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SAY PvADIO SET SALES IMHURT BY INSTALU.ESNT CURB
The new regulations requiring down parents of 20^ on radio sets on installment sales and balance payment required in 18' months are not expected to affect radio receiving set sales, the Radio I.Ianuf acturers Association advises, explaining that few installment contracts for radio extend beyond 15 moimths. The maximum amount of the purchase price v/hich may be paid in installments is 80 percent. The same terms that apply to radio sets hold good for mechanical refrigerators and musical instru¬ ment s ,
Present installment contracts will not be affected, nor v/ould credit extensions to wholesalers or retailers to finance the purchase of such articles. More rigorous credit terms on automobile sales, v/ith one-third down payment, and slightly more lenient restrictions of IS^^ down payments in the case of oil burners, air conditioning, plumbing and sanitary supplies would be required under the tentative Federal regula¬ tions, announced ilugust 15th,
Restrictions on future ccns-umer purchasing of d-urable goods using ‘'critical'* defense metals are the principal objec¬ tives of the new installment sales restrictions promulgated by the Federal Reserve Board under President Roosevelt's Order based on his t/orld War powers. The regulations are nov/ scheduled to become effective September 15,
For the radio industry, the principal effect would be upon dealers and particularly smaller concerns. The radio interests involved have been discussed with Federal Reserve officials by Bond G-eddes, Rllk Executive Vice Pres,, tonder di¬ rections of Chairman Paul Galvin of Chicago of the Association's Set Division, The officials were advised of the sharp reduction in radio manufacture and the industry's curtailed use of defense materials voluntarily and also already ordered by 0PM. Interests of radio dealers in the new installment credit restrictions were especially detailed to officials, but the 20^ down payment re¬ quirements on radios and the other consumer goods covered in the official order will be general. It has nob yet been deter¬ mined when the credit restrictions will become effective.