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THE MUSIC TRADE
REVIEW
REVIEW
HE concerted effort looking to the extension of the trade ac-
T
ceptance to general use among merchants as a means of financ-
ing their commercial transactions, in the place of the open account
system, is receiving closer consideration from bankers and it is
regarded as likely that some measures may be adopted in the early
future calculated to lead up to a decidedly broader employment
of the trade acceptance in business.
Bankers and credit men, who are back of this movement, con-
cede
that but comparatively little progress has been made in popu-
PUBLISHED BY EDWARD LYMAN BILL, Inc.
President, C. L. Bill, 373 Fourth Ave., New York; Vice-President, J. B. Spillane,
larizing
the acceptance plan since the organization of the Federal
373 Fourth Ave., New York; Second Vice-President, J. Raymond Bill, 373 Fourth Ave.,
New York; Secretary and Treasurer, August J. Timpe, 373 Fourth Ave., New York.
Reserve Bank system. The greatest difficulty is to convince the
retailers of the country how it will be to their special benefit to
J. B. SPILLANE, Editor
J. RAYMOND BILL, A s s o c i a t e Editor
change their customary methods. First and foremost the leading
AUGUST J . TIMPE
.
.
.
.
. Business Manager
commercial organizations of the country should take the initiative
Executive a n d Reportorlal Stall:
by drawing drafts upon their customers when they effect sales
B. BBITTAIN WILSON, CARLETON CHACE, L. M. ROBINSON, WILSON D. BUSH, V. D. WALSH,
instead of selling on open account and permitting their clients to
WM. BRAID WHITE (Technical Editor), E. B. MUNCH, A. J. NICKLIN, L. E. BOWERS
BOSTON OFFICE:
CHICAGO OFFICE:
draw upon them, accepting such drafts in the case of purchases
JOHN H. WILSON, 324 Washington St. E. P. VAN HAKLINGEN, Republic Building.
Telephone, Main 6950.
209 So. State St. Telephone, Wabash 5774.
effected.
H. SCOTT KINGWILL, Assistant Manager.
If leading business houses in each industry would act it would
LONDON, ENGLAND: 1 Gresham Buildings, Basinghall St., D. C.
NEWS SERVICE IS SUPPLIED WEEKLY BY OUR CORRESPONDENTS
give a tremendous impetus to the use of the trade acceptance. That
LOCATED IN T H E LEADING CITIES THROUGHOUT AMERICA.
acceptances are of decided help to retailers of goods, their bankers
Published Every Saturday at 373 Fourth Avenue, New York
and credit men is self-evident. If it were as easy to convince the
Entered at the New York Post Office as Second Class Matter.
buyer the task of bringing about the general use of acceptances
SUBSCRIPTION (including postage), United States and Mexico, $2.00 per year;
would be an easy one.
Canada, $3.50; all other countries, $5.00.
ADVERTISEMENTS, $4.50 per inch, single column, per insertion. On quarterly or
At a recent gathering of banking and credit men in this city
yearly contracts a special discount is allowed. Advertising pages, $130.
REMITTANCES, in other than currency forms, should be made payable to Edward
it
was
decided to inaugurate an active campaign to educate the
Lyman Bill, Inc.
buyer
or
retailer to the substitution of acceptance for the open
Pionn anil
Departments conducted by an expert wherein all ques-
account, and this appeal is directed not only to the self-interest of
-rlallU dllU
of a technical nature relating to the tuning,
t ; ons
npnartmpntG
regulating and repairing of pianos and player-pianos
the buyer, but to his patriotism, for it is pointed out that not only
I F c p d l I l l i e i l l S . a r e dealt with, will be found in another section of
this paper. We also publish a number of reliable technical works, information concern-
would the trade acceptance make his business resources more liquid,
inn which will be cheerfully given upon request.
but it would help support the increasing financial and credit needs
Exposition Honors Won by The Review
of the Government.
Grand Prix
Paris Exposition, 1900 Silver Medal. .Charleston Exposjtjon, 1902
Diploma.. .Pan-American Exposition, 1901 Gold Medal
S t Louis Exposition, 1904
The trade acceptance plan is making slow growth in the music
Gold Medal. .Lewis-Clark Exposition, 1905
trade industry, owing to the prevalence of long-time paper. Any
LONG DISTANCE TELEPHONES—NUMBERS 6982—598S MADISON BQ.
Connecting all Departments
system, however, that will tend to liquidize capital and make shorter
Cable address: "Elbill, New York."
time paper more popular will be welcomed in this industry. The
NEW YORK, OCTOBER 20, 1917
trade acceptance plan has done much to advance business stability
in Germany and England, and it is generally believed that once -the
trade acceptance plan is put into universal use in the United States
EDITORIAL =
it will become exceedingly popular. It will do as much to help
business as the Federal Reserve Bank has helped to liquidize our
monetary resources. This is a move which, from the start, has had
ENERAL business throughout the United States continues
active, although there has been a slowing up this week in the the support of The Review, which has published numerous articles
and editorials suggesting its adoption.
music trade field, which is due, doubtless, to the concentration of
all branches of business on the success of the Liberty Loan, which
for the time being is the foremost matter of importance before the
HE endorsement by the executive committee of the New York
nation.
Piano Manufacturers' Association, recently, of the plan to hold
The New War Revenue measure, as far as its effect on busi-
business meetings of the Associations at the 1918 Convention in
ness is concerned, has also been a disturbing factor, inasmuch as
the same building with the National Music Show, i.e., the Grand
business men are figuring out this greatly involved piece of legisla-
Central Palace, New York, appears to be a step in the right direc-
tion, to the end that they may ascertain how far it affects their
tion, and should certainly make for a larger attendance at the meet-
earnings. One thing is evident, that whether a business is small or
ing, as well as a more direct interest in the exhibit.
large, this new law will compel the owner to keep track of his
Past experience has shown that where the exhibit hall is at
accounts-—to install a cost system. Thus the War Revenue Law may
some distance from the convention hall, the association members are
be a blessing in disguise, for a great many business men have been
frequently inclined to stray from the meeting, and neglect the work-
indifferent to the installation of a proper cost system which, under
that supposedly brought them to the convention city. With both
the new law, becomes imperative if they are to know where they the show and the meetings in the same building, and the show
stand.
closed during the business sessions, the delegates should have no
Speaking of the general business situation, Dun's Review, in excuse for wandering off and neglecting association affairs. The
results of the experiment will at least be interesting.
its latest issue, says: "Not only has the betterment which recently
developed in business been sustained, but it has become more de-
cisive. In some leading departments results already exceed antici-
USINESS men in all communities have organized to assist in
pations. Nor does the gain alone appear in volume of transactions,
the flotation of the second Liberty Bond issue, so as to
for sellers' views about prices have experienced sudden revision and
enable the Government to secure the funds with which to success-
in some quarters where concessions were lately a feature sharp re-
fully prosecute the war. The aim, of course, is to make this bond
coveries are now witnessed. The most potent and gratifying factor
issue as popular as possible, and in this connection President Wil-
in the situation is the general spirit of conservatism which curbs
son has issued a proclamation setting aside Wednesday, October
speculative tendencies in trade and industry and operates to keep
24, as a special day whereby the people of the Nation may join
commitments within the limits of safety."
hand in hand in rendering practical and concerted service to the
It is the general opinion of the trade that as soon as the cam- Government to the end that the issue is fully subscribed.
paign for the Liberty Loan is ended, and the customary financial
The Liberty Loan Committee organized in the piano trade is
readjustment effected, business will resume its healthy, upward
already doing effective work, and it now looks as if this industry
trend, with the result that we will have an active winter business.
will be well represented among the purchasers of the second Liberty
All conditions fundamentally are sound, and there is no reason why
Loan. Speaking of the Loan, the editor
the entire industry should not be optimistic.
says : "For the people of the United States this month of October fe-
G
T
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