The midland journal. (Rising Sun, Md.) 1885-1947, 1918-11-29

for pork products and with the membe
foreign pork purchases.
The conclusions Of the conference
The entire marketing situation has
90 changed since the September joint
conference as to necessitate an entire
alteration in the plans Of price stabi-
llization. The current peace talk has
alarmed the holders of corn, and there
has been price decline of from 70
cents to 40 cents per bushel. The fact
THAT the accumulations of low priced
jcorn in the Argentine and South Afri-
yea would, upon the advent OF peace
land liberated shipping, become avail
liable to the European market has Gre
lated a great deal Of apprehension on
1.-THE part Of corn holders. This decline
has spread fear among swine growers
THAT a similar reduction in the prices
iof hogs would naturally follow. More
lover, the lower range of corn prices
would, If incorporated in 13-to-1 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 their
hogs to market in large numbers, and
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 8 per
cent, while the highest unofficial esti-
mate does not exceed Is per cent. in
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
kssive receipts some packers have
maintained the price agreed last
th. On the other hand, many
he packers have paid over the
offered to them in an endeavor
hntain the agreed price. The re-
eany event has been failure
htain the October price basis
Ziined upon at the September con-
renee and undertaken by the pack
4 ers. Another factor contributing to
| the break in prices during the month
has been the influenza epidemic; 1t
khas sharply curtailed consumption Of
pork products and temporarily de-
creased the labor staff of the packers
about 25 per cent.
The exports Of 130,O00,000 pounds
! Of pork products for October COM
pared with about 100000 pounds
in October a year ago, and the
export orders placeable by the Food
Administration for November amount
TO l7O,OOO,O00 pounds as contrast
ed with the lesser exports of
9S,O0O,OOO 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
istration asked The increase in ex-
port demands appears to be amply
sufficient 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.
1t 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 the heavy shipments
TO the Allies would tend materially
4 to Increase the American exports, in
asmuch 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 II
Is possible to interpret this fact, 1t 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 effect OF
peace Is unwarranted by the outlook.
In the light of these circumstances
III IL Tile COuGAu6lOA Va tlS NOhASASh NV
that attempts to hold the price of hogs
to the price of corn may work out tC
the disadvantage of pork producers
It il the conclusion that any interpre
tation of the formula should be q
broad gagged policy applied over q
long period. 1t is the opinion OF the
conference that in substitution of the
previous plans Of Sterilization the
Live Stock Subcommittee Of the Agri
cultural Advisory Board, together with
the specially invited swine representa-
tives, should accept the invitation OF
the Food Administration to join with
the Administration and the packers in
determining the prices at which con
oiled export orders are to be placed
his will be regularly done. The in
hence of these orders will be directed
q the maintenance of the common OBJ
A..