STATE OF BUSINESS: The Crowded Road Back

When farm prices and farm-machinery sales began to drop last year, the rest of the economy was still in its biggest boom in history. Last week International Harvester Co. President John L. McCaffrey announced that farm-equipment sales have been picking up since December. Said he: "If we must be among the first to feel the adjustment, perhaps we can be among the first to lead the way back."

Reports from other segments of the economy indicated that a traffic jam was building up on the road back. Items: ¶ Sales in 44 chain stores and mail-order houses in April...

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