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Moro poae for canning this year , A record crop of green peas for process- 

 ing was reported "by the U. S, Depaxianent of Agriculture. The crop this year is esti- 

 mated to "be 9 percent over the previous high mark and ahout 22 percent over last year. 

 This year's output is approximately 4^63,000 tons ocmpared with 580,CXX) last year, 

 U2if,000 in 19lf2 and a lO-year average of 287,000 tons. 



Cotton erportg to Europe rise . The war seriously curtailed the export out- 

 let for cotton. In fact, ehipnente ftroo Pearl Harbor Day, December 1 , 19^1, to 

 April 50, 19^5, averaged 105,000 bales per month, one-fourth of the prewar average 

 of lH9,000 bales. Since the liberation of Europe, cotton exports have increased to 

 an average of 125,000 bales monthly. It is to be hoped that it will be possible for 

 us to reduce our heavy c€u:ry-over of cotton. Our inability to obtain cotton cloth 

 has been caused by labor shortages and other limitations on the capacity of the cot- 

 ton manufacturers rather than because of inadequate supplies of the raw material. 



Farm real estate prices continue to rise . Farm real estate values continued 

 to rise during the four months ended July 1, I9U5. The increase for the country as a 

 whole was about 5 percent, bringing the values up to I50 percent of the 1912-lU avera^. 

 11 percent above the July 19*^U level and 57 percent above the 1955-39 average. Values 

 are still about one-fourth below the 1920 inflaticMi peak. The increase during the 

 past four months is the same as reported for corresponding periods in each of the past 

 two years. Since March I9UI, values have risen 55 percent, or an average of one per- 

 cent a month. Per-acre farm real estate values in Illinois on July 1 were 6k percent 

 above the average 1955-59 values. In Indiana they were up 85 percent, in Iowa up 51 

 percent, in Missouri up 5^ percent and in Wisconsin up 50 percent frcm the 1955-59 

 average. 



The Bureau of Agricultural Econcmics reports that the proportion of farm 

 sales entirely for cash increased f\a:ther during the past year despite relatively easy 

 credit conditions. In sales financed by mortgages, the average down payment during 

 the first quarter of 19^5 was Wi- percent of the purchase price compared with U2 per- 

 cent for the first quarter of 19^U, ^0 percent for the year 19^* 59 percent for 19^5 

 and 55 percent for 19^2. Despite the amount of cash used in buying farms during the 

 past year, very heavy mortgages were placed on a significeuit number of farms as a 

 result of sale. Between one-fourth and one-third of all credit -financed sales last 

 year wore encumbered to the extent of 75 percent of the sales price, emd almost three- 

 fourths had a debt of 50 percent or more. On many of these farms the amount of debt 

 is larger than the full market value of the property a few years ago. The Bureau 

 pointed out that current mortgages at 65 percent or more of present average values 

 would equal or exceed average values prevailing in 19^1. 



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GLJ:wl 

 8/1A5 



