Newport daily independent., 1918-11-23

so changed since the September joint conference as to necessitate an entire alteration in the plans of price stabi- lization. The current peace talk mas alarmed the holders of corn, and there has been a price decline of from 70 cents to 40 cents per bushel. Ike facf that t,e accumulations of low priced corn in the Argentine and South Afrl- ca would, upon the advent of peace and liberated shipping, become avalia- ble 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 ill 13-to-l ra- tIo, 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 ho@s to market in large numbers, and il overshipment has added to and agl vated the decline.
 T information of the Department of Agriculture indicates that the sup piy of hogs has increased about per cent, while the highest unofficial esti- mate does not exceed 15 per cent. in- crc.3d production over last year on the other hand, the arrival of hogs during the last three weeks in. the seven great markets has beens2 per cent more than last year, during the corresponding period, demonstrating tlle unusus.1y 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 ip an endeavor 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- terence and undertaken by the pack CTS. Another factor contributing to the break in prices during the month has been the influenza epidemic; 1t has sharply curtaiIed consumption of pork products and temporarily de- creased the labor staff of. the packers about 9 per cent.
 The exports of l30,000,O00 pounds of pork products for October com pared with about 52,000,000 pounds fin October a year ago, and the export orders placeable by the Food Administration for November, amount 10 17O,OOO,OOO pounds as contrast ed with the lesser exports or 0S.OO0,OO0 for Novembec, 1917. The increased demands of the allies are continuing, and are in themselves K proof of, the necessity for the large production for which the Food Admlh- fstration asked The increase in ex- port demands appears to be amply sufficient to take up the increase Ill hog p~oducti ,n, but unfavoraDle mar ket conditions existing in October ar ford no fair index of the aggregate supply and demand.
 It must be evident that the ehor mons shortage in fats in the Cehffid ,m,pires and neutral countries woulu Immediately upon peace result III au- d;f;onal demands for pork products which. on top of the heavy shipments to inc Allies, would tend materially +o increase the American exports, lh- osnucb as no considerable reservoir or sunnlles exists outside of the United ctates II seems probable that the present prospective supplies Wou'a De snadeouate to meet this world demand with the return to peace So far as II ,s nossible to interpret this fact, 1t ap- nears that there should be even strS er demand for pork products :. ar the war. and therefore any alarm of hog producers as to the effect Of neace is unwarranted by the outlook
 Tn the light of these circumstapc"s if is the conclusion of the conference that attempts to hold the price or hoSs to the price of corn may work out 10 the disadvantage of pork producers. If is the conclusion that any interpfe- tation of the formula should be a broad gauged policy applied over long period. It is the opinion of the conference that in substitution of the previous plans of stahilization the Tive Stock Subcommittee of the Agri- cultural Advisory Board, together With the specially invited swine representa- lives. should accept the invitation or the Eood Administration to join with the Administration and the packers in determining the prices at which con tyolled export orders are to be placed. This will be regularly done The in- fiuence of these orders will be directed to the maintenance of the common op- tect-namely, the stabilizatlon or me price of live hogs so as to secure as Tar as 1t Is possible fair returns to the