Catoctin clarion., 1918-11-21

The conclusions OF the conference
The entire marketing situation mas
SO changed since the September joint
conference as to necessitate an entlre
alteration in the plans Of price stapi'
lization. The current peace talk mas
alarmed the holders Of corn, and there
has been a price decline of from 2s
cents to 40 cents per bushel. The fac'
that the accumulations Of low priced
corn in the Argentine and South Alri
ca would, upon the advent OF peace
and liberated shipping, become avalla
BILE 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, II Incorporated In l3-to-l ra'
ito, obviously result In continuously
falling price for live hogs. In view
of these changed conditions many
swine producers anticipated lower
prices and as a result rushed thelr
hogs to market in large numbers, ana
this overshipment has added to and
aggravated the decline.
The Information Of the Department
of Agriculture indicates that the sup
ply of hogs has increased about per
cent, while the highest unofficial esti-
mate does not exceed 10 per cent. IN
creased production over last year On
the other hand, the arrival or hogs
during the last three weeks In the
seven great markets has been u per
cent. more than last year, during the
corresponding period, demonstrating
the unusually heavy marketing or the
available supply. In the face or the
excessive receipts some packers nave
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 endeavor
TO maintain the agreed price. The re-
sult in any event has been failure
to maintain the October price basis
determined upon at the September con-
ference and undertaken by the PACK
ers. Another factor contributing TO
the break in prices during the month
has been the influenza epidemic; II
has sharply curtailed consumption OF
pork products and temporarily oe-
creased the labor staff OF the packers
about 25 per cent.
The exports Of 13O,OOOOOO pounds
of pork products for October COM
pared with about 52,0OO,OOO pounds
In October a year ago, ana the
export orders placeable by the Food
Administration for November, amount
TO l7OOOO,OOO pounds as contrast.
ed with the lesser exports oA
oS 600 600 for November, 1917. Ihe
Increased demands Of the allies are
continuing, and are In themselves
rroof of the necessity for the large
production for which the Food Admin
istration asked. The increase In ex'
mort demands appears to be amply
sufficient to take up the increase III
hog product IN, but unfavoraDie mar
Lat conditions existing in October al
ford no fair index Of the aggregate
supply and demand.
IT must be evident that the ehor
NOUS shortage in fats In the Centra
Empires and neutral countries Wouit
Immediately upon peace result III au
d;t,onal demands for pork product'
which. on top Of the heavy shipments
IN the Allies, would tend materially
TO increase the American exports, IN
esmuch as no considerable reservoir VI
sunnl,es exists outside Of the United
states. 1t seems probable that tne
nresent prospective supplies would pe
;nodeouate to meet this world demane
with the return to peace. So far as II
ia nossible to interpret this fact, 1t ap
pears that there should be even
stronger demand for pork products
efter the war, and therefore any alarm
of hog producers as to the erect o.
neace is unwarranted by the outlook.
In the light of these circumstances
II is the conclusion of the conference
that attempts to hold the price OF hogs
TO the price Of corn may work out Il
the disadvantage Of pork producers
II Is the conclusion that any interpre
tation of the formula should be
broad gauged policy applied over
long period. 1t is the opinion OF tn
conference that in substitution Of thu
previous plans of stabilization tn
live Stock subcommittee of the Agri
cultural Advisory Board, together witt
the specially invited swine representa-
tives should accept the invitation O
the Food Administration to join witt
the Administration and the packers II
determining the prices at which con
trolled export orders are to be placed
This will be regularly done. The In
fluence of these or iers will be directed
TO the maintenance Of the common 90
ject-namely, the stabilization OF th'
price of live hogs so as to secure as Ia
as II Is possible fair returns 10 I'M