Show aa A STATEMENT REGARDING GARDING IFE 1932 I 1 by EARL C SAMS president J 0 penney company certainly we must find in them the new year certain definite improvements we have gone through two years of depressed business of this experience has come the realization that we must accept things as they are and build not on a foundation of high hopes but on one of basic facts as they at present we have been absorbing losses the most unfortunate man or bu business 51 at the present time is that one which has tried to balance between hopes for profits that might have been and fear of total loss of what remains the most happily positioned is that one which has accepted the inevitable losses but has consolidated what good has remained out of the experience such buch a one can face the future with the assurance that there are no accumulated losses out of the past to th threaten roaten fu ture operations business has in general retreat eat ed to its secondary lines of defense andaas and has dug in this Is always a strong position because in it bal ness form forces axe are consolidated units are under better control an and better able to withstand sheek the extent to which the retail merchant ran can expect business busine s to come in over his counters will expend entirely upon the extent to which ho he is willing to go in keeping prices down to the absolute minimum this has already been demonstrated in a forcible manner in varying lines of merchandise ranging f from food to luxuries in the conduct of retail selling it means that merchants must depend upon lower prices stimulating more rapid turnover turn over they must look to small profits on few turns such merchants as have realized this truth about the present buying attitude on the part of the general genera public are seeing their efforts produce results there must be a closer margin between the price paid to the manufacturer fac and the price charged to the consumer the public is insisting on this and the public Is showing that it will increase its volume of pure purchases hases in direct proportion to increases offered in values |