Music Trade Review

Issue: 1918 Vol. 66 N. 9

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Music Trade Review -- © mbsi.org, arcade-museum.com -- digitized with support from namm.org
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THE
VOL. LXVI. No. 9
Published Every Saturday by Edward Lyman Bill, Inc., at 373 4th Ave., New York.
March 2, 1918
Single Copies 10 Cents
$3.00 Per Year
Keeping Closer Watch on Credits
T
IME and again during the past few months piano merchants of this country have been urged to draw
in on their retail credits, to insist upon better terms and thus endeavor to keep their business as close to
a healthy credit basis as possible. The advice is good, and has been acted upon to a large degree, partic-
ularly in the case of piano merchants who are finding their stocks of instruments limited, and who are
inclined to sell to those who are willing to make the best terms of purchase.
The shortening of credit and the insistence on better instalment terms will have no effect, however, unless
the merchant sees to it that those terms are lived up to by the customer, in other w r ords, that collections are made
promptly and fully. The terms under which an instrument is to be paid for within twelve or eighteen months
mean nothing unless the dealer actually gets the money. If payments on such a contract are strung out for two
or three years the whole effect of the short time selling is lost, and the contract may as well have been made out
for the full period in the first place.
A great many piano merchants are so intent upon selling that they do not give the proper consideration to the
question of payment. A piano is not well sold on any terms unless the purchaser is not only willing but able to
live up to his instalment agreement—to make payments exactly according to specification.
Carelessness and indifference in the matter of collections mean a steady increase in the amount of paper
in the dealer's hands and a steady decrease in the amount of his cash balance, and just now of all times such a
condition should not be tolerated.
Lack of cash and a superabundance of paper mean inability to meet obligations with the banks and manu-
facturers, and lead ultimately to requests for renewals on notes, or may have a more serious consequence. Just
now neither the banks nor the manufacturers are inclined to go beyond certain definite limitations in granting
renewals.
Conditions are such that every business institution must watch its own renewals and must depend, among
other things, upon the definite quality of the paper it handles for protection against any unexpected wartime sit-
uation that may arise.
The piano merchant who gives proper heed to his collection department and sees to it, in the first place, that
there is every probability of the customer being willing and able to make the payments contracted for, and then
watches every account carefully to see that payments are made at the stipulated time, or some very good reason
given for any lapse that may occur, will find himself in a position where he can place his cards on the table
before the banking officials, or the manufacturer with whom he does business, and get the consideration that is
due a man who conducts his business on a wise and sound basis.
It stands to reason that the retailer who does not show a proper conception of what he should demand as a
grantor of credit will not have any too high regard of his duties to his own creditors. It is by watching the col-
lection department of his business and making the customer realize that the instalment contract is a contract
that must be lived up to, that the dealer can make his paper sound and worth while, and of a quality that will
demand the respect of those from whom he may have occasion to borrow money.
When the retail piano merchant can say that the eighteen or twenty-four month paper, of his customers is
really cleaned up in the stated period, he is in a fair way of knowing that his business is in a healthy condition.
Just now it is most essential that piano paper be placed in a position where it will receive proper considera-
tion, for under existing conditions the dealer will find that the manufacturers are not so hard put for business
that they will compete to a dangerous limit (so far as their interests are concerned) for his paper. If he must
raise money it is more than likely he must go outside of the trade for it—to a local banker, for instance—and his
{Continued on page 5)
Music Trade Review -- © mbsi.org, arcade-museum.com -- digitized with support from namm.org
THE MUSIC TRADE REVIEW
REVIEW
MARCH 2, 1918
from Washington during the time of the war. All that remains
now is to see that the privileges thus obtained are not abused.
ROM every section, and particularly those parts of the
F
country where war work is being carried on very actively,
there come reports of general prosperity and of the unheard-of
wages that skilled workers, and even laborers, are earning. On
top of these reports come the advice of some bankers and other
well-meaning citizens that those earning large wages should
PUBLISHED BY EDWARD LYMAN BILL, Inc.
President, C. L. Bill, 373 Fourth Ave., New York; Vice-President, J. B. Spillane,
hoard
their money and forego the purchase of everything but the
373 Fourth Ave., New York- Second Vice-President, J. Raymond Bill, 373 Fourth Ave.,
New York; Secretory and Treasurer, August J. Timpe, 373 Fourth Ave., New York.
absolute needs of life, in order to lend their money to the Gov-
ernment, or deposit it in banks. One banker has even gone so
J. B. SPILLANE, Editor
J. RAYMOND BILL, Associate Editor
far as to urge that no new clothes be purchased except when
AUGUST J. TIMPE
Business Manager
present garments are so tattered as to be unwearable.
Executive and Reportorlal Stall:
Perhaps the best answer to this cry that labor hoard its
B. BXITTAIN WILSON, CARLKTON CRACK, L. M. ROIINSON, WILSON D. BUSH, V. D. WALSH,
Wu. B»AID WHITK (Techpical Editor), E. B. MUNCH, A. J. NICKLIN, L. E. BOWBKS
money, or, after purchasing the absolute necessities of life, turn
BOSTON OFFICE:
CHICAGO O F F I C E :
the balance over to the Government, is found in a booklet written
JOHN H. WILSON, 324 Washington St. E. P. VAN HARLINGKN, Republic Building.
Telephone, Main 6950.
209 So. State St. Telephone, Wabash S774.
by Charles C. Parlin, manager of the Curtis Bureau of Commer-
LONDON, ENGLAND: 1 Gresham Buildings, Basinghall St., D. C.
cial Research, conducted by the Curtis Publishing Co. In dis-
NEWS SERVICE IS SUPPLIED WEEKLY BY OUR CORRESPONDENTS
LOCATED IN T H E LEADING CITIES THROUGHOUT AMERICA.
cussing the labor problem of 1918 Mr. Parlin says:
"Labor must be encouraged to earn more money. For labor
Published Every Saturday at 373 Fourth Avenue, New York
to
devote
all its surplus earnings to Government needs would
Entered at the New York Post Office as Second Class Matter.
be
ideally
patriotic, but lacks the stimulation to further effort
SUBSCRIPTION (including postage), United States and Mexico, $2.00 per year;
Canada., $3.SO; all other countries, $5.00.
that
comes
from anticipated pleasure of possession of coveted
ADVERTISEMENTS, $4.50 per inch, single column, per insertion. On quarterly or
yearly contracts a special discount is allowed. Advertising pages, $130.
merchandise.
REMITTANCES, in other than currency forms, should be made payable to Edward
Lyroan Bill, Inc.
"For labor to spend on itself all the surplus of its efforts-
* Plann and
Departments conducted by an expert wherein all ques
might
indirectly help through stimulating industrial profits, but
"IlallU alltl
tions of a technical nature relating to the tuning.
regulating and repairing of pianos and player-pianos
would
fail to make that direct contribution which patriotism
p
. a r e d e a i t with, w Tll be found in another section of
this paper. We also publish a number of reliable technical works, information concern
impels.
ing which will be cheerfully given upon request.
"The practical solution seems to be somewhere between the
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purely ideal and the selfish appeal.
Grand Prix
Paris Exposition, 1900 Silver Medal. .Charleston Exposition, 1902
Diploma.. .Pan-American Exposition, 1901 Gold Medal
St. Louis Exposition, 1904
"Let labor be encouraged to earn more money, as much more
Gold Medal. .Lewis-Clark Exposition, 1905
as possible—to devote the major portion of its surplus earning:-
LONG DISTANCE TELEPHONES—NUMBERS 5982—6983 MADISON 8Q.
to Government investments and war charities, and to apply the
Connecting all Departments
Cable address: "Elblll, New York."
rest to whatever merchandise has long been desired."
Members of the music trade should study these arguments
NEW YORK, MARCH 2 , 1918
and apply them where possible. The industry has responded
wholeheartedly to the Government's campaigns to raise money
for the war. Its members have bought Liberty Bonds in sub-
EDITORIAL
stantial amounts. They have formed special committees to
encourage the sale of bonds; they have entered into the spirit
HE recent letter sent by George W. Pound, counsel and gen- of the War Saving Stamp Campaign ; they have contributed to
and sought contributions for the Red Cross and other funds,
eral manager of the Music Industries Chamber of Commerce,
and
cannot, therefore, be deemed unpatriotic if they endeavor
to J. II. Shale, chairman of the Legislative Committee of the
to
encourage
the purchase of musical instruments and thereby
National Piano Manufacturers' Association, which was repro-
protect
their
means
of livelihood.
duced in The Review last week, helps to bring before the trade
In
selling
pianos,
player-pianos and talking machines they
at large some idea of what has been accomplished by its repre-
are
in
a
measure
doing
really good .work in keeping labor con-
sentative in Washington, in the matter of obtaining protection
tented.
If
the
worker
can,
by means of his increased earning
and consideration for the industry from Government officials.
capacity,
realize
his
ambition
to place in his home a piano, player
Members of various trade bodies have been privileged to
or
talking
machine
formerly
considered
beyond his means, then
hear Mr. Pound tell personally of many of the things set forth
he
has
some
motive
for
increased
effort
beyond
that of the dollar,
in the letter, but those who have not been so favored should read
and
if
properly
directed
can
still
find
a
good
proportion of his
the documentary evidence with full appreciation.
income
available
for
loaning
to
the
Government.
At the present time it must be said that the music industry
The dollar in itself is valueless, and its worth lies only in
is in no sense through with the problems and difficulties arising
what it can buy. An accumulation of dollars means, except to
from the conduct of the war, but we have the satisfaction of
the miser, something inert and without direct interest so far as
knowing that while the music industry may be called upon to
the comforts and pleasures of life go. If a part of the collection,
bear unusual burdens, the other industries of the country will be
however, goes for the purchase of some long-desired article, then
placed under the same burden. In brief, there is no discrimina-
tion. If one industry must suffer, all must suffer, and it is a the value of the hoard has been immeasurably increased. It has
offered the means of gratifying a wish and serves to encourage
situation upon which the trade feels free to congratulate itself,
to further efforts along the same line.
especially in view of conditions that existed some few months
ago.
Mr. Pound's statement regarding the reception of his brief
ESPITE a short cold spell and a snowstorm the past week,
at Washington likewise goes to prove that simply protesting
business in the music trade industry continues to show a
against orders and regulations, or contradicting the assertions of
better trend. Dealers are developing their business plans for the
those in official or semi-official positions, as for example Banker
year and, judging from the orders manufacturers ai e receiving,
Vanderlip, is simply wasted effort, for those in power at Wash-
are working along optimistic lines. This is a wise step, for the
ington are ready and willing to listen only to legitimate, business-
merchant who places his orders now will have no complaint
like arguments—arguments that can rest upon their logic.
to make later in the year when deliveries of pianos may not be
In the 1 serious coal and transportation problems it was found
so easily assured as they can be this spring. Commenting upon
the condition of trade and the business of the banks in a broad
that the officials were willing to listen to reason and to lend
way, Dun's Review says this week:
assistance in the proper manner. By having one qualified repre-
sentative w r ho can speak for the entire industry, the trade seems
"A return to more normal conditions in business lias resulted
to have found the right way for getting proper consideration
from the recent tempering of the rigor of winter weather, al-
T

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