Henderson daily dispatch. (Henderson, N.C.) 1914-1995, 1936-12-01
CHRISTMAS TRADE
MAY MAKE RECORD
Industrial Activity Carries
Earnings and Wages
Above 1890 Level

Following is the monthly business
review for December as furnished bv
Citizens Bank & Trust Company:
Fre-holiday trade promises to ex-
coed that of 1880 and perhaps even ia
pass the all-time peak of 1929. P,1r-
chasing power Of employed factory
workers has been above 1929 levels
for some months while farmers have
benefited largely by better prices as
well as government payments.
Luxury sales are up Luggage and
1ur coats lead with gains of 29.2 per
cent and 27.3 per cent respectively
over last year. Sporting goods are I'm
26.9 per cent; furniture 246 per cent
and musical instruments 2O.2 mar
cent-all this before the beginning of
the real Christmas rush. Year-end
bonuses to workers are helping to
stimulate trade. So is Christmas Club
money, now being distributed on the
largest scale since the depression be-
gan. half billion dollars in extra di
vidends helps, also.
Industrial activity is now we'll
above the 1880 levels and has passed
the average of the years 1927, 1928
and 1929. The minor recession which
followed the election has already been
overcome. Merchandise freight load
lngs continue to gain and so do cleo
trio power production and the output
of soft wood lumber. Automotive
manufacturing has reached a new
high as the demand for 1897 models
develops. There have been minor de-
clines in the production of soft coal.
gasoline and steel ingots The makers
OF automobiles expect production to
average better than 100000 units a
month during the winter and spring.
Few American industries can show
greater gains than toy making. Now
this country's manufacturers are 90
ing after foreign markets and meet
ing with success. Sales of toys lex
cept RUBBER to other countries were
up 80 per cent in the first half year.
Canada and the United Kingdom en-
lar2ed their purchases by 80 per cent
and 20 per cent respectively: Aus
tralia purchases were up 155 per cent:
those Of the Union of South Africa 81
per cent, and of various South Ameri-
can peoples a per cent.
Compilations by the National Asso-
claion of Manufacturers indicate that
for every dollar which American in
dustry spends on pay rolls it must paw
another "a cents in taxes. The same
survey shows that for every dollar
paid in dividends the tax load a.
mounts to SLAP. Distribution of the
tax burden is by no means regular or
even. The oil industry, for instance,
paid taxes amounting to 100 per cent
of pay rolls and 676 per cent of di-
vidends. Food industry taxes were %
per cent of wages and 1875 per cent of
dividends. In the automotive industry
taxes were 81 per cent of pay rolls
and 443 per cent of dividends Utilities
taxes were SO per cent of pay rolls
and 80 per cent of dividends.
The Government estimate of the
cotton crop has been raised again, this
time to 124OOOOO bales. This is 1885,
600 bales more than last years rate
of domestic consumption. Substantial
increase in manufacture is indicated
/ for the coming year. The Interna-
tional Institute of Agriculture esti-
mates the worlds stock of exportable
wheat-exclusive of Russia, Turkey
and China which have short crops
at GIG million bushels, of which 25u
| millions are carry-over. Australia eX-
poets a crop of 80 per cent below the
| five year average. AS a result, Amer
. lean acreage is expected to be largely
increased next year.