THE year 1919, included as it was in the period between the signing of the Armistice and the ratification of peace, was logically a season of uncertainty, unrest and unsettled conditions. And yet American business, discounting all this, entered upon and passed through this period with full faith in a favorable outcome.

While prosperity was general, the processes of realignment of our economic relations hurt or temporarily hampered some lines of business. The livestock and packing industries did not escape entirely unharmed.

Naturally, proposed radical legislation, with accompanying agitation, and a slump in American meat exports, caused such violent disturbance of the livestock markets during the latter half of the year that both producers and packers became deeply concerned as to the immediate future of the industry.

No array of proved facts as to the low percentage of packer profits, no pointing out of the real factors controlling meat and livestock prices was sufficient to convince the disturbed element of the public and certain agents of the Government that packers’ operations on the existing large scale were justifiable.

Therefore, by a recent understanding with the Government, Armour and Company will dispose of all their interests in food production, not directly associated with and dependent upon the meat packing business. In addition, Armour and other packers agree to relinquish interests in stock yards and railway terminal properties at the various market centers. The terms of the understanding permit the retention of dairy and poultry products in view of the dependence of these on such refrigerating and distributive facilities as the packers have provided.

Both patriotism and enlightened self-interest command every citizen and business to make concessions and sacrifices in times of crises, whether of war or peace; and while Armour and Company felt that they were clearly within their rights in their operations previous to this understanding with the Government, it was plainly in the line of public service to make concessions that would clear the way towards public confidence in the development of the livestock industry.