STATE OF BUSINESS: Facts & Figures, Aug. 2, 1948

Glut. With a bumper wheat crop in sight, the Department of Agriculture thought it time to cut down. Out to farmers, for the first time in five years, went the once-familiar call to reduce planting. If the department has its way, farmers will plant 71.5 million acres next crop year, 8% less than this year. To build up cattle herds depleted by the heavy slaughter last year, the department also asked cattlemen to reduce slaughterings 7% next year.

High Ceiling. Real estate mortgages hit a record high of $33 billion, so the Federal Reserve Board thought it was time to tighten...

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