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THE MUSIC TRADE REVIEW
THE THREE LEGS TO BUSINESS.
(Continued from page 3.)
These facts may not at all times be pleasing, but they will interest because they are fundamental
in a business. After all it gets down to a question of management.
Business problems, of course, many of them—a business without problems is an impossibility.
It is a sort of a mercantile pipe dream—a phantasmagoria—an evanescent coruscation of ideas—
an impractical and visionary dream that can never be successfully realized!
Problems are always on hand, and the beginning of each year every business man should
figure on their solution. Many of them keep the machinery running along the same old lines—
that is one of the reasons why they do not arrive farther ahead at the end of the year.
They are not acquainted with the actual facts and details concerning their own affairs. In
other words, things which should interest them most, which are vitally essential to their business
life, are sometimes as foreign to them as the Greek alphabet.
Boiled down it becomes a question of management—one of the three legs of the modern busi-
ness institution—capital—labor—management; but of what use are the first two legs unless the
third—management—is of the right kind? The real test of the whole /^-^>
/V\ ,
is management, for without good management the other two legs are v^^^OAAlVVACVA/VlOCVVyV VlJll-
not sufficient to prop up a modern business for long.
Injury Done by Misstatement of Facts
attack upon the credit of the piano industry should
A NY be unfair
resented by every man whose interests lie therein, and
the dissemination of matter circulated to give a false impression of
the stability of the piano trade is apt to work material injury to
some deserving people perhaps at a most critical juncture.
To circulate the impression that the piano industry lacks in
many strong fundamentals is glaringly untrue, and the malicious
intent back of such a move is hardly understandable.
Recently the following communication was addressed to this
publication and signed by one of the most reputable members of the
trade—a piano manufacturer of national reputation. He writes:
"Gentlemen:—We note one of the trade papers is devoting a
good deal of ink to scareheads concerning opinions banks have of
piano paper as collateral and the piano business in general. Also
we have noticed much space devoted to a $20,000,000 piano com-
bine. Can you tell we what it is all about ?
"It looks to me as though some injury might be done the
general piano trade by some of these publications, for even a flea
as small as he is can create a considerable disturbance.
"General conditions of business to-day are not any too good,
many reasons for which we all know about. There is no doubt
that competition in piano selling has brought about too much credit
from all sources, but altogether banks have had so little trouble
with the piano business, that it is too small to be noticed.
"We doubt if any line of business has been as satisfactory alto-
gether to banks as the piano business, either with the manufacturers
or the dealers. A few notable examples exist where banks have
been losers in individual cases, but where one loss has occurred
through piano accounts, several can be cited for about every other
line of business. The occasions have been individual and not gen-
eral. I am acquainted with many dealers in many parts of the
country, and am sufficiently familiar with conditions to state these
facts, which I think can be verified through many others.
"I have found banks as a rule were able to take care of them-
selves, and there can be no good to advertise the shortcomings of
a very small minority which more than likely will work hardship
on many innocent business people. While some banks in individual
cases have been too lenient, my observation is that in the great
majority of instances they have not gone so far as they should in
their credits. I have heard that this particular paper is being circu-
lated among bank officials, and I am wondering who is really behind
the scheme, whether it is prompted by some manufacturer who
would like to work hardship on those less substantial in the trade
for personal gain. Anyway there must be a purpose of some kind
that is not maintained purely for the benefit of the trade at large.
"My opinion is that there are far greater evils in the piano
trade to which space could be devoted with better purpose,
and that the education to the banks should be on the lines to help
piano dealers in the matter of credit where they showed themselves
entirely deserving in integrity and ability rather than to put out a
plan "which might be a detriment to a great many who are entirely
safe."
Co-operating With the Manufacturers.
ITH a view to extending the foreign trade of the United
States, the Secretary of Commerce has directed the Bureau
of Foreign and Domestic Commerce to open offices in the customs
houses at New York, Chicago, New Orleans and San Francisco.
This is a move pregnant with possibilities for the best interests of
the piano trade as well as other industries in this country.
It is the purpose of the Department through the offices thus
established to co-operate with American business men. An experi-
enced member of the staff of the bureau will be in charge in each
city to give information concerning the work of the bureau and to
[assist merchants and manufacturers in the development of foreign
'trade.
One special feature of the work of these offices is an arrange-
iment made with Wilber J. Carr, director of the consular service.
W
Department of State, whereby Consuls who are in this country on
leaves of absence will visit the offices as convenience permits and
meet the representatives of business houses which may desire to
cultivate business in the particular foreign fields in which the Con-
suls are located.
Another feature of the work of the Bureau of Foreign and
Domestic Commerce, which has interest for the business world, is
that its commercial agents on their return to America will attend
trade conferences or conventions to inform manufacturers and mer-
chants of the situation in the foreign field regarding their lines of
goods.
The Consular Service has developed from a form of political
pap to a point where it is conducted on a modern business basis
and acts as the advance agent for the American manufacturer.