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THE
fflJJIC TRADE
VOL. LIX. N o . 20 Published Every Saturday by Edward Lyman Bill at 373 Fourth Ave., New York, Nov. 14, 1914
Business Situation
OMBATING unfavorable conditions calls for the very best that is in men, for it tests their
capabilities.
When the business skies are clouded and trade is slowing up, then the mental equip-
ment of the men in command is best displayed. The real quality of the men
behind the guns is brought into play. They are the soldiers on the fighting lines of business, and
they are the ones who should carry the trade banners forward and place them well within the
fortifications of doubt and uncertainty.
When the first whisper of business depression is heard throughout the land, there are always
concerns that begin to shorten their sales force and cut down business plans of all kinds.
There is a point in reduction beyond which it is dangerous to go, because it reduces the effi-
ciency of a selling organization to such an extent that its work is seriously impaired. However,
there are concerns that see in unfavorable conditions a reason why they should redouble their
efforts to get an increased business. They are the soldiers who never sound a retreat. They are
the true business builders. They are the ones who will move steadily ahead, no matter what obsta-
cles oppose them.
A readjustment, yes—but do not let readjustment spell retirement through the down and out
movement. A few words along these lines.
At the present time many channels of commerce have been clogged, and, on the other hand,
new channels have been opened up. Business men in all lines of trade must adapt themselves to
the changed conditions, and the adaptation can be best made by studying the underlying economic
forces now at work.
Fortunately American business men are quick to meet emergencies, and the emergency is now
upon us. It creates both opportunity for profit and disastrous pitfalls. Vigilance, prudence and
quick action should be the order of the day.
Fire and sword may sweep Europe, but American business interests and American service goes
steadily on. With events moving so rapidly it is necessary for the business man who is to take
advantage of them to move quickly also.
There is scarcely a business in the country that does not need some kind of a readjustment
to meet conditions. In some cases the adjustment may be radical, but it will be enough in many
cases to make a difference between profit and loss—between success and failure. The readjust-
ment may consist simply in revised orders for stock and raw materials. It may consist in the
securing of additional capital for some timely expansion.
Every business needs more money than ever before—vigilance and quick action.
The piano trade needs money; of course, it does. So does every industry.
One of the reasons why the money situation has. been, peculiar—-one of the causes of the
mysterious contraction of credits in this country is now understood. For a year past England,
Germany, France and Russia have been piling up extraordinary reserves. The steady pressure of
the European demand has kept gold flowing out of the United States in a way which mystified
our financiers. But now conditions have changed. Bank reserves are normal, but it is certain
that bank directors.will be strongly opposed to finance new ventures. Hence credits will be watched
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{Continued mi pugc £.)