Douglas daily dispatch., 1927-01-16

Thomas quotes recent interview
with Henry Ford, as follows:
"Installment sales are the big prob
lem of American business" Ford said.
Heretofore we have studied credit
almost exclusively as the creditors s
problem. Now we must consider it
as the debtors problem and before
long that of the nation, too. l
sometimes wonder if we have not
lost our buying sense and fallen
entirely under the spell of salesman
ship. The American of a generation
ago was a shrewd buyer. He knew
values in the terms of utility and
dollars. But nowadays, the American
people seem to listen and be sold !,
that is, they do not buy. They are
sold; things are pushed on them. We
have dotted lines for this that and
the other thing-all of them taking
up income before it is earneds !
wish that we might change this
habit. Let us earn our income Before
we spend it and then spend intel
ligently. No one can spend wisely
except one who has earned that is
why so much installment buying is
unwise."
1t was suggested to Ford such a
change in the buying habits of the
materially.
We are willing to risk it, he
answered. Even if that would be
true, we have no desire to sell
cars az the expense of public benefit.
Credit, you know, has become a
fourth dimension in American BUSH
ness. We no longer conduct opera
tions as between producer, distributor
and consumer, but we have a fourth
man to handle the credit for the
last two. / consider that device
cases and source Of danger to all
business.
In the Ford enterprises we have
not built up separate structure
of credit and have no fears of any
collapse that might return thousands
of thousands of cars to our hands.
Such credit as dealers have extended
is of short term variety; the very
shortest, should say economically
alike to dealers and purchasers.
Credit is no. one of the large in
fluences in Ford sales"
Figures were quoted for some of
the big automobile credit companies,
"repossessions" of less than
l per cent Ford shook his head
81 am not governed by anyone's
figures" he said, "but my own
and observation And
if we have lull in business where
is your l per cent? The people
cannot pay long credit for auso-
mobiles if they lack the money and
their producing power should be
limited for time. More than that
do not believe a man is justified
in mortgaging his work far ahead
for an automobile. Let him have
sizeable part of the price in his
pocket before he buys. Then let
him be careful that he stays within
his means
The whole of Detroit, the automo-
bile industry and the country at
large has been waiting with no
little interest to learn what Ford
will do His competitors say that
the Ford car cannot compete with
me lie Nv Ell SlA6S SOIO 81 loAi oSiE
in 1926. Ford smiled at the sug-
gestion and answered:
eve have heard that ever since
we began doing business. They used
to say the Ford car couldn't run
at all--too light-but we have made
15,00O,OOO and more Of Ford cars.
1T is not our intention to change
our cars in any important particular,
except as we have always done, by
constant Improvement. We are
steadily improving parts and adding
equipment as seems desirable. But
we have no intention of introducing
six We made skies 20. years
ago.
THE Ford car is a tried and proven
product and requires no tinkering.
1t has met all the conditions Of
transportation the world over. We
are developing broader markets in
South America, Australia and Europe.