The Press., 1918-11-14

The conclusions of the conference
 The entire marketing situation has Ss changed since the September joint conference as to necessItate an entire alteration in the plans of price stSoi- llxatiOn. The current peace talk has alarmed the holders of corn, and there has been q price decline of from 2o cents to 40 cents per bushel. The fact that the accumuIaGions of low priced ,.ern In the Argentine and South Afri- e would, upon the advent of peace and liberated shipping. become avail able to the European market has ere uted a great deal of apprehension on ths part of corn holders. This decline has spread fear among swine growers that A similar reduction ID the prices of hOgs would naturally follow. More over, the lower range of corn prices would, If incorporated in a ls-to-l ra- rio, obviously result In a 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 oyershipment 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 cant., while the highest unofficial estl- mate does not exceed Is per cent. h. 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. In 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 ln an endeayOr to maintain the agreed price. The re suit in any event has been a failure 10 maintain the October price basis determined upon at the September con ference and undertaken by the pack CTS. Another factor contributing to the break in prices during the month has been the influenza epidemic; lt has sharply curtailed consumption oi pork products and temporarily de creased the labor stan of the paekerl about 25 per cent
 The exports of 1S0.O00.0OO pounds of pork products for October com pared with about 62,O0O.OOO pounds in October a year ago. and the export orders placeabls by the Food Administration for November. amount to 1T0OO0.oo0 pounds as contrast ed with the lesser exports of 5000. 900 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 iHtra ton asked. The increase In ex- port demands appears to be amply Suficient to take up the increase in hog production, but unfavorable mar ket conditions existing in October af- ford no fair Index of the aggregate supply and demand.
 It must ba 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 the heavy shipments to the Allies, would tend materially to increase the American exports, in- Msmuch as no considerable reservoir of supplies exists outside of the United States. It seems probable that the present prospective supplies would be inadequate to meet this world demand with the return to peace. So far as lt is possible to interpret this fact, 1t ap- pears that there should be even q stronger demand for pork productI after the war, and therefore any alarm of hog producers as to the effect oi peace is unwarranted by the outlook.
 In the light of these circumstances it ls 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, It Is the conclusion that any Interpre- .tation Of the formula should be a broad gauged policy applied over a lOnK period. It Is the opinion of the conference that ID substitution of the nreyioum plans of stabilization the live Stock Subcommittee of the Agri- cultural Advisory Board, together with the specially Invited swine representa- sst-., .honId nrpeDt fhe inyitat tiOn of the Food Administration to join with the Administration and the packers In determining the prices at which con ItrOlled export orders are to be placed. lThIs will be regularly done, The in- auance of these orders will be directed Ite the maintenance of the common ob- 1act-namely, the mobilization of the price of live hogs 60 as to secure as far Ra n ia possible fAAg rOtzxns t0 the