Into the Sock

Treasury officials were pleasantly surprised last week by the summary of U.S. savings bond sales in the first four months of 1953. Sales were up, notably in farm states, where crop income has been declining. In six states--North Dakota, South Dakota, Iowa, Kansas, Nebraska and Montana--bond sales showed gains of 44% to 92% over a year ago, while the nationwide increase in the same period was only 29%.

The apparent paradox of more savings on lower income was due to the fact that farmers are 1) putting money aside against the day when replacement of tractors, automobiles, refrigerators, etc., becomes imperative, and 2) are no longer heavily buying real estate. They feel that the land market is at a peak, are saving to start buying again when prices drop.

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