Word: lustron
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After reading the article on Carl Strandlund and the Lustron home [TIME, July 4], I would say that Preston Tucker hadn't used his head in financing his auto company. Tucker apparently squandered about $28 million belonging to various private individuals and he has the Government and half the newspapers and magazines in the country on his neck. Carl Strandlund "has spent" $32.5 million in a period of about two years, apparently needs $3,000,000 more, is all set to spend another $1,000,000 a month...
...long was RFC going to keep pouring millions into Lustron? Gunderson didn't know, but he thought RFC should keep on until everyone was satisfied that Lustron was either a success or a flop. So far, it had been far from a success...
What chance, asked Senator Fulbright, did Lustron have of success? "About 50-50," said Gunderson. On its past performance, that seemed overoptimistic...
More Kinks. What had gone wrong? Well, said Gunderson, it had taken Lustron a long time to get all the machinery and steel it needed to produce houses in the huge war-surplus Curtiss-Wright plant in Columbus. Last February, Lustron thought it had ironed out the kinks and announced production of 25 houses a day, predicted a rate of 100 by July...
...Lustron had run into more kinks in its distribution setup. The house cost $10,000 to $1 1,000 when erected, v. the $7,000 Strandlund had originally predicted. Lustron was turning out more houses than its dealers could handle and production, instead of hitting 100 a day, has now been cut back to 20 houses...