have the advice of a board composed of practical hog-growers and experts. That board advises us that the best yardstick to measure the cost of production of hogs is the cost of corn. The board further advises that the ratio of corn price to hog price on the average over a series of years has been about twelve to one (or a little less). In the past when the ratio has gone lower than twelve to one, the stock of hogs in the country has decreased. When it was higher than twelve the hogs have increased. The board has given its judgment that to bring the stock of hogs back to normal under the present conditions the ratio should be about thirteen. Therefore, as to the hogs farrowed next spring, we will try to stabilize the price so that the farmer can count on getting for each one hundred pounds of hog ready for market, thirteen times the average cost per bushel of the corn fed to the hogs.... But let there be no misunderstanding of this statement. It is not a guarantee backed by money. It is not a promise by the packers. It is a statement of the intention and policy of the Food Administration which means to do justice to the farmer."
The effect of Hoover's action to accomplish the imperatively needed stimulated production
of hogs began to appear by the next July and from that time on was very marked, the production reaching an increase over normal of thirty percent. The price assured to the farmers by the Food Administration was maintained uniformly from November, 1917, to August, 1918. In October, however, a critical situation arose because, by reason of the growing peace talk, a sharp decline in the price of corn occurred and this decline spread fear among the growers that a similar reduction would take place in the price of hogs because of the fixed thirteen to one corn and hog ratio. A rapid marketing of hogs ensued which broke the price.
With the Armistice there was an immediate change of attitude on the part of the Allies who had been trying to build up reserves of pork products to use in times of possible increased difficulty of transportation. They now moved promptly toward a reduction of purchases. This made serious difficulties in maintaining the price to the producers during the months of December, January, and February. But Hoover's original assurance to the
growers covered these months. It required most vigorous pressure on his part to compel the Allies to live up to their purchasing agreements. But he was finally successful in disposing of the material offered by the growers and thus was able to keep faith with them.
Some criticism of the Food Administration because of this maintenance of prices was voiced by consumers. But two important things must be remembered in this connection. In the first place the stabilized price was established primarily for the sake of stimulating an imperatively needed increased production. In the second place the assurance of the Food Administration given to the growers in November, 1917, that it would do what it could to maintain the price for hogs farrowed in the spring of 1918 covered sales extending to the spring of 1919. No one knew that an armistice would come in November, 1918. The only safe plan was to try to insure a food supply for a reasonably long time in advance. To have broken the agreement with the producers when the armistice came would have caused many of them great, even ruinous losses. Be
sides it would have been a plain breach of faith. Hoover would not do it.
In March, 1919, the War Trade Board was no longer willing to continue its export restrictions. It was only by virtue of these that the Food Administration had any control of the situation. They were canceled and from that time on the market was uncontrolled. But by then, the major hog run was disposed of, and the Food Administration had acquitted itself of its obligation to the producers.
This is a long and dry story of pigs and corn and difficulty. But I think it well to tell it, even though it may be dull, because it seems to be so little known. Hoover's situation vis à vis pigs and producers and packers in those strenuous days of threatened collapse of an all-important food supply seems to be too little understood. And this little understanding has resulted in too much unfair criticism. Now let us turn to another story with more humans than hogs in it.
Hoover had said, in May, 1917, within a few days after the President had told him that he wanted him to administer the food