Evening star., 1923-11-26
RETAIL BUSINESS
L|VEL|EST OF YEAR
Distribution of Goods Shows
Wide Prosperity-Wage
Scales Hold Steady.
Special Dispstch to The Star,


NEW YORK, November 26.-While
conditions in industry and trade re-
main highly irregular. there is little
change in the volume of industrial
employment or in wage scales, nor is
the average of wholesale prices much
! altered by the individual fluctuations
from week to week, states the Guar
anty Survey" just issued by the
Guaranty Trust Company of New
York.
The substantial Improvement in
the economic position of the farmers
as a whole. compared with that early
this year or last fall. is making itself
felt In various directions" the Survey
continues. These tendencies toward
stable conditions and the better ad-
products and of other commodities
are reassuring to those who feared
| that the recessions in prices and pro-
, ductlon earlier I'm the year marked
the beginning of a major depression.
Production in many lines has in
creased, or declined at less rapid
| rate, In recent weeks Altogether the
Immediate business outlook Is not un-
promising. except to those who can
only recognize prosperity in rampant
RetniI Demand Heavy.
and wage scales remain conspicuously
out of adjustment when measured
! by the usual standards applicable to
these relationships. And In some
branches of industry there is capacity
for production considerably In excess
of present or Immediately prospec-
tive requirements. Neither condition.
however. represents new experience
| for the business community: and. ex-
cept through miSdirected efforts to
apply correctiVes. such conditions
need not result in general bust
ness depression. The underlying con-
ditfons are in the main sound and
We may preserve fair measure of
prosperity If governmental bodies place
no additional handicaps upon busi-
ness initiative.
The large volume Of retail sales.
which has been consistently recorded
In all reporting lines during recent
months is significant indication of
the strength Of the current demand
for consumers goods.
In 1920. the only period in which
sales have approached the level re-
corded this year. prices were much
higher than they are this year; so
that il is probably safe to assume
that the physical volume OF distribu-
tion is considerably greater now than
1t was then.
Goods Widely Distributed.
This conclusion is substantiated
by the record of railroad freight car
loadings. which during the first
forty-four weeks of this year reached
total of IS per cent higher than
that of the same period last year, and
10 per cent above the high record
established In 1920.
car loadings are particularly
valuable as a supplement to the
sales figures. in that they represent
physical volume Of distribution. Bnt
they include. Of course the movement
of both producers and consumers
goods. Indirectly, however, they
give an indication Of the activity of
retail distribution, particularly the
loadings of merchandise in less than
carload lots. and of miscellaneous
freight. During the first nine months
of 1928. loadings of these classes of
freight exceeded by 16 per cent the
loadings during the corresponding
months last year. and by 33 per cent
the ioadings for the corresponding
period in 1920.
with allowance for secular trend
on the one hand. and for differences
in price levels on the other. IL seems
pretty clear that the volume Of busi-
ness done this year by department
and chain stores. and probably by all
retail stores, compares fayorably
with that of any period in the past,
and indicates a highly favorable
situation with respect to the final dis
tribution of consumers goods.
In the last weeks of the year re-
tail trade is normally most active
Producers and business men in gen.
eral will look especially to the level
of retail sales after the turn of the
year as an indication of the trend of
business as a whole"