New-York tribune., 1921-01-18

cver-stocked.
The retail customer does not buy in
greater volume, first, because the man
out of employment is not apt to have he
money or credit with which to buy, and
the man who is still employed sees wide
spread unemployment and wonders how
secure his employment is; second, .,e-
cause large portion of the public think
we are going to have still lower prices.
Now, some of the retail merchants do
not buy, first, because they fear that the
business depression has become SO wide
spread that the future purchasing power
of the American people has been seri
ously crippled; second, because they
fear still lower prices; and, third, be-
cause they are having difficulty in rails
ing the money necessary to pay thei'
obligations when they come due.
There is nothing ~ the National
Thrift movement which opposes judi
cious or conservative buying. There is
no reason why the merchant should not
strive to stimulate buying, ard there is
no reason why he should not tell his Gus
toner that it is his belief that prices
have reached the bottom, if he really be-
lieves 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 q gradual and orderly
nanner--tllat they would evolute, no
revolute; but when we reached the lirni'
of our banking credit, and the banksrs
had to call q halt, then, in many cases.
factories, jobbcrs and retailers had TO
sell some Of their goods for whatever
they would bring--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 Generalization of
prices? 1 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-
raj, but due to lack of cash. Don't for
get, either, that there are still many fac
tories, iobbers 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 Q
meet their obligations.
Those Of US who are supporting this
National Thrift movement believe that
money applied to these strained situa
tions will do more to help the mercantile
situation than q like amount Of money
applied to indiscriminate buying. Illus
trating perhaps by exaggeration, we fee
that if the man who has ar appetite to
smoke one dollar imported cigar would
content himself with ten cent domestic
cigar, and would say to the sound 1ner-
chant who is under strain: Here is
ninety cents that will loan YOU 70 help
prevent you from being compelled &c
make a forced sale Of your goods" we
think that this would aid the entire busi-
ness and mercantile situation more than
if he had bought and smoked the one
dollar cigar. Now, we know that ninety
cents would not help very much, and we
know that this man, and the man like
him, cannot deal direct with the rner-
chant; but all Of these people can de-
posit in some bank, which, in turn, Will
use it to help out these particularly
strained business situations and prevent
forced selling.
know great many OF the men wro
arr, working whole-heartedly behind this
National Thrift movement. Many OF
them are merchants themselves. None of
them want to interfere with the business
of our merchants, but to be helpful to
them. If we are 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 rea-
sonable, then take chance and get be-
hind the National Thrift Drive with
your whole heart in it. Give the public
the assurance that the business men of
the country are fully cognizant of the
situation, that they are not fearful about
it and will not themselves hunt cover"
and that they mean to correct the situ-
alton as rapidly as circumstances will
permit, and you will change the mind OF
the retail buyer over night.
Conservative buying will again star.
up and the buyer will pay what price he
must whether he thinks it is the bottom
price or not, and more will be accom-
plished than by any attempt to break UP
the so-called buyers strike.
Th,,rcdav ;f an, ro+ r,lleJ ,,r~~. a.