Business: Christmas Business

Post-mortems upon the Christmas trade this year are dangerous to make before all the figures are in. Yet evidence indicates this Christmas season saw all retail records smashed, for recent years at least.

Merchandising companies themselves are generally prosperous, with a stronger cash position and more working capital than ever before, and inventories of conservative size. The experiment of boosting prices was not overdone this year, while the weather has favored shopping. One noted feature of this year's Christmas trade was its early start—in the last week in November.

The year has been unusually...

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