New-York tribune., 1921-01-23

merchants in other cases bought until they had
become overstOcked.
The retail customer does not buy in greater
volume, hrst. because the out of employment
is not apt to have the money or credit with which
to buy and the who is still employed sees
widespread unemployment and wonders how secure
his employment is; second, because large portion
OF the public think we going to have srill lower
prices
Now, of the retail merchants do not buy.
rs because they fear that the business depression
has become widespread that the future pur-
chasing 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 necessary to pay
their obligations when they come due
There is nothing in the National Thrift move
men, which opposes judicious or conservative
buying. There is no reason why the merchant
should not strive to stimulate buying and there
IS no reason why he should not tell his customer
that 1t is his belief that prices have reached the
bottom if he really believes it himself
But Mr.. Merchant let's be fair again. We
hoped they would come back to normal in a
gradual and orderly manner-that they would
evoiute not revolute; but when reached the
limit of our banking credit, and the bankers had
to call a halt then, in many cases. factories lob
bers and retailers had to sell some of their goods
tor whatever they would brng-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 capital but
due to lack Of cash. Don't forget either that
there are still many factories obbers and retailers
who are still under great strain and although
they have an abundance of capital yet they are
finding it difficult to find the cash to meet their
obligations.
Those of US who are supporting this National
Thrift movement believe that money applied 70
these strained situations will do more to help the
mercantile situation than like amount of money
applied to indiscriminate buying. Illustra ating
perhaps by exaggeration, we feel that if the
who has an appetite 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 l will loan you to help prevent you
from being compelled to make forced sale of
your goods we 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 help
very much, and we know that this man, and the
like him, deal direct with the mer-
chant; but all of these people deposit in some
bank, which, in turn, will it to help out these
particularly strained business situations and pre-
vent forced selling.
know great many Of the men who are work
ing whoeheartedly behind this National Thrift
movement. Many of them are merchants them
selves None of them interfere with the
business OF our merchants but to be helpful to
them. If we wrong, you can 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 National Thrift
movement, but if what has already been said
sounds reasonable then take chance and get
behind the National Thrift Drive with your whole
heart in it. Give the public the assurance that
the business men of the country fully cognizant
Of the situation, that they fearful about it
and will themselves "hunt cover" and that
they mean to correct the situation rapidly a.
circumstances will permit, and you will change the
mind OF the retail buyer overnight.
Conservative buying will again star, up and the
buyer will pay what price he must whether he
thinks II is the bottom price not and more will
be accomplished than by any attempt to break up
the so-cacd Buyers Strike.
Thursday, If l not called upon to make
further reply along this line witt tell you some
of the reasons why decided optimist on
the business outlook provided the employers will
get behind a Thrift and Investment Movement
and try TO show why wise investing il in truth
wise spending and will help more than the ex-
pcnditurc which buys something which Is con-
sumcd.
Faithfully yours.
HENRY L. DOHERTY,
sif O. Va