Indianapolis Times, Indianapolis, Marion County, 6 March 1949 — Page 43

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: The Week in Business— ‘Used Car Dealers Doubt, Help in Payment Plan Easing of ‘W’ May Result "In Some Psychological Effect By HAROLD HARTLEY, Times Business Editor 445+ THE. USED CAR MARKET. much of a lift from the 18-to-21 months extender of Regulation W

Lom fect tomorrow. Used car selling has been an uphill job all winter with a slight flutter of spring demand last week.

Big ‘dealers report a heavy |- , drop in the last 30 days. Price,

used car buyer's attention to the! + 21-payment privilege. They say the public is slow to warm up.|

to help.” They agree to the man there

. ‘Milk Train’s Gone’

stiffening around April or May. The used car buyer wants more and

mére for his money. “The milk tr

Those juicy days of stepping up the price of a new car $1000 and getting it on the used car lot is gone.

the list price.” With one exception] (Chevrolet),” said one dealer on| the North Side, “you can get quick | ©

y delivery on almost any car you

want at showroom prices.” ‘doesn’t go to the showroom to do New car

4 raw Men’ men” on had & list of 400 names said

took delivery. Another reported he tried 16 names on his

; he found a buyer. w- Used car dealers, like- other inventories. They see the . nl cars becoming more and more competition, “The big prices. as¥gone, and so are the profits,” groaned a dealer whose lots used to be a beehive of buyers. Repossessions are increasing. Strangely, it'is not the new bighpriced car which is kicking back inth the laps of the finance companies. It is the jaloppy. Anything back of 1940 is a present day hazard to the dealer who sold it at a . good figure. ¥The boys who paid high prices for those old cdrs are getting wise _to, the falling prices,” a retailer| sald. worth its price in _junk—that is

An Indianapolis. doesn’t... —

irs Sling TI he 1 949 Story

, The voice of business, full and strong, rings

carried last week's late recovery

this week and then turned down.

out from sales m

“same cry—-“It's a buyers’ market; we've got to sell.”

everywhere with the

Since the doubtful days at year end, business has been

Hitting up nights, mapping the strategy of the 1949

These pictures; taken here last week; Athi vations]. " sales meeting of the $1 million-a-year Hall-Neal Furnace:

Co., 1322-32 N. Capitol, tell “the 1949 story” of stepped-

up selling effort, advertising

and otion.

In addition to Fred S. Boone, Hall-Neal president,

the 200-odd distributors for the Victor “ radiation) furnace, heard such sales dynamics as “Surveying the Market” by Walter R, Stiles, H-N engineer;

“Locating the Prospect” by

ment consultant,” and “It Pays to Advertise” by Lou

" (for added

Arthur 8S. Jutry, manage-

Young, Times advertising director.

"BE. A. Scott, publisher of

the Sheetmetal Worker, on

“Increasing Sales” and A. V. Grindle, Hall-Neal adver. tising mentor, introduced a fresh sales manual.

hoping to take home enough

In Light Trade

Recovery Trend Fails “During Past Week By ELMER OC. WALZER

United Press Financial Editor NEW YORK, Mar. 5—Stocks

first two. sessions. of

The retraction failed to wipe

will be sénie

insurance tdngle.

“We don’t know whether to sell Safd one “The best I can see is them two years’ insurance or 18 a, difference of $3 to $4 a month months. It's an in-between affair, “T fd payments. That isn't enough and I don’t know how we'll work {it out,” said one of the largest,

dealers.

psychological effect >n the public. The very word “re- . tags on popular models were cut 5504 terms” may bring in a few as much as $200 to. $300. Adver- buyers. And the used car dealers tisements were quick to call the... a4 sixes and sevens over ‘the

Prices have dropped and they

out all the gains and the list netted fractions on the week, But volume was small again, a factor which discouraged the trading element and turned many;

Wednesday.

voted -to close the market on Saturdays again for June through September despite the dullness. For all the business that was

than 3.5 million shares—the market could have handled it in less| than a full session back in 1929] when the daily average turnover for the whole year exceeded 4

will remain down, probably|million shares.

ain's gone,” sighed one.

“We're lucky if we can get

of the new car dealers still make] new cars sound hard to get. “A

sway the list. {three-day recovery = ‘Saturday to make economic gains over the “atmosphere.” his buying, the dealer said some through Tuesday—was a techn |years, but not mecessaTlly every has written

Recovery Held Technical - There was little in the news to

|cal one. When it failed to generate new,

The 200 distributors listened, jotted down endless "notes on pads, backs of envelopes. and scribble books;

sales ideas to run

: red Boone, Hall-Neal provident «++ "The year Yo get out and sell Hall-Neal up the he $1. 5 million figure this year. Beier

Stock List t Sa S| Outlook in the Nation— re : Truman Advisers

Program Sought-to Meet

Recession and Fight Inflation 3 By J. A. LIVINGSTON A CURIOUS CONTRAST and parallel exists between put his economic pitch was almost the reverse of Mr. Keyserling’s the position of the Council of Economic Advisers today and and Mr. Clark's. Mr. Nathan said| "po Amalgamated Meat Cutters the Office of War Mobilization. and | Reconver: ibn right after, the country faced widespread jd Butcher Workmen of North

VJ Day.

* They Listen , .. Take home selling ideas to make the tougher markét” of ‘49 beat lush ‘48. On the Farm—

Hold Views Parallel to 1945. Hoosiers Farmers Different Lo gi ¢ After the war, Robert R. Nathan, then Blueprint Crops :

deputy director for reconversion, was interested in a legislative program, too. He wanted a higher minimum Records Show 1948 “Highest in" Thcome

[wage, higher unemployment compensation, a broadening of the |social security base, and continuatice of ‘price and rationing controls. By HARRY MARTIN, Times Farm Writer

the lgnte. burned...

a e the kitchen tables and

STE

"I erhploynient =='8 8" 10 Hillion— Anféries" TAFLY 10 avo VDRO

Today Leon Keyserling and seriing and Clark John D. Clark, two of the nomic rationale for the Presi-| dent's political program—higher| minimum {cil,-are-reassuring President Tru-ployment compensation; broaden: buyers to the selling side on man and the nation that inflation ing of the social security base, and, |is still to be more feared /than standby pice and rationing con-! Governors of the exchange| deflation. And so -Messrs. Key-|trols.

three members of the coun-

Questionable

{inflation,” imer-of 1847 to mean- “relief from. 5 or easing of upward pressures on the price structure.”

Disinflation—a diminution oo about the inevitablity of |

demand for goods, services, labor—can hardly be described) as a good signal for making big/

!year, Three developments underline

|few tell their buyers they can get buying; traders again turned cau- the disinflation.

| delivery in 30 days, and some-|

about is sitting in the back shop.”

dealers are finding lots of “straw| “their “waiting lists.” One dealer he would be lucky if 10 per cent!

business men, ‘are peeling dows,

about all. They used to bring. not | so long ago, $300 to $400. When the owners find they still owe $150’ and the car is worth $25 to $35, they refuse to make their. payiments. When they come back to) us, we sell 'em for junk, about $25.” So the used car market isn’t |too happy ower the Regulation 'W| extender. “We would have been a

[tax increase,

|tious. Business held well, but

When asked why the prospect times the new car they're talking, Wall Street still pointed to many

uncertainties that held up buying. These included the labor bill}. discussions,

A bit of comfort was ‘taken| rom the monthly review of the rom City Bank of New York,

| whose economists found the econ-|

|omy strong and liquid. Utility List Active

High-priced stocks and several!

of the preferred issues made a godd' showing on the week, reflecting investment demand at a fair rate. Utilities again per-| {formed well as a group. Ralls]

possibility of a new| and fears of imposi-| tion of controls sought by Presi-| | gent Truman.

living.

not yet been felt at retail. | TWO. Relaxation by the Fed-

ment credit terms. Apparently,

goods has caught up with demand and that consumer credit expansion is no longer likely to get out of hand. THREE. Henry Ford _ nn and

Cattle and Sheep

lot better off if they'd gone all the were leaders early in the week, Steady to Higher

way back to 24 months. Then,” said every dealer interviewed, “we would have had something to help sales.” “As it is we may get a little puff

“A 1936 or 1937 model is in'sales, but we're not looking for shares of Western Air Lines.

much more.’

Giant D Dairy Exp

Planned Here

' heen) Set Up on Inter ders Hope to. Mak

£m polis, the dairy cattle

in October

national Scale; e It Annual Affair

“center of the world". “that is

the vision of enthusiastic backers of the first annual International |

in October.

{down moderately. Losses for élec-|

but they failed to maintain their| pace. Oils, steels and motors| moved narrowly. A feature of the week was a sale in a single block of 100,000 This| {came on Wednesday, and had fi

{not been included 8 the a “total th I f t: jon osition [iri Ta Some oes

| shares, smallest for apy full ses- |

1'slon, except one; for the year.

A number of industries slowed the |week were noted in auto, itricity, crude oil, lumber and

{four output, in. car loadings. and.

in retail trade. Gains were made by steel, gas|oline,- butter and cheese produc-|

ape Exposition leaders mow are busy “beating the drum” through-| tion and construction. it the country to make the city as famous for its October show as) ts May 500-Mile Speedway race.

| Dairy Exposition to be held here

they are making headway _ 4 {their ambitious project, accord-, ing to Robert D. Hammer, exposiYe secratary. Already an even n radio stations has applied]

space during the eight-day| of

meting, Oct. 8-15. Sale of display space in the | st Fairgrounds to national state business and agricultu I associations is in progress. Stdle organizations are planning “Jeature ‘the exposition in na-| -tfoRal magazine advertisements.

See Annual Affair

tors see in time as a “small annual dairy world fair,” is the dirget result of needs of dairy ttle breeders themselves, 1In the past there has been no tral meeting place for dairy fbitors. A National Show was held in various cities until 1941 when it closed in Cleve-|

“Indianapolis, the directors say, +48 4deally situated between the tw} great dairy belts in the country, It has excellent rail facilities, , sbundance of hotels and all, the Fairgrounds which is “unsurpassed,” Mr. Hammer 1

nid. : two years the Indiana State Chamber of Commerce an he Indiana Farm Bureau ha been working closely in promotion of the idea. In November, 1047, a steering committees was formed.

Committee Members

Members include Mr. Hammer, O'Hara of the Indiana Bureau, E. A. Gannon of

- ———

The exposition, which its direc- edge,

Dairy|®

d. canes Jues the National | th has met annually a omgress Towa.

Premiums totaling $50,000 will be from 118,815 cars and trucks last

{offered in the senior dairy show of seven breeds. An additional

Auto’ Output Dips Automobile output declined

week to 117.764 units, caused {mostly by Chevrolet returning to|

CHICAGO, Mar: 5 (UP)— {Cattle and sheep prices showed |a steady to higher trend but hogs | |were steady to 25 cents a hun-| ¢ dredweight lower for the week here ending last night. In the week ending Friday 44. - 37.411 “cattle; 2800 {calves and 11,600 sheep made yp the. salable. receipts.

Early in the week, the cattle]

market weakened but Wednesday moved up to a top of $30 paid for a load of 1151 Ib. choice to prime [fed steers, the highest price since [January.” The price “was “not lequaled in later trading. | Compared with Friday last |week, steers were steady to 50 lcents higher; heifers 50 to $1 ‘higher and vealers $1 to $2 lower. Top heifer price for the week was for four loads of choice heavy kosher animals, $26 to

{$10,000 in" prizes will be awarded normal ‘schedules “after hitting “a/$26.50. ‘Most choice: ‘steers were

Farmers of Anierica, A Carnival of Dairy Foods will| -

motive Reports. Steel operations rose to 100.5

{in - junior contests- for members postowar high in the previous about $26 to $27.25; choice -heif-4-H Clubs and the Future week, according to Ward's Auto-'ers $21 to $25. The top price on

vealers was $29 late in‘ the week with the market mostly $17 to

be presented in the Agriculture per cent of rated capacity from $28.

building to sell consumers on the

value of using dairy products. It Week. It was the seventh succes-| was beginning to be more active

100.3 per cent in the previous,

| The stocker and feeder market

will include educational displays sive week steel output -has. been with $26 paid for choice short

and demonstrations. exhibit has never before béen held in this country to our knowl-|

Other Highlights The exposition also will have

| its lighter side with amusements, |

rides, eating stands and souvenirs —but no side shows, the directors

ted. : One of the main purposes of the | exposition is to focus attention on advantages of producing dairy cattle. Mr, Hammer said that nearly,

national farm incomes are derived from dairy cattle production and its products. “It is a basic factor in the national economy,” ‘he sald. “Dairy farmers have long been considered the best of risks by banks and farm implement dealers,” Mr. Hammer exclaimed. Another movement afoot is to bring President Truman here for the exposition opening. Recently a Democratic delegation he by Rep. Andrew Jacobs prese the invitation to the President. Backers believe the exposition will be .well eatablished in five years. They foresee, in time, exhititors from Belgium, nd una J Ireland participating

ter, setting an all-time top. Construction rose 57 per cent

|38 per cent. under a year ago.

‘Economy House’ Parley Arranged

The “economy house of 1049” with the government behind it| will be discussed Tuesday evening at the Oliver House Hotel in South Bend, E. Earl Peters, State

FHA director, . one-third of the total state and|gay. | | CPoTied Vester

Realtors, labor, materials men, contractors and financial representatives will huddle in the what-to-do-next session under the chairmanship of Andrew Place, Mishawaka sociation.

Home Builders As-

Speakers will be Dalton Moo-| — maw, South Bend Building Com-

missioner and Charles Beutter, St. Joseph Bank and Trust Co. Representatives in the building field will attend from Mishawaka, Elkhart, New Carlisle, La Porte, Walkerton, Plymouth, Nappanee, Goshen, Rochester, Winamac and Michigan City. ww

the Made Sales Agent

Paul Schweitzer, 5018. N. Olney

And, Mr. ‘Hammer said, it 1s a] Hoosier

‘not only for Indian-|sales representa; : pam but tor on: fox Indissapots, Ca ; cinnati and Louisville areas,

Bt, has been appointed official tive of Major Tele-

president, South Bend-'

“Such an/at a rate of 100 per cent or bet-| yearling stock steers with most

{medium to iow ‘choice animals weighing 925 lbs. down going at

» Mr. Hammer pointed out./0ver the previdus week, but was $20.50 to $24.50.

———————

[Engineer to Address

‘Management Society John Harder, chief industrial {engineer for the R. G. Le Tourneau Co., Peoria, Ill, will address (the Indianapolis chapter of the

{Society for the Advancement of] '

{Management on incentive plans Wednesday evening in the Lincoln Hotel. Mr. Harder's subject will be “Application of Incentives to Indirect Labor,” reducing handling costs and increasing. take-home pay. He will describe the four steps taken in the Le Tourneau plant. The meeting at 8 p, m. will follow a 6:30 p. m. dinner.

| B J »

Keyserling’s advice to labor may be un- {pay them. Now Mr, Keyserling, word. We can raise our living strategically timed. He may be getting who is the most articulate mem- standards and our real wages, ground preparation ‘and spring too far out on a limb. Edwin G. Nourse, chairman of the Council ber of the President's a this week—a little more] of Economic Advisers, is somewhat more reserved about the out-' /takes a similar tack. At a dinner our money Wage) year. after one [look than his colleague. Mr. Nourse feels we're in a period of “dis-|in New York he urged delegates year.” a word used by Economist Alexander Sachs in the sum-|

Experts said the wage demands. Labor can hope Bugas said an increase was in the. the transition, to get businesses converted from war to peace pro-

president of the United Auto to build housing. [Warkers, and all Ford employees, ONE: The drop in the cost of [that a wage increase or a pen- guarded eral expenses, and so on. True, it’s only 2% from ston plan would have to be paid TePetition Was So }e w the high, but the full effects of {for hy “our customers in higher feared inflation. declines in wholesale prices have car prices.” But he added, (are convineed that too many of —were for deflation, as the eco-| {them would not stand for this.” nomic eral Reserve Board of install- | lers’ market, the board feels that production be passed along to customers. Much thinking of most consumer durable And this is a buyers’ market.

during reconversion. He wanted Ing “labor statesmen.” muster €co-tn, government to provide social He declared: “‘Labor states. desks in farm homes. Hoosler {cushions against the shock. Price men’ is a fine-sounding expression. farmers vere looking over last \control would stain purchasing Too often it is ised to mean that Yar's records and planning the “Ipower, likewise higher unemploy-\jabor should make ‘the sacrifice|1949 Crop year. |ment compensation. play first. I don’t ask you to do| Sows already were farrowing Mr, Nathan encouraged labor that. I ask you to be good trade spring pigs and lambs were are [to demand higher wages on the unionists, to be militant trade riving. Livestock production ground that profits were ample to unionists in the best sense of the, ans webb io long but

wages, higher unem-

Council, which, I believe, means raising seeding lie just ahead. : Many Hoosier farmers are planning better use of the land,

pastures. Fields i John &. Bugas, vice president tn PTO} ection of Fears ET a EH SVIEY "ar charge of labor relations at i fears never were realized. Un-/which once went into corn every

Ford, have changed their minds \employment during the reconversion period hit a high of 2,700,000 in three years are now in corn only March, 1946. Yet his forecasting error is understandable. He wasevery four or five years. Conprojecting his apprehensions. servation is the idea. “The great problem in government in the fall of 1945 was to ease Costs Adv, ; in the farmer's account book show last year was the best located, gestions have been made to arop™® ive a few sctions in Indiana where income the peg on , government bonds 5 rei velow 1047, but not many. of the 1920-33 to reinstate price controls, Farmers also realize they paid . A limit wage increases, to cut fed- Fam or everything last year {than ever before. That whittled Tob Government ' economists feel {down profits, Ost QOVErn- in. know how to handle defla-| Hoosier farmers spent their ‘We megt, forecasts—and preparations, postwar incomes wisely, for the ] |tion: Merely spend money, in-| most t They built and re- = eventuality hardest to crease public works. They learned! paired, and added machinery. |that from John Maynard Keynes. For the farm housewife - home applies today. Bo, naturally, they're inclined to freezers wére added. The numin. the govern- concentrate on the problem that ber of freezers on Indiana farms |ment, as the result of infation, {nas been solved. doubled in 1947, tripled in 1948,

Mr. Nathan's worst post-war

| fourth-round wage increase. In November, Messrs. Ford and!

Now Mr. Bugas duction, to find jobs for displaced is gti) girected at. inflation. SugWalter - Reuther, Workers, to get veterans

The memories depression were still : vivid,

against at all costs. Few persons

The point is simple. In a sell- handle.

wage increases can! The . parallel

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