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Music Trade Review -- © mbsi.org, arcade-museum.com -- digitized with support from namm.org
V O L . LX. N o . 3
COPIES, 10 CENTS
Published Every Saturday by Edward Lyman BUI at 373 Fourth Ave., New York, Jan. 16, 1915 SINGLE
$2.00 PER YEAR.
HE lack of a definite system governing credit conditions has caused the loss of vast sums to
members of the piano trade.
That fact is admitted, and the editorials which have appeared in The Review suggesting
concerted credit action have attracted a good deal of attention.
One prominent manufacturer, in a communication to me, states: "The condition of credits that
exists in our trade is absolutely the fault of the manufacturer, but for many years manufacturers
were striving each to have a larger factory than his neighbor; and, in order to have llicse big facto-
ries and keep them going, they were lead to make extravagant credits, and in this way the dealers
were encouraged to buy beyond their needs and beyond their ability to pay. I believe, however,
to-day that i\\eve has been some change for the better and that manufacturers are scanning credits
more closely and insisting that agreements be not made unless the intent is to keep them. But we
still have men who solicit business on anything but business lines. As you state in your editorial,
there is no use of mincing matters, and the trade press should make continual effort to educate
the dealer."
" ** 7
Here is an excerpt from a letter from a former president of the Piano Manufacturers' National
Association: "I am in hearty sympathy with your views, as expressed in your editorial 'Need of
Definite Action.' It requires no comment. To do so would be but to repeal your own words, every one
of which is, alas! too true. All of us have made terrible errors. There must be a change. The re-
tailer must be more conservative. You have covered the ground, have stated the situation clearly,
have diagnosed the disease and have prescribed the only means of cure."
Another ex-president of the Piano Manufacturers' Association writes: "I thoroughly agree
with you in your editorial. Also that the music trade is lacking in that it has neither a systematic
selling nor collection basis. If every dealer would sell his respective piano in its class, at a fair
profit, and on such terms as he elects, but in each and every instance insisting that the buyer pay
promptly instalments as agreed and would keep his expenditures inside of his profits, the piano trade
could pay its bills for merchandise. So, between the manufacturer and the dealer, the sooner the
note-renewal basis of settlement is eliminated, the better it will be for the trade. If the dealer iin-
ders,tands that, each note he may give in settlement for merchandise must be met at maturity and
manufacturers are careful not,to sell a dealer more than he can afford to pay for, he will soon find
that banks will deem this class of paper most desirable."
Here is another expression from a prominent Western house. The directing head expresses his
views as follows: "We are ready to join in any movement that will be productive of good and has
elements of success back of it."
Xhe president, of a great corporation writes: "There is no doubt but that this editorial comes
very close to all members of the trade, and should be given very serious consideration."
The directing head of another great institution gives his views: "I cordially approve of your
efforts to restrict and regulate unwise credits given in the piano business and in the piano supply
business. The man who encourages other people to do business beyond the reasonable reach of
their capital incites trouble and aids competition, by unscrupulous persons, against the honest mer-
chants who are the best of his customers."
A l i ^
%qrn^eyer^ paj;t,of the country I have received communications from indus-
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{Continued on page 5.)