Business: Downtown

¶ First chain-stores to report November sales showed a 15.1% increase over November 1932—best comparative gain of the year. Reflecting new prosperity in the South and some areas of the Middle West, sales of mail-order stores (which also operate chains) registered the widest advance. Sears, Roebuck reported a 27.2% gain over last year, Montgomery Ward, 25.3%. Poorest performers were the grocery chains—up 2.5%.

¶ “With no uncertain force consumer buying was manifest immediately following Thanksgiving, and to the breadth of the Christmas demand was added the acceleration incident to the opening of an entirely new field of merchandise revenue [liquor]. . . . Reports are nearly uniform in placing the season’s volume at the best level in two years.”—Dun & Bradstreet.

¶ In liquor’s first week, Manhattan stores sold $100,000 of glassware. Glassmakers had stemware orders for months ahead. Following not four but 14 years of depression hotels throughout the 18 wet states reported 20% to 300% jumps in restaurant receipts, room sell-outs and a land-office bar trade.

¶ November building contracts in states east of the Rockies were 11% above October, 54% above a year ago and at the highest level in two years. PWA awards accounted for the bulk of the gain, but private construction topped November 1932 by 11%.—Dodge Reports.

¶ Last week 44 corporations declared favorable dividends—largest number in any week since 1931. This record was made despite the fact that several boards deferred action until after Jan. 1 when the 5% Federal dividend tax expires. To the swelling stream of dividend resumptions was added a $3 payment by Chicago, Burlington & Quincy, $1 by Tide Water Oil, 25¢ by Dictaphone. Three tobacco companies, American Snuff, U. S. Tobacco and Helme, declared extras.

Most notable dividend showing lately has been made by textile companies. At least 13 have resumed, increased or paid extras including Cannon Mills. Celanese, Hathaway Manufacturing, Industrial Rayon, Pepperell, William Whitman Co.

¶ Last week the receiver of Chicago’s La Salle Hotel suggested to the court that the hotel’s creditors be allowed to sleep out their bills. The creditor would be charged regular rates for his accommodations which would be deducted from the amount which the La Salle owed him. Despite strenuous protest from representatives of the major stockholder, the court sanctioned the idea, remarking testily: “I am tired of all this quibbling over infinitesimal trifles. I will sign this order, and if you don’t like it you can close the hotel.”