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PAUl. A. I.AYMON, Inc .
the New York Times, agree that the aver-
age level of business at the present time is
well above the first half of 1949. The high
level of employment reached by April this
year should be a great help to summ er
tourist trade.
A condensed report on business today and how
. A review of various reports on fa ctors
m th e general business picture follows:
present t r ends affect the Coin Machine Industry.
. AU~OMO~I~E~ - The industry con·
tInues ItS optImIstIC trend although summer
While urging caution, one finapcial paper recently described the 1950 means a slack in its high rate of activity.
boom as rolling merrily along. Some industries and many individuals and Automotive engineers in a recent conven.
firms are not getting a real share of the boom, but there is general agreement tion talked chiefly of automatic transmis.
sions a',lld new advances in engines. Costs
that the economic picture is at a high level.
seem certain to increase for motorists.
Some business leaders expressed the need for caution as July drew on A~ter declining for five months, the average
and a group of four prominent economists ventured a guess that a downturn . pnce of gasoline in 50 cities began to climb
in May, the average price on May 1 being
by 1951 seems probable.
cents per gallon. Tire prices have
For the Coin Machine Industry, the convention held by the American 26.6
been advancing also.
Coin Machine Manufacturers Assn. in Chicago, May 22-24, proved a tonic
BANKS-The banking business is good
for the business. It revealed more new machines than had been expected, and also making profitable gains. Official
report on last year shows assets of banks
that th e distributor ranks of the trade are
for th e military, in a growing foreign aid
at an all·time high, total loans up in spite
stable and ready to put more push into
program and in government money for a
of decline in business loans, and deposits
business, and also set a higher record for
bigger housing program. Everybody won-
high er; net earnings for banks in 1949
attendance th an had been expected. The
ders just what will be the end of all this,
gained about 12 per cent. Bank clearings
convention suggests that the Industry is
however, and this may be th e reason for
were increasing as of June I , Baltimore,
beginning to feel th e spirit of the general
expressions of caution and doubt that come
Seattle and Dallas areas showing the big-
business boom and that operators may be·
from business lea ders.
gest r~te of gain; bank clearings had de·
gin to get a better share of it.
The competition between " hard goods"
clined through April. Business loans have
- July and August are just ahead and
and "soft goods" is showing up decidedly
been declining for two months while other
these two months always bring some
in th e present picture and is an important
types of loans are in creasing.
changes in th e outlook of th e coin machine
item in the earnings of coin machine op-
trade and also the country as a whole.
era tors. A sh ift to greater spending for
BUSINESS FIRMS - Th e number of
Vacations and tourist trade are in order
"soft goods" had been expected by summer
new firms incorporated has been showing
and the gene ral tren d of plants. to close
but the shift had not come, according to
a month· to-month de~line this year, but
for a general vacation period is expected
reports available for this review.
the ra te still is above that for the same
period last year; the total for the first
to be widespread.
.
P eople are still spending their money
quarter of this year was about 20 per cent
Among all the reasons given for pros-
for autos, electric appliances, television
above the first quarter of 1949. The rate
sets, homes and hom e furnishings. This is
perity, there are two hi ghly debatable fa c-
now is well below the high rate of 1946,
a big fa ctor in today's business picture and
tors that seem to be winning for the time
however.
being:
accounts for some lines of business being
1. When business began to .slide last on the. downsi?e. It .hAS a lot to ' do with . The weekly rate of business failures is
now running about 202, co mpared with a
year, many said it was due to price de-
the com machIne bUSIness.
rate of 177 per week a year ago; but rate
dines and that a high price level was
Movie thea ters are still on the low side
of failures is still below the prewar rate.
needed to maintain:a high level of employ-
in attendance and it is not due to a de-
ment and trade. A rising price level has
pression, but rather that money· is going
CREDIT-Total co nsumer credit is soar·
come along and it seems to be a winning
for important things like homes and autos.
ing upward and about half of th e increase
theory for the present.
Taverns and other good locations for coin
is for autos. Government report for April
put the grand total of ConSlll;ner credit in
machines feel this trend.
2. Business leaders readily agree that
April at 18.6 billion dollars. National Assn.
governm ent money is doing much to pro-
Those reporting agencies that keep close
of Credit Men in recent convention sa id
'mote busir.ess activity, in appropriations
tab on business activity, like Barron's and
\
The Economic Picture
10
COIN MACHINE REVIEW