Evening star., 1932-04-30
FARM CASH INCOME
BECOMES STEAD|ER
Trend Toward Sterilization
Noted in Research
Bulletin.

The limited rise and fall Of farm cash
income in the United States at low
but steadying levels continues to indi-
cate a healthy trend toward stabiliza-
ton, according to the Corn Industries
Research Foundation.
Monthly estimates Of a II per cent
sample of all farm income sources dur
ing the first two months of 1882, says
the foundation. show an increase in
the adjusted figures for January. In
February while the actual income drop
ped to a new low, the normal seasonal
variation accounts for all but a slight
frahction of this decline and the ad-
iusted figures reveal that the drop was
smaller than the January gain.
Based on cooperative studies made
with the State Street Research and
Management Corporation Of Boston, the
foundations statement lists the Janu-
airy, 1882, receipts of a II per cent
sample of farm income at $269 900 900.
This sum- the report states, repre-
sents a lis per cent rise over Decem-
Der, 1881, income after adjustment, and
the February, 1882. low of 1922 900, 900
becomes about a l per cent decline
when the seasonal correction is made.
The favorable margin, though very
slight, is nevertheless encouraging, and
the extremely narrow fiuctuation may
be due to influences which are work
ing toward a reversal of the long ad-
verse trend of the past three years.
THE variation of farm cash income
from month to month" continues the
foundation, depends upon the indi-
yidual commodities included in the
study and a resume of present condi-
tfOnS reveals the following
Dairy products continue unsettled,
with heavy supply and an unStimulated
demand that should continue to work
against expectations Of early price i'm
prOvement.
Cattle shipments, which were at a
favorable figure at the close of last
year, are now about equal to the cor
responding months of 1881. The price
trend should resist downward pressure.
Very little change is foreseen in the
position Of hogs. Continued heavy
shipments against continued low prices
produce an inertia that should operate
to slow down any extreme fluctuations
in either direction.
Sheep income in January showed
some improvement over the December
totals and continued to hold fairly
steady. Prices continue buoyant in the
face of heavy shipments.
While domestic wheat supplies are
extremely large, foreign supplies appear
to be favorably uncertain, with a
strong probability that crops will be
lighter than last year. This foreign
situation, unfavorable domestic and
foreign weather developments and the
trend OF crop reports are all factors
which should continue to operate
toward satisfactory price increase.
Corn receipts continue to be very
low. With record stocks on the farms
and an unfavorable feed ratio further
small declines are more probable than
is an early improvement.
Cotton consumption remained at
relatively favorable levels during the
first three months of the year Febru-
airy income from this source was the
highest in this month since 1929 and
was almost three times as great as in
February of last year, in spite Of a
much lower price. The supply, how
ever, is heavy and a continuing ad-
vance in price Is less likely than a
settling toward steadiness at about the
present levels"