RETIRING FOR EVER.

Auckland Star, Volume LXII, Issue 81, 7 April 1931, Page 2

RETIRING FOR EVER.

HARD TIMES IN AMERICA.

MANY OLD FIRMS CLOSING.

PROSPERITY STILL FAR OFF.

(From Our Own Correspondent.)

SAN FRANCISCO, March 18. The ranks of the optimists who have been repeating daily that prosperity W just around the corner seem to be thinning, for the present slump in business in the United States shows no si<n, B 0 < improvement. On the contrary th P f„» ing off in trade circles appears to havn' been intensified with the heralding of the month of March, despite the fact that the chorus of prosperity advocated have been disseminating speeches over the radio frequently that the bottom of \ , slump had been passed and un doubted signs of returning trade had been observed on the horizon. The new* papers are overcrowded with advertise! ments of men and women appealing f (1 - employment at the lowest poSiblo wages barely sufficient to make the pro- > verbial both ends meet. The parks Crowded with the idle who have failed to secure steady or even partial-time employment. It is in the business centres of thn average American city that evidence is afforded of the pinch of hard times owing to the fact that some of the firms who have been in continuous business, for half a century in. many eases, have had to admit defeat. In some of the Western, cities these historical centres oi trading have enormous glaring si-ms over their portals notifying the public " Retiring from' Business/' "We Close Forever," "Must Sell Out to Meet x> Creditors' Demands." In San Francisco a shoe concern of enormous proportions and having an un- " broken record of nearly 60 years' successful trading, has gone to the wjUl, and all the merchandise worth several millions of dollars has been placed on sale by a firm featuring purchases of bank-' rupt stocks. Another large firm on the same leading business artery of the city, and dealing in men's high-class suits and overcoats, has felt the economic stress of the country and has been compelled to "retire from business forever." In addition to these firms, others engaging in ladies' wear have met the same kind of adversity. These large firms going out of business have increased the ranks of ' the unemployed by their workers forced into the idle, wo'rkless. ° A veritable battle is being waged among the grocery shops, especially those immense corporations known as chain stores. Here a terrific fight is in progress by price cutting of foodstuffs. -' Eggs, which at this time of the yearusually retail for as high as 50 cents a dozen, are now being offered to the consumer for as low as 16 cents for the dozen. Butter has been severely cut in retail price, dropping to 28 cents a lb. Silk for women a year ago were as high as 6 dollars a pair, b.ut'now they are being sold by the thousand to meet the depleted pockets of the - workers for the nimble sum of 1 dollar ■ - a pair. Owing to the economic crisis in America, most of the large corporation's have reduced their staffs tp Skeleton crews, although some other firms have </ resorted to employing their, workers for three days a week in order to spread out the work and afford some help to tho weekly exchequer of the' average family. In some of the American cities the annual collection of funds for carrying on charitable work and the support of various institutions has been- of an extremely difficult nature, chiefly ouaccount of the shortage of wage-earners, although the Community Chest organisations have appealed to the public to give, until it hurts and to "give more than ever this time." In several instances the time of the "drive" has been extended . nearly double, yet the total collections have fallen -far short of expectations, and some of the institutions will have to suffer with depleted quotas.