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THE MUSIC TRADE REVIEW
REVIEW
EDWARD LYMAN BILL - Editor and Proprietor
The Piano Travelers' Association has accomplished consider-
able. There has been a spirit of camaraderie extending through
this organization, and that it has been beneficial is admitted by
those who know of the work accomplished by this organization.
The next great trade meeting will be in San Francisco, and
from present reports it is believed that the attendance will be
thoroughly representative. A special train will be run from Chi-
cago, and many members of the trade have already announced their
intention to attend the convention in the World's Fair city.
J. B. SPILLANE, Managing Editor
Executive and Reportorial Staff:
B. BKITTAIN WILSON,
A. J. NiCKLiN,
CARLETON CHACE,
AUGUST J. TIMPE,
BOSTON O F F I C E :
J O H N H . WILSON, 324 Washington St.
Telephone, Main 6950
p
£
22
L. M. ROBINSON,
W M . B. WHITE,
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°
So
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Shale's Selling Summary
GLAD HENDERSON,
L. E. BOWERS.
CHICAGO O F F I C E :
HARUNGEN, Consumers' Building,
Street
- Telephone, Wabash 5774.
V AN
C
State
HENRY S. KINGWILL, Associate.
LONDON, ENGLAND: i Gresham Buildings, Basinghall St., E. C.
,
N E W S S E R V I C E IS S U P P L I E D W E E K L Y BY OITR CORRESPONDENTS
LOCATED IN T H E LEADING CITIES THROUGHOUT AMERICA.
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Departments conducted by an expert wherein all ques-
tions of a technical nature relating to the tuning, regu-
bating and repairing of pianos and player-pianos are
i
< i e a l t w i t h < w i l I b e f o u n d i n another section of this
paper. We also publish a number of reliable technical works, information concerning
which will be cheerfully given upon request.
PlavPI*-PijlflA
Exposition Honors Won by The Review
Grand Prix
Paris Exposition, 1900
Silver Medal.. .Charleston Exposition, 1902
D%plotna
Pan-American Exposition, 1901
Gold Medal
St. Louis Exposition, 1904
Gold Medal. .Lewis-Clark Exposition, 1905.
£ONG DISTANCE TELEPHONES- LUMBERS 5982—5983 MADISON 8Q.
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Cable address:
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"Elbill, New York." '
NEW YORK, MAY 22, 1915
The Conventions of 1915
HIS year, by reason of the existence of the Panama-Pacific
Exposition, the piano manufacturers and piano merchants'
organizations planned to have different meeting places for their
annual conventions.
During the week members of the former organization gathered
in the metropolis of the great West, also members of the Piano
Travelers' National Association.
Later on, in July, the Piano Merchants' National Association
will hold its annual gathering in the World's Fair city by the
Golden Gate.
The related music trade conventions have come to be an annual
feature, and that men will journey long distances to be present at
them supports the statement that benefits may be derived through
association efforts.
The associations at various times have been criticized for not
accomplishing more in the way of trade reforms, but if we look
into other industries we will find that practically the same condi-
tions exist. Men say that more should be accomplished, and yet in
most cases the very men who complain do not lend their personal
assistance and aid toward the accomplishment of trade betterments.
It is easy to say eliminate all the evils, but it is quite another
thing to cut them all out of our modern business life.
If the men composing the piano manufacturers' organization
did not believe that through the organization's efforts good was
being accomplished, it is pretty safe to assume that the association
would have broken up long ago.
There are many things which have worked out to trade advan-
tage which are not heralded before the world. As a matter of
fact, both the manufacturers' and dealers' associations have thrown
much influence against demoralizing conditions, particularly mis-
leading forms of publicity, and it must be admitted that much
betterment has been accomplished in this direction through associa-
tion efforts.
The trouble is, associations cannot accomplish all that is desir-
able without having some penalizing powers which may be invoked
when it is desirable to punish members who violate association plans
• as voiced in various resolutions.
T
T
HE address made by J. Harry Shale, president of the Piano
Travelers' Association, at its annual convention held in Chi-
cago this week is well worthy of the closest reading".
Mr. Shale has studied the piano business thoroughly from
every viewpoint—manufacturing, selling and retailing—and he be-
lieves that the successful road representative of the piano house
of the future must consider the financial end of his business as a
part of his sales work.
In brief, Mr. Shale figures that sales, in order to be profitable,
must be good sales, and the successful salesman, whether wholesale
or retail, will not be the man who is selling goods at the lowest
prices or on the longest terms. Such men could be properly termed
distributers of pianos. But the real salesman, the man who will
stand the acid test, must be able to analyze a financial statement
made by piano merchants and sell pianos based on quality, and the
terms extended will be based on the ability of the purchaser to pay.
The salesman will know the ability nf his house to finance any .
business proposition. He will pass up sales that reach beyond the
maximum time which the manufacturer can profitably finance.
The expansion of our trade, Mr. Shale believes, will eventu-
ally be controlled by the quick assets or receivables available. This
might properly resolve itself into a practice, from the wholesale
standpoint, that all time given longer than for four months:
First—Should be accompanied by collateral without regard to
rating.
Second-—Or consignment with the instalment paper taken under
restrictions.
Third—The making of instalment paper the medium of ex-
change in the settlement of new purchases under restrictions.
Fourth—Or issuance of acceptances against instalment paper
pledged with banking institutions.
The restrictions that the manufacturer will put on the time of
the paper will, according to Mr. Shale, automatically reduce (he
retail selling time, a point which is most desirable to make.
There are some points in Mr. Shale's address that should be
specially emphasized.
In emphasizing quality sales above quantity sales, he urges
"that this condition and shorter terms will largely tend to strengthen
the value of the instalment sale toward a basis of worth of 100 per
cent."
"If the instalment sale is strengthened by shorter time and bel-
ter sales it will not be necessary for TOO or 150 manufacturers to be
obliged to finance about two thousand retail houses, and when the
instalment sale is made worth TOO per cent, it will be recognized in
the financial institutions throughout the country as commercial paper
worthy of acceptance, especially under the new Federal Reserve
system, as a second reserve, and T believe that if this can be done
we will see the day when local banking institutions will accept from
the local dealer a deposit of his instalment paper against which
short time acceptances drawn by the manufacturer on merchandise
sales to the dealer will be accepted by the banks, giving the manu-
facturer paper that will be readily salable in the money market,
giving the dealer the opportunity to establish credit with his local
banking institutions by settling- for these acceptances with the col-
lections upon the instalment paper deposited at bank. This will take
the burden of financing the industry off the manufacturers and put
it upon the banks throughout the country, where it properly
belongs, and we as wholesale traveling men should endeavor to in-
terest the dealer sufficiently in his instalment sales to make them
100 per cent, proof and to cultivate a financing connection of this
sort in his own home town."