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THE
MUSIC TRADE REVIEW
M
EDWARD LYMAN BILL - Editor and Proprietor
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LONG DISTANCE TELEPHONES-NUMBERS 6982-5983 MADISON SQUARE
CMiiieettaa a l l Departments).
Cable a d d r e s s : "Oblll. N e w York."
NEW YORK, S E P T E M B E R
13, 1913
EDITORIAL
T
HAT the question of closer credits in the piano trade is not
being allowed to lie dormant is evidenced by the action of
certain prominent piano manufacturers in drawing the lines a trifle
tighter on their dealers. The manufacturers in question are work-
ing the problem out gradually and in a logical manner with full
regard for the interests of their dealers. Those at the head of one
large organization after studying the matter carefully have put it
up to their dealers in the clearest light possible and asked for co-
operation for the ultimate benefit of all hands.
. No attempt is to be made to shut off any dealer's line of credit
suddenly and give him a serious jolt financially, but on his purchases
in the future the amount and length of his credit will be reduced
to a point which, it has been demonstrated by close investigation,
will be perfectly safe.
It has long been pointed out by those who have made a close
study of conditions in the piano trade that the troubles of the dealer
and his willingness to extend credit to the retail customer for an
extended period, is due directly to the methods of the manufacturer
in extending unlimited credit to the dealer in the first place and
practically carrying on his business for him.
To draw the reins on the length of credit extended to the dealer
would tend to place his business on a really substantial basis and
afford additional protection to the manufacturer. There have been
houses in the trade in the past that to all appearances have been
strong and substantial structures, as viewed from the outside, but
have proven houses of cards when struck by adverse business wind.
A proper supervision of credits, a drawing in gradually
to a point where business will be reasonably safe so far as it is
humanly possible to calculate business safety, will reduce such a
class of retail establishments to a minimum and possibly eliminate
them completely.
The* value of a victory over competitors gained at a sacrifice
of credit sense is of exceedingly doubtful value. Pianos are better
off in the factory unshipped than in the hands of a receiver in
bankruptcy, no matter hew the sales total may suffer.
OST financiers have agreed that there is an absolute neces-
sity for establishing a new national currency law which
shall entirely do away with the danger of panics, but the question
has been to get a law which is satisfactory to the varied interests.
It is doubtful if ever a law could be put in force which will
be pleasing to all at the start.
They have a way of preventing panics in Europe and certainly
we ought to be able to stop them in this country.
Last fall a panic was averted in Berlin. Tn that city they had
been over-trading and speculating. Credit was under a severe
strain. Some eighty million dollars of treasury notes were ma-
turing. The war-clouded political horizon caused France to draw
in her money, and the amount of Parisian funds lying at call in
Berlin was estimated at two hundred million dollars. In some
parts of the Empire signs of uneasiness among bank depositors
appeared. The failure of the Bank of Egypt did not help matters.
The gravity of the situation appears from the fact that in a
single week the Imperial Bank lost thirty-nine million dollars of
its cash reserve. This is a rather larger loss of cash reserve than
the New York associated banks suffered in October, 1907, when
they resorted to clearing-house loan certificates and restricted cash
payments—leading to a wholesale dislocation of the country's bank-
ing system. There was no restriction of cash payments at Berlin,
however. On the contrary, in six business days the Imperial Bank
increased its loans and discounts by one hundred and forty-five
million dollars, and in order to do so increased its note issue by one
hundred and fifty-four million dollars.
Thus, notwithstanding the severe strain and the large loss
of cash, October settlements were met without a hitch and Berlin
paid back to Paris a hundred and fifty million dollars of call loans.
Ten days later the discount rate at Berlin had fallen to four per
cent.
The critics of the proposed bill point out many of its weak-
nesses. Probably there would be weaknesses in any bill, but the
only way to do is to put the bill through and then remedy its de-
fects when thev are shown.
I
N" these days when achievements in the commercial sphere in
America are not so readily appreciated as they might be, it is
of interest to note the recognition, by King Haakon of Norway,
of the splendid work of H. P. Nelson, president of the H. P. Nel-
son Co., Chicago, 111., in promoting closer trade relations between
Scandinavia and the United States, and which was referred to in
last week's Review.
Despite the great demands on his time in connection with the
development of his vast piano manufacturing business, Mr. Nelson
visited various sections of the United States and so aroused people
of Norwegian and Swedish birth or ancestry to the importance of
and the value that would accrue from closer commercial relai ions be-
tween Scandinavia and the United States, that it eventually resulted
in the establishment of a Norwegian-American line of steamships,
which were put int > service early this year.
As a result of this a great increase in trade between Scandi-
navia and the United States has been recorded, and the wisdom of
the move is apparent from the increasing patronage being bestowed
on this line week after week.
Mr. Nelson's energetic efforts came under the notice of Kin;;
Haakon of Norway, with the result that this monarch bestowed
on Mr. Nelson the decoration of the Order of St. Olaf, the oldcvi
and highest order within his gift, and which corresponds to the
English Order of the Garter. It is an honor greatly coveted and
one that gold cannot buy. Mr. Nelson has the added distinction of
being the only s'in of Sweden in the United States to have receive !
this honor, and it has been conferred on only eight or nine Nor-
wegians in this country.
The Order of St. Olaf dates back to 1847, when it was
founded by King Oscar in commemoration of St. Olaf, who, in
1015, introduced Christianity into Norway. It is conferred in
recognition of service to the Sovereign or State, and achievements
in literature, art or science.
Mr. Nelson is characteristically modest, and while it was
known for some time that he had been decorated by the King of
Norway, he refused to give any information regarding the honor
paid him. It became public only when the special representative
of King Haakon, his envoy-extraordinary, presented the decora-