Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-07-16
.U.S. TO HELP KEEP
!. MEAT PRICES HIGH
America to Have No Chance
for Lower Rates on Beef
Europe Refuses
AID OFFERED EXPORTERS

Washington, July 16.-Thc recent
decline in beef prices, due to the falling
off of the European demand for Ameri-
can meats, has so alarmed the livestock
and packing interests of the country
that the government has decided to
finance "to limited extent the ex-
portation of cattle and cattle products
The action Of the government means
that the American public will have no
chance to benefit through cheaper meat
prices by the failure of Europe to buy
Americas enormous beef crop at war
levels. The War Finance Corporation,
acting under the law authorizing this
organization to advance credits to stim-
ulate foreign trade, gave out the fol-
lowing statement yesterday.
The War Finance Corporation an
nounces that it is prepared to enter
tain applications from responsible
American exporters or American banks
for advances against the export of cnt-
tie and cattle products TO foreign Coun
tries. as authorized by the war finance
corporation act.
This plan will result in the estab-
pose of stimulating exports and thereby
broaden the demand for these prod
ucts.'
Meyer Authorizes Statement
The announcement was authorized by
Eugene Meyer. Jr., managing director
of the War Finance Corporation. who
returned recently from Europe.
Coming closely upon the heels Of the
recent statement Of the Department of
Agriculture that the future of the cat
tie raising industry Of the country was
being endangered by the failure of Eu-
rope to take the American meat sur
plus and the apparent refusal of the
American public to increase its con-
sumption of beef at present prices. the
Finance Corporations announcement is
regarded as significant.
1t Is taken to mean that prevailing
high prices Of beef and beef products
must be maintained if the cattle indus
try. greatly stimulated during the war,
is to be preserved in its present state
Lowering prices to level which au-
tomatically would increase the con-
sumption of beef in the United States,
Il is argued, would prove no induce
ment to the cattle raiser to continue
production on the present large scale
Therefore. the meat must be disposed
of outside the United States with the
aid of government funds, n procedure
which, according to recent statement
of the Federal Reserve Board. puts tht
American consumer in the position of
bidding against himself and thus keeps |
up the high price of commodities.
"This necessarily means. therefore. |
that he is in a sense bidding against |
himself when he enables others to pur-
chase overfreely with the funds which
he has supplied
Whether the War Finance Corpora
ton expects shortly to entertain appli
cations for advances against the ex-
portation of other American commodi-
ties which may be adversely affected by
an overplus Of stocks in this country
could not be learned. but the corpora
tion has ample authority under the pres
ent law to extend such credits, to
stimulate foreign trade
1t has been known for several weeks
that Secretary of the Treasury Glass
and officials of the Federal Reserve
Board have opposed further use of gov
ernment funds in what is being termed
In Washington ''the rehabilitation of
Whether Mr.. Meyers ad-
vice on his return from Europe has
altered his view is not known, but Sec
retary Glass, it is understood, con-
ferred with President Wilson before the
War Finance Corporations announce
ment was made yesterday.
Washington, July 15.-A resolution
by Senator Sherman. Republican. re-
auesting that the Federal Trade Com
mission furnish the Senate with docu
ments relating to the exports of meats
from the United States to Great Britain |
x.as adantod ,yithnnt q record vote.