Balance beads ………might be one of the most controversial topics on the internet next to oil. Add a bunch of beads or BB’s or what ever to a modern wheel and get back to us.
Spent $8.00 per tire for a spin balance. Buy new tires they might balance for free.
If you insist on going cheap……..go to Harbor Freight and buy their bubble balancer …..same concept as the old machinist in OP. It did work reasonably well in the 50’s ………taught students to use BB in the 70’s……..but even then spin was the choice.
