Merchandise Boom

As frequently predicted in these columns, the merchant has little complaint against the year 1923, whatever the stockbroker or the manufacturer may think of it. Especially to the mail order and chain store organizations has this year been profitable thus far, with the best merchandising months still to come. Department stores have likewise shared in the general prosperity.

Sales by Sears, Roebuck & Co. for the first nine months this year totaled $151 millions, as against $121 millions for last year--a gain of 25.12%. In the same comparative periods, Montgomery, Ward & Co. show sales of $90 millions and $59 millions--a gain of 51.60% over last year. F. W. Woolworth Co. has run 14.83% ahead of 1922 in the first nine months, with sales of $125 millions against $109 millions. During the same period the S. S. Kresge stores increased their sales 27.57%; the McCrory stores, 26.40%.

This bright immediate prospect for efficient merchandising organizations accounts for the fact that chain store shares have consistently moved upwards in the stock market, while practically all other shares were experiencing considerable declines. The mail order shares have, however, declined with the general market.