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Show facturers' executive committee is wrong, too, in the statement that this falling price range stimulates buying.' It is contrary to common sense, but people are less inclined to buy on a falling than on a rising market. While j prices are falling, the customer fig-ures fig-ures that he will wait for still lower prices. If they are rising, he figures i that he had better hurry, because' prices are going up. Moreover, in suclij times as these, people hang on to their money, possessed by unreasonable unreason-able fear of the future. Possessing the key to restored prosperity, they hide the key. Retail prices are abnormally low, and are not likely to be much, if any, lower. Indeed the first return of confidence con-fidence will witness a rise in price levels, and as buying power from all the dammed-up demand for necessities, necessi-ties, comforts and luxuries is unloosened, unloos-ened, prices will take a rapid upward swing. When that happens , we will all know that the country is on the way to recovery, for higher prices , will mean more general, profitable : and secure employment for labor,! and investment for enterprise. j .. SOUR NOTE. The executive committee of the Na tional Association of Manufacturers has issued a statement asking retailers re-tailers "to make a more equitable reduction re-duction in prices to consumers," says George B. Lockwood in the Republic Bulletin. The committee declares that the decline in retail prices since -January, 1930, has not been as great as the decline in wholesale prices. It declares de-clares that during that time wholesale whole-sale . prices have declined 23.3 per cent, while the cost of living, as represented rep-resented by retail prices, declined only 10.3 per cent. The National Association As-sociation of Manufacturers declared that further reduction in prices would start up business through increased purchases. There is something the matter with the association's statistics. Decreases in retail prices have been far greater great-er than would be indicated by these figures. In some lines of merchandise they are as great as 50 per cent.. It requires only a comparison of figures appearing in the advertising columns of any newspaper today with those of 18 months ago to understand the big drop that has occurred in retail prices. Charles Grafton, president of the Indiana Association of Manufacturers, who has issued a statement repudiating repudiat-ing the outgiving of the national association, as-sociation, states that he recently received re-ceived a small portion of a shipment from his Muncie factory to a department depart-ment store of another city. The goods still retained the price markings. He found that they had. been offered at an insignificant advance over the low factory price; one that would certainly certain-ly not afford much profit. This is the experience of many .manufacturers. .manufac-turers. Such criticism of the retailers of the country by the heads of the; National Na-tional Association of Manufacturers will be productive of much harm. Retailers Re-tailers generally are having a hard time of it. Prices have slipped, but their rent has not come down. Their taxes are rising, not falling. Interest rates are as high or higher than in normal times. Their credit is restricted. restrict-ed. Few are making profits. Retail prices are lower than they have been i for years lower in many instances than conditions justify. The intimation intima-tion that the retailers are profiteering profiteer-ing at this time is preposterous. The National Association of Manu- |