Business & Finance: Glut & Rally

Early last month while farmers stolidly eyed their burning pastures, another group of U. S. citizens whose living is also made from an agricultural product began to fear not shortage but glut. This group— the tanners—have the misfortune to use as their principal raw material a commodity in which demand has no bearing whatsoever on supply. Hide production depends not on the use of shoe leather but on beef consumption. Cattle are slaughtered for meat and the hide is merely a byproduct.

So when the...

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