Show WHOLESALE GROCERS ARE ADJUSTING LIABILITIES Net Sales in January 1921 30 Per Cent Less Than in Same Month of 1920 The Harvard bureau of business re research research research re- re search has collected figures and Indices of business conditions In the wholesale grocery trade in January o of this year eJr 1 compared with h January 1920 g It is to be remembered that January 1920 was vas generally a period of business activity reflecting conditions practically at the peak of business prosperity whereas where where- as January Januar 1921 represented the trough of ot depression Results of the Investigation are summarized summarized summarized sum sum- as follows On the average net sales were about 30 per cent less In January 1921 than In InI I January ar 1920 Or The cost of doing busl- busl se nC ness however w was not reduced in anything any thing like lile the same proportion Altho Although gh numerous wholesale grocers showed smaller expenses In dollars and cents in January Januar 1921 than in the previous year there were approximately as many others who showed higher expenses despite the decline in sales When the expenses were figured in percentage of net sales nearly all the she wholesale grocers showed a higher ratio of expense in January of oC this year ear than in January 1920 In In percentage of ot net sales sales force expense In Jn January 1921 averaged about 7 per cent higher than in 1920 total re receiving receiving receiving re- re and shipping expense was about 4 per cent higher total buying and management management management man man- expense about 8 5 per cent higher total expense about 3 per cent higher In January 1921 than in January 1920 Th The amount of merchandise purchased was smaller in every case in January 1921 than in January 1920 The purchases purchases pur pur- chases fell of off more than the sales pur-I pur This is Tr indicated rd f by two comparisons r o In hO the I first place f for four fifths of the wholesalers whole whole- salers sabers the purchases fell teli off more than i 30 per cent in January 1921 a as compared I with January of oC the preceding year Sec Sec- Secondly Secondly I the inventory of merchandise on hand haud showed a decline on the reports of ot I most of the whole wholesale ale grocers during the month of January this year and although the inventories generally were smaller I both at the beginning and end of Januar January January Janu Janu- ar ary 19 1921 1 than in January 19 1920 0 the difference dif dif- I ference between the tw two years was I greater on January 31 than on January 1 Accounts and notes receivable showed I a a. decline during the month of January 1921 on the reports o of three fourths of ot I the wholesalers OI I who s submitted statements statements state state- t ments whereas in January 1920 over one half the firms had an increase in the amount of their accounts and notes re re- re I Accounts and notes payable also were lower January 30 than on January January January Janu Janu- ary 1 1 1921 in the case of four fifths of ot the firms from which reports were re re- re I This is sharply in contrast to experience experience ex ex- of the same firms in January 1920 when a substantially larger number number number num num- ber showed an increase in accounts and notes payable during the month On January 31 1921 the accounts and notes payable generally were lower than on January 31 31 1920 This contrast was much more marked at the end of the month than at the beginning I It t indicates ca s that healthy progress g is being in made by st t these wholesale grocers in adjusting their liabilities lIa- lIa lia ha- under existing business conditions I |