The Marketplace: Many Happy Returns

For millions of Americans, Christmas still goes on merrily for the full, traditional twelve days afterward. This is the season to return all the unwanted, ill-chosen, mismatching, wrong-size gifts, either for exchange, cash or credit. As a result, for the past two weeks stores have been almost as crowded as they were in the weeks preceding Christmas —although the January "white sales" are only beginning.

Thanks to returns, the selection of negligees on sales counters in Manhattan last week was even better than the week before Christmas. And St. Louis merchants, keeping...

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