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THE
MUSIC TRADE REVIEW
SOME GOOD ADVICE ON "HOW TO EXTEND CREDIT"
Offered to Wisconsin Jewelers' Association by James A. Fetterly, the Piano Man of Milwaukee
—Some Rules on the Handling of Credits That Apply to the Piano Trade.
(Special to The Review.)
MILWAUKEE, WIS., July 27.—James A. Fetterly,
secretary of the retail division of the Merchants
and Manufacturers' Association, of Milwaukee, in
a speech entitled "How to Extend Credit," deliv-
ered before the tenth annual convention of the
Wisconsin Retail Jewelers' Association, held at the
Hotel Wisconsin in Milwaukee, July 20, 21 and 22,
gave some highly interesting information to all
retailers, piano dealers included.
Mr. Fetterly has had wide experience in the
credit field, as he was the organizer and is in gen-
eral charge of the credit bureau of the Merchants
and Manufacturers' Association, one of the first
credit organizations of its kind in this country.
His ideas were highly regarded by the jewelers,
many of whom carry pianos as a side line, and
piano dealers all over the country could well profit
by his address.
Mr. Fetterly said that in former years from 75 to
90 per cent, of retail business was done on a cash
basis, but that to-day from 40 to 75 per cent, (de-
pending upon the line) is done on a credit basis,
and the percentage is rapidly mounting. He classed
the credit man as the "governor that regulates the
activity of the sales department and on whose re-
liability, infallibility, keen judgment of human na-
ture and diplomacy frequently depends whether
the balance at the end of the year shall be on the
right or the wrong side of the ledger."
The speaker gave Rradstreet's definition of
credit: "An estimate of the ability and disposition
of an individual, firm or corporation to meet a
business engagement."
"The paying ability of a man has some weight
in determining his standing as a credit customer,
but far above that in importance, according to my
theory, is his paying disposition, or paying habits,"
said'Mr. Fetterly. "His paying habit is the final
test to determine whether he is a desirable credit
risk; his paying ability is merely the yardstick
which fixes the amount to which credit should be
given. While at first glance it would appear that
'paying ability' should be the supreme test, ex-
perience has proved beyond the shadow of a doubt
that it is secondary in importance and that paying
disposition or paying habit is the acid test that
should be applied to every application for a credit
account.
"Experience has definitely proven that in the
granting of retail credit the first and most impor-
tant fact to ascertain regarding the opening of a
new account is the paying habit of the individual.
After that has been ascertained, and if it is decided
to open the account, the paying ability of the appli-
cant is then to be considered in fixing or measuring
the amount for which credit shall be given.
"It, therefore, logically follows that the principal
work of the credit man of to-day is in securing
the necessary information that will enable him to
determine the paying habit of the applicant, and on
his work along this line depends his success and,
to a large measure, the success of his employer.
J. E. DAVIS PIANOS GO TO SPAIN.
First Shipment Made This Week to Representa-
tives in Madrid—Factory Busy with an
Average Output of Twelve Each Day.
The first shipment of J. E. Davis pianos for the
new agents of J. E. Davis, Inc., 85 Southern Boule-
vard, New York, in Madrid, Spain, went forward
this week. Several styles were shipped, including
the Style 3C selected by the agents who will repre-
sent the Davis line throughout Spain. Mr. Davis
stated that his representative in Madrid is an old-
established firm and that he expects splendid re-
sults from that section of the world.
The Davis factory has had no let up since the
company was formed. At present an average of
twelve instruments a day is keeping the force ex-
tremely busy. The demand for the Davis pianos
and player-pianos has been steady from all sections
of the country. Shaw & McCallon, the Middle
Western representatives of the concern, who have
headquarters in the North American building, Chi-
cago, have been having great success since they
opened their new offices.
DECISION ON REBILLING FREIGHT.
Not Legal for Shippers to Evade Through Rates
by Rebilling at Local Rates.
"When a person that knows quality
enters my store, I keep still—and
show the LAUTER-HUMANA. It
doesn't need salesmanship. Its merits
speak volumes." This is an excerpt
from a recent letter.
It is no stretch of the imagination
that the LAUTER-HUMANA is a
quick-selling asset. Its quality makes
it a power wherever it is handled.
The LAUTER-HUMANA should
be on your floor.
CAUTION—The word humana means human—
human-like control. This name is our trade-mark.
The artistic supremacy of the LAUTER-HUMANA
has brought forth imitations with claims of "human-
like control," "human touch," etc. There is but one
Humana —the LAUTER-HUMANA, manufactured
wholly in our own Newark plant.
LAUTER CO"
NEWARK, NEW JERSEY
The question whether a shipper has a legal right
to evade the lawfully published through rate on a
shipment moving between points in adjoining States
by arranging to bill the shipment on the local rates
to and from an intermediate point instead of using
through billing to ultimate destination, has been
before the Interstate Commerce Commission in
various forms and the commission in a recent de-
cision (34 I. C. C. 271) announced the following
opinion:
"The lawfully established interstate rate applies
on shipments first billed to an intermediate point
within the State of origin and then rebilled to the
intended destination in an adjoining State, this
plan having been devised for the sole purpose of
getting the traffic through to the interstate desti-
nation at the rates applicable to and from the
intermediate point, the sum of which was materi-
ally less than the through rate for the through
ENLARGES STAFFJN MILWAUKEE.
(Special to The Review.)
MILWAUKEE, WIS., July 27.—The sales force of
the Smith Piano Co. has been increased by the ad-
dition of I. D. Nathan, an experienced piano man
of Milwaukee. Fred D. Holmes, general manager
recently secured the services of Charles Andrews,
another experienced piano man from Iowa, and he
believes that these new salesmen, together with the
old men, give him a highly efficient organization.
Some good sales of Bradbury, Strohber, Webster,
Henning, Willard and Hoffmann pianos and players
9
"The work of securing credit information must
be thorough; it must be as complete and authentic
as possible, and it must be secured, if possible,
without alarming the applicant, for so compara-
tively new is our credit system that the average
credit applicant—particularly if it be a woman—acts
'gun shy' and takes it as a personal insult if she
ascertains that inquiries are being made regarding
her. He (or she) can see no injustice in asking
you to trust him implicitly with whatever portion
of your stock his fancy may desire, and to do it
on his unsupported word as to his character and
standing. This credit information must therefore
be secured as confidentially as is possible and con-
sistent with the necessity for getting all the facts.
"Concerted action is the great remedy for most
abuses that are so flagrant in the retail merchan-
dising field to-day. One standard for granting
credits; one standard for the collection of accounts,
and one standard for doing business in general.
Concerted effort. All for one and one for all. So
will come a greater peace, prosperity and content-
ment to the retailer and a greater justice and fair-
ness to the customer."
are reported. Manager Holmes recently made
some successful auto trips to cities and towns sur-
rounding Milwaukee, where he made some fine
sales.
N. S. Strouse, of the A. B. Clinton Co., New
Haven, Conn., has left for Porto Rico on his
vacation.
An Acoustical
Triumph Won
by American
Enterprise
The correct and resolute stand
taken by the American Steel & Wire
Co. years ago, that the demand for
extra strong hard strings has no
justification in musical accomplish-
ment, is being-more and more realized
daily by piano manufacturers.
The products of this house possess
all the strength that any piano ever
requires. The wire is softer, and its
vibrations produce a more domi-
nant fundamental and fewer higher
partials than the hard strings in de-
mand years ago.
The absolute uniformity, tensile
strength without hardness—wire that
vibrates so evenly throughout when
actuated by the proper amount of
energy, that richness and brilliancy
result, has been the great accomplish-
ment of the American Steel & Wire
Co.
The resultful achievements of this
house in the domain of tone are now
recognized more than ever, and the
fact that the products of this house
are receiving the highest approval
from the users of pianos is a still
higher point gained in acoustical
accomplishment.
American Steel & Wire Company
Ckicago, New York, Worcester, Cleveland, Pitts-
burgh, Denver. Export representative: U. S. Steel
Products Co., New York. Pacific Coast represen-
tative: U. S. Steel Products Co., San Francisco,
Los Anfeles, Portland, Seattle.