Golden Chains

Binding the U. S. are 62 chain store systems. Besides 5 & lO-c- stores, there are stores for shoes, furniture, music, drugs, cigarets, candy & food. As they profit, so profits the nation. Their condition is accepted by statisticians as the nearest to an infallible arrow of prosperity or decline as exists. Last week 30 of them reported that their ten months' receipts to Nov. 1 were $843,292,700--more than the business in 1926 by $106,-471,445. Accordingly, the U. S. is better off industrially by 14.45% than in 1926.

Swollen beyond one billion, would have been the ten months' receipts figure had the Great Atlantic & Pacific Tea Co.'s sales (of 16,000 stores) been included.

Closely held by a small group headed by Chairman G. L. Hartford and President J. A. Hartford, A. & P. shares are almost impossible of purchase. They are seldom quoted--were not last week. Beginning with a unit in Pennsylvania in 1858, these stores now have working capital of $59,097,004.

Their report is accessible to the Federal Reserve Board. Last week the board in Washington disclosed compilations for chain store sales to the end of June 30. The 62, including the A. & P. sold goods, said the board, amounting to $1,062,854,000, es-ceeding the 1926 figure for the comparable six months by $155,510,000.