"The prices (of hogs) so far as we can effect them will not go below a minimum of about $15.50 per hundredweight for the average of the packers' droves on the Chicago market until further notice.... We have had and shall 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.