New-York tribune., 1921-02-04
Decline i'm Prices Usually
Overdone and Bottom Has
Been Reached, Official
Tells Association Meeting

The future for the garment retailing
trade looks bright, Franklin Simon.
president Of the National Garment Re-
tailers' Association. yesterday told the
members Of that organization at the
Hotel Commodore In opening the third
annual convention.
We have passed through the worst
STAGE" said MIR. Simon. "The decline
in prices usually ID overdone not only
in the stock market, but in the com
modify markets. In certain lines
prices are now as low as they can
60, and recently we have seen some
rebound. Ny advise to all retailers is
to buy goods now, but not to plunge.
The unemployment situation presents
a problem for retailers to consider.
We can't expect people who are not
employed to spend as much money as
they do when working"
call to retailers to take greater
pride and dignity in their calling was
made by Samuel w. Reyburn, presi-
dent of Lord & Taylor, who welcome d
the visiting retailers to New York, and
by ?. A. O'Connell, president of the
+; 1. Slattery Company, of Boston,
who addressed the convention on the
subject of wholesale discounts.
tions of the 2--10, $50, net so, OF
SO, 80, $50 terms agreed to by
three retailers associations and three
manufacturers organizations in 1917
had been the subject Of recent con-
ferences, on the grounds that some
manufacturers had violated them. An
agreement has been reached, he said
whereby the manufacturers have been
given six months from January / this
year to prove a 100 per cent enforce
ment of these terms among the asso-
Citations agreeing to them or the entire
agreement will be rescinded.
Combating unjust criticism, said
Mr.. O'Connell, was one of the retailers
duties at present. "A short time ago
in Boston," he said, "the retailers
including the Federal Reserve agent
in that district and showed them that
they, the retailers, had taken great
mark downs as their portion of the
price decline. We were tired of hav-
ing manufacturers and bankers accuse
US of artifcally holding up old high
prices. We retailers have taken stag
gering mark downs, but it is difficult
to put this idea across to the general
public"
1t was suggested at the meeting that
the association, as whole, issue some
statement to the general public de-
signed to make the retailers position
clear.
The question of more equitable ad-
vertising rates was discussed and q
move among retailers in certain To-
cslities to coordinate their efforts in
this direction was reported.
The sales or turnover tax was dis
cussed by Jules S. Bache, banker, and
John S. Hord, who introduced the tax
into the Philippine Islands several
years ago.
Mr.. Bache said that he favored a
license system for every dealer In
mmodities to enforce sales tax, if
adopted, with exemptions for those
whose sales were less than $500 q
month. The pyramiding of sales tax
from manufacturer, raw material pro-
ducer, wholesale and retailer would
amount to a maximum Of 81 per cent
to be paid by the consumer, he as
serted. A complete turnover tax, such
as he advocates, he said, would bring
in revenue of about $4,000, 600 a
year.
eff business knew to-day" he said
that it was to get simplicity turn
over tax we would find that we were
rs per cent on the way to recovery
from the temporary business depres-
sion. The recovery in business will be
rapid or slow, depending upon the at
titude taken toward the proper ad-
justment Of the tax system"
Thomas V. Gould, credit manager of
Oppenheim, Collins 6 Co., gave tech
nical address on the retail credit sit
uation.
Franklin Simon was reelected presi-
dent OF the organization.
The convention was followed by the
associations annual spring style show
dinner and dance in the grand ballroom
of the Commodore last night.