The Caledonian-record. [volume] (St. Johnsbury, Vt.) 1920-current, 1922-04-06
VITAL MESSAGE
TO MERCHANTS
OF VERMONT
E. A. Filene Tells How
Local Business Men Can
Meet Competition

mont merchant and citizen, is to
be found in the address of Edward
A. Filene, one of New England's
and the countrty's greatest busi
ness men, to the Vermont Publish
er's Association during their recent
visit to the Fi1ene store in Boston.
Many publishers expressed a de-
sire for a verbatim report of Mr.
Filene's speech and it has just
come to US through the courtesy
of H. C. Whitehall, the Waterbury
VT, publisher, who planned so
elaborate an entertainment for the
Vermont publishers in Boston.
Mr.. Filene does not deliver a
very optimistic message for busi-
ness for the next two years. He
says, however, that he finds he can
make money in dull times as we'll
as in prosperous times and he gives
some excellent advice as to how
this can be done.
Mr.. Filene's address is given here
in full:
81 am very glad to welcome you.
We feel flattered that you desire
to come here. We like to think that
this is a particular distinction for
US because it comes from a group
of newspaper people who are per-
haps the class best equipped to
know what is genuine and what is
not. | have, of course, high opln-
ion of the Vermont people and |
share this with most other men. |
remember, when was on a speak
ing tour with Pres. Taft some
years ago, how in opeisng his ad-
dress he electrified his audience at
Salt Lake by emphazin~ in the
most definite way the intelligence
of twa states of the Union which
stood out over all other States.
When we were all at the height of
expectancy as to which were the
two states, he said: "Why, Yer
mont and Utah" We remembered
then that these were the only two
States which cast the electoral
vote for him when he had run for
President the second time.
Seriously, | suppose that you
are interested in an opinion as to
the business outlook. My own
judgement is that the next ITO or
three years are going to be very
difficult years-years of the most
intensive competition that our
country has ever seen. This is due
to the fact that we enormously in
creased our productive capacity
during the war and on account of
having isolated ourselves from
Europe, its people are not able to
buy our surpluses. If we have only
10 per cent surplus production, 1t
will be sufficient to cause very in
tense competition CT a kind that
will be disastrous, if we are not
careful, to our profits-not only to
the 10 per cent of surplus product
ion but also to our entire product
ion in almost every line in this
country.
"This sounds pcssimistie but the
safe basis for constructive optim
ism is in seeing and dealing with
the facts. If | have a severe pain
in my side ad friend meets me and
pats me on the back and says with
Il smile: "You will be all right in
day or two"-that friends inten-
tion may be all right but he is not
nearly as good friend as the one
who takes me to the surgeon and
has me operated upon and so saves
me from dying from the appendi-
citis which caused the pain. And
so in my judgement the remedy for
our business ills is within our reach
Europe so it can again use our sur
1t consists in helping to stabilize
pluses. 1t is we'll to bear in mind
that if Europe cannot buy from US,
it cannot buy from South America,
China OF Australia, and these couA-
tries, in turn, by not selling their
products to Europe cannot buy
our surpluses.
81 do not think that because the
outlook is so perplexing at pres
ent all business or all professions
need suffer. | have always felt that
there is a chance to axe money in
bad times as well as in good times,
for there are those who by hard,
careful thinking and energetic
work adjust themselves first to the
new condition and so succeed.
ain this adjustment the question
of advertising will play an impor-
tant part. | am one of the men
who believes in large advertising.
| believe in it especially in difficult
times. The man, who by large sue
cessful advertising, can draw more
and more customers to his store,
can afford to sell with less profits
in each transaction and therefore
can afford to sell cheaper than his
competitors while the customers,
who by force of present conditions
must scrutinize their purchases
more than they did is prosperous
ICon4,n,aJ m On