Los Banos Rotary Club History
Small Business In Healthy Condition

Richard M. Oddie, in charge of the small business advisory service for Bank of America, San Francisco, told members of the Los Banos Rotary Club Tuesday noon that in this position, the business picture for small business in this state is very heartening for the coming fall and winter.

Hailing small business as the stronghold of democracy, Oddie pointed out that the health and welfare of our nation is reflected directly in the condition of small business throughout the country.

On the bright side of the ledger Oddie pointed out that retail sales thus far this year are nearly equal to last year; that there is some eight billions of dollars in savings accounts; that personal income has increased over last year; and that there is a tremendous demand for merchandise.

There are, Oddie pointed out certain danger signals which tend to temper any excessive optimism, primarily the slight business recession, which he attributes to a public unwillingness to buy rather than lack of purchasing power.

Oddie believes that generally, retail prices have reached the leveling off point and he doubts there will be any further marked reductions in general merchandise prices. Price levels for non-durables, he believes, have now reached their low and will probably start upward again before the end of the third quarter.

The same buying reluctance on the part of the public is also reflected in the buying attitude of retailers, Oddie said, and at the present time manufacturers' and jobbers' supplies are unusually heavy while retailers' stocks are abnormally low.

With the merchandise market now definitely back in the hands of the buyer, Oddie urged local retailers to analyze their potential market and aggressively sell that market. The best prescription for small business, he said, is to sell the right merchandise, at the right price, at the right time.

He urged merchants to get rid of any remaining "ersatz" war-time merchandise, to re-stock their shelves to customer demand levels to aggressively and persistently advertise their wares, to clean and remodel their stores, and finally, to revise their bookkeeping departments so they can keep a more accurate control of inventory, expense and credits. Too many California stores, he said, have a "tired look" and a "tired attitude" that is most discouraging to the stimulation of new business.

July 27, 1949

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