After having arrived at a price based on a mathematical interpretation of supply and demand, the problem is to determine to what extent extraordinary forces are at work and to what extent it may be worth while to combat them by extraordinary measures. If corn is 15 cents a bushel below the mathematically justified price, will it be advisable for farmers generally to hold their corn and cause a shortage at the terminal markets? Will it be advisable to put out newspaper propaganda showing the public how the market price of corn is below cost of production, or put on an advertising campaign to increase the demand? These matters of larger policy are mostly outside the field of mathematics. They are largely matters of strategy. How much bargaining force do the farmers represent? To what extent will they follow directions? At what season of the year is it best to strike? Generally speaking, a farmers’ drive for higher prices would best begin about January 1st, and should reach its greatest intensity about March 1st. After March 1st, seasonal scarcity begins, and no further propaganda is needed. A consumers’ drive for lower prices best begins about August 15th, and reaches its greatest intensity about October 15th. After October 15th the seasonal surplus, especially of corn and hogs, begins, and there is no further need for consumers to bring artificial propaganda to bear. It is interesting to note in this connection that the “bear” campaign engineered by the governments of the world in 1919 began in late July and continued until about October 15th, at which time the weight of the season’s marketings was sufficient to hold prices down without additional use of newspaper space. After a mathematical study of prices, the leaders of farm organizations, in so far as they attempt to influence prices, must consider the state of the export trade, rate of foreign exchange, ocean freights, world crop conditions, business conditions at home and abroad, and, in fact, all the factors which the trained speculators take into account on the Board of Trade. They must take all of these things into account, and yet be able on occasion to act decisively. They must learn to play the game in the same fashion as a skillful whist player. They must not “overbid” their hand, but bid its full worth, and they must take all the tricks they can. To have even a fair chance of success in an effort of this sort, farmers must set up a very strong statistical organization, in charge of a highly competent staff of thoroly trustworthy experts. For farmers themselves have neither the time nor the opportunity to secure the training necessary to enable them to acquire and assimilate the information needed. CAN “PRICE” MAKE “SUPPLY AND DEMAND”? Dissatisfied farmers and city consumers have been told often that “supply and demand” makes the price. Economists have backed up the Board of Trade people and the packers in making this assertion.