Newspapers / The Daily Advance (Elizabeth … / March 26, 1924, edition 1 / Page 5
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Credit Man Attacks Plan Selling Autos On Time But President Reeves of Automobile Chamber of Com merce Defends Automobile Installment Business and Family's Right to Spend Its Money As It Pleases By J. C. ROYLE. Ccr>ri|M. IU4. toy Til Atfvftftc* New York, March 2G ? The buying' of automobiles on the partial pay, ment plan was bitterly attacked and equally vigorously defended today;] J. H. Tregoe, executive manager of the National Association of Credit j Men, declared the enormous expan-| siou of the automobile business, \ largely stimulated by selling on thei installment plan, may have an ex tremely bad effect upon other indus tries. President Reeves of the auto-| mobile chamber of commerce de clared, on the other hand, that the financing of part payment purchase*! has its legitimate place In the induB-' try and that nobody is going to suc-i ceed in telling the American family how to spend its money. "It is significant," said Mr. Tre-| goe, "that of late in the United ; ' States, automobile paper approaches! I at almost any time $2,000,000,000.' i The automotive industry has been ' beneficent in producing a vehicle | that would save time in business and*! bring producers and their markets into closer touch. Hut we must not lose sight of the fact that prosperity: rests on a general evenness of pro duction, not in production alone of. a few commodities. A wage earner is able to have his car because of his remunerative employment and, expected income. To affect employ ment by reducing the output of other! industries will undoubtedlv react 011 the automotive industry. "The installment plan of buying! automobiles is neither an entirely! safe nor economic plan because it! means the mortgaging of a future income for immediate satisfaction. Admiration of the splendid develop ment of the industry goes hand in' hand with the sincere hooo it may! not throw our other Industries out! I of gear and may not cultivate extra- 1 vagances in those not able to indulge in them." P.feeves denies that the total of automobile paper totals two bil lions and states that the best esti mates place the time payments of the Industry at $500,000,000. or one fifth of the total wholesale value of the industry. "I would like to know," he add ed, "what other Industry can make as sound a showing. The finance! company which makes the part pay ment plan of buying automobiles ' possible, has Its proper place in tho j Industry because it has the machin-' ery for collection and permltr deal- 1 era and manufacturers to do busl-l ness on a cash basis. The records of payments made through these com- 1 panles present the best showing made in connection with any article ? sold the public on a credit basis. "One such company has in its pos session today collateral notes total ing $21,000,000, less than a half of one per cent of which sum is 30 says over due. The losses in financing, such automobile purchases as a whole amount to little and can b?? called negligible. The average note given by a buyer in this business runs between^ $?0G and and -the average note outstanding today is $300. The reason that these notes are paid so promptly is that every body in the family of the purchaser wants the car and hates to lose it. i We feel no one Is going to tell the American family what they must doi with their money. "During the perlo! In which earn; have been extensively sold on part payment, savings bank deposits have, Increased the country ov?r, there has been a decided advance In the buy-! Ing of homes. This Indicates the1 prosperity of the country and that It has not been menaced by the sale' of automobiles on part payment. The fact that these sales continue on at broad scale, on the other hand, is a splendid indication of the prosperity i of the country and that there is no: danger in the situation. It Is not-' able that the paper given by buyers I of trucks Is not so good as that for! passenger cars. j "It would seem to me that other Industries are a little Jealous. Ex perts have advised them 7 liuWtJVpr. to f follow thp example of the automo bile Industry. That la, to uae plenty j of advertising, to develop selling punch and give big value for every dollar. The 1913 dollar will buy 111.11 worth of auto today. That' , i?me dollar will buy ?1.02 worth of gasoline and 11.23 worth of tlrea. I personally know no other Industry where the 1913 dollar will bring to day more than 80 cents." To Celebrate Wrth'lny The Eutellan CUm of Black well Memorial Sunday School Is going to celebrate It* wprenth birthday In tb? annex Thursday evening at 7. SO. The class ??* organised seven yearn ago with Dr. H. T. Aydlett a* Its flrat teacher. Dr. Aydlett left Elisabeth City for Oreenshoro and the claaa wan taught by Herbert Peele for several year*. ' The present teacher Is Mrs. H. C NVwhnld and under her guidance the Euiellans have grown in number and good works. They will cele brate their advancement In aong. In story, and In feaatlng Thursday, evening. I: FLOWERS 1 ; NEWTON'S FLOWER SHOP ; ; with the ; ;| Apothecary Shop PHONE 400 Captain John Allen Midgett was in Elizabeth City on Tuesday on hisi way to Norfolk on leave. Captain Midgett verified the reports in re-1 gard to New Inlet in 'conversation 1 with members of the Coast Guard j in the superintendent's office. He said the recent storms had opened a I stretch ahout three or four feet I 3? [il 111 151 [511511=11=11=1!="="=^ deep. The Coast Guard Cutter Pamlico arrived in port Tuesday and docked at the foot of Fearing street. O. F. Hudgins, quarter master U. S. Coast Guard, was given an examination for promotion. The cutter left Wednes day morning bound South. An examination for cadetships in the Coast Guard will be given on April 7 at Norfolk, New Bern and other points, according to Captain H. G. Fisher, commander of the U. S. C. G. cutter Pamlico. Captain Fisher recommends that young men Inter ested write to the commandant of the: Coast Guard at Washington, D. C. Vessels In Port. Schooner Annghen waiting. WHAT DOES IT TASTE LIKE? Juti Ilk* Chcckwbw i y . Good? tiully ! And the flavor /?<(*. It !? triple-# trength and prM??d In. Ila?e you triad tha latest? lt'a Fleer ? Checkerberry Chewing Gum. CSS??????!?????! Barge John H. McXally discharg ing acid phosphate at Albemarle Fertilizer Company. Steamer Texas, at Elisabeth City Iron Works, waiting for charter. Steam tug Viente y Trea, at Elis abeth City Iron Works, tied up. The motor vessel Peggy H. ot San Francisco is docked at Flora's wharf. Coast Guard Cutter Pamlico foot Hurn?s8 street. When Time Is Precious Give I Is A Ring. The - Apothecary Shop Phone 400 Alkrama Theater Today Last Time Ben Turpin The Shriek Of Araby NO ADVANCE IN PRICE $75.00 Will Secure Your Choice of About 20 of the Cars $25.00 A Month Will Pay Balance Still Remaining THE TIME ? THE PLACE ? THE REASON Tomorrow morning at the stroke of 8, kp will launch the biggest sale of renewed certified lined Fords ever attempted in Elizabeth City. All models are included ? Touring Can, Koadxterx, Con pen and Sedans. . r KEMEMBEK THE PLACE ? 120 N. Martin Street, Automobile Show Building. WE AKE FORD DEALERS ? Ami bear In mind that the sale start* at 8 o'clock In th6 morning ? nothing re served ? no favorite** ? all will Ik* treated exactly alike. The rcimon for this sale, Its object and pur|>ose is to convert Into caah_or-good rftntrwlM this wonderful stock of ro-condltioncd KordS^niero Is a car here for every purpose. Buy a Ford ? Buy It Now ? Buy It Here Xo matter what terms yon want? or how yoii want to |>ay tliem ? no matter where you live or what your station in life may be ? there Is .1 car here at a price that will be within your means, and the terms will be arranged to suit your pleasure. This sale will live for years as the high water mark of sales liberality. 3 Days Only ? Thursday, Friday and Saturday S50.00 Take Your Choice of Several Touring Cars or Roadsters $25.00 A Month Will Pay for a Ford Coupe or Sedan THE FORD CARS, FORD ROADSTERS, FORD TRUCKS, FORD COUPES, FORD SEDANS Buy Now Pay at* You Ride 825 a i Month Will Pay for a Touring Car or Roadsster MAKE YOUR OWN TERMS Pay down wliat ever you can H|mre In renaon ami the balance can be <Ilvitle?l Into a perkxl of months to Milt your ronvenl No Reasonable Offer Refused FIVE DAYS' TRIAL Drive the cur yon *eleet live day*. If at flic en?l of that time you And it other than a? represented ? Drive It Back We will allow every dollar paid to apply on the pmrlia*e of any renewed cor In ntork. liny Now Pay us You Itidr $30 a Month Will Pay for a i Ford Coupe or Sedan NO MATTER WHAT CAR YOU ARE LOOKING FOR? COME TO THIS SALE If you arr intrro*tp<l in u used Ford, phone Uft and our chauffeur will call for you. No obligation to buy what ever. We have nearly anything yoii want in a used ear. Forty cars in all ? Tour ing (iarn, Knadfttem, Light Deliveries Truck*, Coupe* and Sedan*. For the next few dayn they are marked at price* that will move them. If you are looking for a good, dependalde u*ed ear ? COME TO THIS SALE pre pared TO BUY? You may never again get *ue.h an opportunity ? BUY A FOKD? BUY IT NOW? BUY IT HERE. OPEN NIGHTS AUTO & GAS ENGINE WORKS, INC. 120 N. Martin St. in Old Kramer Bros. Building, Where the Automobile Show Was Held
The Daily Advance (Elizabeth City, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
March 26, 1924, edition 1
5
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