great deal of apprehension on the part of corn holders This decline
 has spread fear among swine growers that similar reduction in the prices of hogs would naturally follow. More over, the lower range of corn prices would if incorporated in 13-to1 ra- tio obviously result in 8 continuously falling price for live hogs In view of these changed conditions many swine producers anticipated lower prices and as result rushed their hogs to market in large numbers, and this overshipment has added 10 and aggravated the decline.
 The information of the Department of Agriculture indicates that the sup ply of hogs has increased about S per cent, while the highest unofficial estl- mate does not exceed 15 per cent. iu- creased production over last year. On the other hand, the arrival of hogs during the last three weeks in the seven great markets has been 27 per cent more than last year, during the corresponding period, demonstrating the unusually heavy marketing of the available supply. Tn the face of the excessive receipts some packers have not maintained the price agreed last month On the other hand, many of the packers have paid over the price offered to them in an endeavur to maintain the agreed price. The re- suit in any event has been a failure to maintain the October price basis determined upon at the September con ference and undertaken by the pack CTS Another factor contributing 10 the break in prices during the month has been the Influenza epidemle it has sharply curtailed consumption of pork products and temporarily de- creased the labor staff of the packers about 25 per cent
 The exports of 130000000 pounds of pork products for October com pared with about 52,000000 pounds in October a year ago, and the export orders placeable by the Food Administration for November, amount to 170000C0C pounds as contrast ed with the lesser exports of 9s.000000 for November, 1917. The increased demands of the allies are continuing, and are in themselves proof of the necessity for the large production for which the Food Admin istrauon asked The increase in eX- port demands appears to be amply sufficient to take up the increase iu hog production, but unfayorable mar kct conditions existing in October af- ford no fair index of the aggregate supply and demand.
 It must be evident that the enor- nous shortage in fats in the Central Empires and neutral countries would Immediately upon peace result in ad- ditional demands for pork products which, on top of tho heavy shipments to the Allies, would tend materially To Increase the American exports, iu- Gsmuch as no considerable reservoir of supplies exists outside of the United States. II seems probable that the present prospective supplies would he inadequate to meet this world demand with the return to peace So far as it is possible to interpret this fact. it ap- pears that there should be even a stronger demand for pork products after the war, and therefore any alarm of hog producers as to the eftect of peace is unwarrantea by the outlook.
 In the light of these circumstances 1t Is the conclusion of the conference that attempts to hold the price of hogs to the price of corn may work out to the disadvantage of pork producers. IL 4s iit AeHAAuelNu Alldl NhA lutEA HAt- taton of tho formula should be q broad gauged policy applied over 6 long period It Is the opinion of Che that in substitution of the previous plans of stabnzation the Live Stock Subcommittee of the Agri- cultural Advisory Board, together with the specially invited swine representa- tives, should accept the iEyltation of the Food Administration 10 join with the Administration and the packers in deterninlng the prices at which con trolled export orders are to be placed, This win be regularly done The in- !, nuenee Of these orders will be directed !. to the maintenance of the common Ob- l ject- namely, ihe stabilizatlon of the | price of live hogs so as to secure as far i as II Is possible fair returns to tue