The New York herald., 1921-01-23
A BUSINESS MESSAGE
The Buyers Strike
Thrift VS.. Spending
This advertisement published in this paper
Tuesday, JnrUerB 49, 1921.

become overstocked and the retail merchants
in othr~. cases bought until they had become
overstocked
Tho ret0! customer does not buy in greater
volume first, because the man out of employ
ment is not apt to have the money or credit
with which to buy and the man who is still
employed widespread unemployment and
wonders how secure his employment is; second,
because a large portion of the public think we
are going to have still lower prices.
Now some of the retail merchants do not buy,
first, beca they fear that the business depres-
sion has become so widespread that the future
purchasing power of the American people has
been seriously crippled second, because they
fear still lower prices; and, third, because they
are having difficulty in raising the money neces-
sary to pay their obligations when they come
due.
There is nothing in the National Thrift move
ment which opposes judicious or conservative
buying There is reason why the merchant
should not strive to stimulate buying, and there
is no why he should not tell his Gus
toner that it is his belief that prices have
reached the bottom, if he really believes it
himself
But, Mr.. Merchant, let's be fair again. We
know prices have been abnormally high. We
all hoped they would come back to normal in
evolute, not revolute; but when reached the
limit of our banking credit and the bankers had
to call a halt then in many cases, factories,
jobbers and retailers had to sell some of their
goods for whatever they would hrng-and here
and there some commodities had to be sold at
less than the pre-war cost of production.
Now what do you think Is the greatest threat
Of further decentralization of prices? l think the
greatest threat is to have further forced sales
Don't forget that many, and, in fact, most of
these forced sales were not due to lack of capi-
tai. but due to lack of cash. Don't forget,
either. that there still many factories job
bers and retailers who still under great
strain. and although they have an abundance
of capital yet they finding it difficult to find
the cash to meet their obligations.
Those of us who are supporting tn National
Thrift movement believe that money applied to
these strained situations will do more to help the
mercantile situation than a like amount of money
applied to indiscrimnate buying Illustrating
perhaps by exaggeration, we feel that If the man
who appel to smoke dollar I'M
ported cigar would content himself with ten
cent domestic cigar and would say to the sound
merchant who is under strain Here is ninety
cents that will loan you to help prevent you
from being compelled to make forced sale of
your goods" think that this would aid the
entire business and mercantile situation more
than If he had bought and smoked the dollar
cigar. Now. we know that ninety cents would
not hclp very muCn, ana We Know that THIS
man. and the like him. cannot deal direct
tn the merchant; but all of these people
deposit in some bank which. in turn will use 1t
to help out these particularly strained business
situations and prevent forced selling.
know a great many of the men who
working whoeheartedly behind TIL National
Thrift moveme mt Many OF them merchants
Themselves None of them wants to interfere
with the business of our merchants but to be
helpful TO them. If are wrong you tell
The people why in the papers tomorrow.
The foregoing letter Is but little of what can
be said in favor OF support of the Nat onal Thrift
movement. but il what has already been said
sounds reasonable then take a chance and get
behind the National Thrift Drive with your
whole heart in It. Give the publ C the assurance
that the business men of the country fully
cognizant Of the situat on. that they not fear
fu1 about IL and will not themselves hunt cover
and that they moan TO correct the situation as
rapidly as circumstances will permit, and you
will change the mind Of the retail buyer
night
Conservative buying will again start up and
the buyer will pay what price he must whether
he thinks It is the bottom price or not. and moro
will be accomplished than by any attempt to
break up the so-called buyers strike.
Thursday If | am not called upon to make
further reply along this line, | VIII tell you some
OF the reasons why ] am decided optirnist on
the business outlook provided the employers Will
get behind Thrift and Investment Movement
and try to show why wise investing in truth
wise spending and will help more than the
penditure which buys something which IS con-
suned
Faithfully yours.
HENRY l.. DOHERTY,
60 wall ST.. New York