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THE MUSIC TRADE
PUBLISHED BY THE ESTATE OF EDWARD LYMAN BILL
(C. L. BILL, Executrix.)
J. B. SPILLANE, Editor
J. RAYMOND BILL, Associate Editor
Business Manager
AUGUST J. TIMPE
Executive and Reportorial Staff:
B. BHITTAIN WILSON, CARLETON CHACE, L. M. ROBINSON, GLAD HENDERSON, WILSON D. BUSH
A. J. NICKLIN, W M . BRAID WHITE (Technical Editor),
L. E. BOWERS,
V.D.WALSH
BOSTON
OFFICE I
JOHN H. WILSON, 324 Washington St.
Telephone, Main 6950.
'
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REMITTANCES,
Edward Lyman Bill.
Bill
y
aHU
Departments conducted by an expert wherein all ques-
tions of a technical nature relating to the tuning, regu-
Technical Departments. S^ h d . r ^1?&jr"^J^£r3
5£
paper. We also publish a number of reliable technical works, information concerning
which will be cheerfully given upon request.
Exposition Honors Won by The Review
Grand Prix
Paris Exposition, 1900 Silver Medal.. .Charleston Exposition, 1902
Diploma...:Pan-American
Exposition, 1901
Gold Medal
St. Louis Exposition, 1904
Gold Medal..Lewis-Clark Exposition, 1905.
LONG DISTANCE TELEPHONES—NUMBERS 5982—5983 MADISON SQ.
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Cable address: "ElbiU, New York."
NEW YORK, J U L Y 22, 1916.
EDITORIAL
N impressive illustration of the ridiculous allowances fre-
A
quently made on used instruments taken in exchange by
piano and organ dealers where a definite fixed policy is not ad-
hered to, comes from the Canadian border where a St. Louis
forwarding concern protested the levying of 35 per cent, ad va-
lorem on an old organ taken in exchange for a new instrument
and which was being brought from Canada into the United
States.
The house selling the new organ allowed $150 for the old
instrument and yet the United States Board of General Ap-
praisers found that the organ, about seventy-five years old, was
not a musical instrument or "parts of a musical instrument," but
consisted merely of old junk as claimed by the protestants.
The ludicrous part of the whole transaction, were the case not
so serious, was that the people who allowed $150 for the
organ in exchange, boldly claimed to the Government that it
was valueless. In other words, they either threw $150 away or,
to use the vernacular, "beat the Customs officers to it."
While this is a particularly flagrant case, there are many in-
stances where piano houses make substantial allowances on old
pianos that are hardly worth the expense of repair, and are
either left in the corner of a storage room, junked or given free
to some deserving person. When all piano merchants really
adopt the one price policy—already in vogue with some of the
most successful houses—and in accordance with that policy
make allowances on instruments in keeping with their actual
worth, the troubles of the piano merchant over trade-ins will
be a matter of history.
URTHER development in all lines of business, with the prom-
F
ise of heavy crops, has strengthened the economic position of
the country, as shown by the weekly returns of the trade reviews.
For instance, Dun's says:
"Both in its producing and distributing branches, business is
altogether larger and more wholesome than is generally realized.
L
REVIEW
It is not because of speculation that bank clearings make such
remarkable exhibits, and selling pressure in the securities mar-
kets is without special significance, in view of the unprecedented
railway and industrial earnings. The economic position of the
country grows stronger as increased crop yields are fore-
shadowed, and the tightening of the money situation, while a
cause for some hesitancy in certain quarters, is a natural con-
comitant of the extensive trade development. A period of con-
tinuous warm weather has affected all retail lines favorably,
reducing stocks that had accumulated as a result of previous
backward conditions, and efforts to accelerate the movement of
staple products by making sacrifices are less in evidence than
usual."
of the most important factors in a successful piano busi-
O NE
ness is the arranging of credits properly. Many a piano dealer,
who has had the best of opportunities to build up a successful
business has gone to the wall because of injudicious credits.
The main reason that unwarranted credit is given seems to be
due to the fact that some piano merchants do not secure suf-
ficient information concerning their customer, but merely look
him over and guess as to the amount of credit which should
be extended.
That this system is pernicious is proven by the number of
piano dealers who are seriously hampered by reason of mistakes
in judgment that have been made where credits were concerned.
An expert credit man in one of the largest mercantile establish-
ments in the country uses the following list of credit subjects
constantly, and by applying all of the questions indicated in the
list which may be salient to the case in hand he has been able to
grant credits which have rarely been proven unwarranted. The
list is as follows:
1 Usually discounts.
2 Pays when due.
3 Fairly prompt and satisfactory.
4 Slow, but consider good.
5 Habitually slow.
6 No regard for terms.
7 Settle by note.
8 Pays notes when due.
9 Don't pay notes when 'due.
10 Have to be drawn on.
11 Won't pay drafts.
12 Cash in advance.
13 C. O. D.
14 Becoming slower.
15 Secured or guaranteed.
16 Kicker, makes unjust claims.
17 Deducts excessive discount.
18 Collected through attorney.
19
20
21
22
23
Claim in judgment.
Claim in attorney's hands.
Compromised claim.
Countermands orders.
We demand one bill be paid be-
fore another is shipped.
24 Declined to make statement.
25 Insufficient insurance.
26 Unfavorable special information.
21 Refuses to pay interest.
28 Previous account too slow.
29 Previous account uncollectible.
30 Purchasing too freely.
31 Association draft not paid.
32 Refused.
^
Consign.
34 Checks protested.
35 Checks returned unpaid.
Piano men would do well were they to study this list and use
it as a guide for the granting of credits. Some of the questions,
of course, are not directly applicable to the granting of credits
in the piano trade, but there are a sufficient number of pertinent
ideas which will be suggested by every question to warrant the
printing of the list in full. Someone has said that the entire
system of modern business is based absolutely upon credit, and
if this be so it behooves the piano merchant to see to it that that
portion of his business which is founded upon credit rests on a
secure foundation.
ROM the spectacular standpoint, if such a term may be used
F
in connection with advertising literature, the big specially
compiled and elaborately illustrated and ornamented catalog
may prove an asset to the concern issuing it; in fact, does prove
an asset. For use in the wareroom, or for presentation to exclu-
sive prospects an elaborate volume always serves the purpose
most admirably.
An increasing number of piano manufacturers, however, are
issuing, in addition to their large catalogs, the small, or vest
pocket brochure, designed for the use of the salesman on his
tours and for general distribution where the larger catalogs have
proved too expensive or bulky. The small catalog has also
proven particularly valuable in handling prospects by mail, for
it can be slipped into an envelope with a strong letter and sent
under a two cent stamp, or under a four cent stamp at most.
This enables the prospect to receive both the letter and catalog
at the same time, an advantage not to be overlooked.