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The Music Trade Review
APRIL 23, 1927
Handling Time Sales by the Retail Music Merchant
(Continued from page 5)
action for damages whatsoever which he might by the credit man before the sales ticket and
or could have against the Company by reason application were turned over to file. The last
of any matter or anything done in obtaining pos- letter of the three in the rating is the risk
in the eyes of the credit man at the time of
session of said goods—
O. K. and it is this letter that guides the filing.
or, in short, this is the string on the goods.
All accounts rated C (fair) and D (doubtful)
Loss
4. The loss, injury to or destruction of the are filed, all over one thousand dollars in sales
aforesaid goods shall not relieve the Purchaser value, and regardless of rating, all contracts
in any manner from the payments stipulated under which the goods are to be delivered to
herein, and any extension in time of payments or third parties, clubs, or where the delivery ad-
other waiver of any provision of this contract dress is that of a hotel or a boarding house.
Bookkeeping
shall not operate to release the Purchaser from
strict compliance ivith all the promises contained
I will get right down to the keeping of the
herein.
account, eliminating, if I may, direct reference
In short, this gives the customer to under- to machines, special typewriters and mechanical
stand that he is responsible for the goods devices—they do the work, but you do the
while they are in his possession and also elimi- planning and systematizing, making possible the
nates a technicality which otherwise might application of mechanical equipment and effi-
ciency brought about with their use.
bring up a point of law.
First, it is absolutely necessary for proper
Paragraph 5 is not of importance to our dis-
collection follow-up so to construct your book-
cussion.
keeping system to permit the segregation of
Insurance
6. The Purchaser agrees to properly insure said accounts by payment due date. I know of no
goods and keep the same insured at his oivn ex- better way to handle this than to run an ac-
pense during the continuance of this contract count control number book, assigning to the
account number a letter, indicating the in-
against loss or damage by fire for the benefit of
the Company, and shall make certain that the stalment due date, filing the ledger sheets
insurance policy contains a clause providing that by both the number and letter. For example,
ihe loss, if any, shall be payable to the Purchaser take from our number book No. 1. The sales
or to the Company, as interest may appear; and ticket covering this sale calls for a thirty-day
shall upon request exhibit the policy of insurance or straight charge account; to this customer
No. 1, without any letter, would be assigned.
to the Company's representative.
Sale No. 2 calls for instalment payments due
This is self-explanatory.
Paragraphs 7 and 8 are also to overcome on the first of the month. This would be ac-
technicalities which might come up in lawsuits. count No. 2A; Sale No. 3 calls for payments
on the fifteenth—to this would be assigned
Bill of Sale
9. The Company agrees that upon payment in 3M, etc., etc. It is advisable under this plan
full by the purchaser of the purchase price and to eliminate the letters "I and O," as the listing
all charges properly made hereunder, it will ex- of them as "one" and "naught" would cause
ecute and deliver upon demand a Bill of Sale to confusion. To make up for the shortened
the Purchaser of the said goods.
alphabet and the fact that it is possible to have
thirty-one due dates with only twenty-four let-
ters, certain letters are used to control two due
dates on which payments are not likely to fall.
To support accounts filed by account num-
ber, we must have a card index file
alphabetically arranged, and, while its primary
purpose is the indexing of accounts, this record
can be set up as a visible index, permitting
other departments to obtain information re-
quired few sales promotion work and informa-
tion of a general nature regarding a sale which
ordinarily would have to be obtained from the
ledger, resulting in lost time for the book-
keeper and confusion in the office where quiet-
ness guarantees accuracy in making proper
postings.
Now we have the ledger sheet, the index
card, and to receive and post cash, a posting
medium must be provided. A form of receipt
in triplicate is one idea, the original for the
customer, the duplicate for the bookkeeper,
and the triplicate, which by the way should not
be perforated, remains the cashier's record of
the payment and means of proving the cash
taken in.
I have not provided for a duplicate account
record for the Collection Department, as, with
proper supervision and co-ordination of the
duties of those two divisions, the collection
follow-up can be made from the ledger, giving
to the collection man the actual picture of the
account and all the information he needs for
intelligent work.
To permit and facilitate the trial balancing
of contract accounts by classification or in-
vestment such as pianos, phonographs and
radios, a different colored ledger sheet can be
used and with limited classifications this is prac-
tical and helpful to the eye.
Respighi Records for
Welte-Mignon (Licensee)
foundation in the conservatory of Bologna, his
native city, and it is interesting to note that,
like many well-known pianists, Respighi first
studied the violin. He won a diploma for his
skill as a violinist and also for the excellence
of his compositions, while attending the conser-
vatory in his youth. His travels brought him to
the attention of Rimsky-KorsakorT in Petrograd,
with whom he studied composition, as well as
with Max Bruch in Berlin. Real fame came
to him on his return to Italy, when his first
opera, "Re Enzo" was produced. Among his
most famous later works are "Sinfonia Dram-
matica," "Arethusa," "Ballad of the Gnomides,"
the "Gregorian Concerto" for violin and many
others. In addition to his larger compositions,
he has produced numerous pieces of the cham-
ber music variety.
—or the t r a n s f e r of title upon full p a y m e n t .
10. The Purchaser declares that he (or she) is
over 21 years of age and under no legal disability
to contract.
This was fully covered in our discussion of Famous Italian Modernistic Pianist and Com-
poser Is Latest Acquisition to That Repro-
the application.
ducing Library
Filing or Recording of Contract
Let us call this just what it is—"A public
The latest acquisition to the Weltc-Mignon
notice" that certain goods or property in the
possession of one is the property of another, (Licensee) artists is Ottorino Respighi, cele-
either by virtue of a conditional sales contract
or other agreement, or in the case of a mort-
gage that certain described property is held as
security against indebtedness.
The filing or recording of a contract or docu-
ment makes it a public record, filed or recorded
as a protection against third party interests.
Here, too, we are guided by statutory require-
ments and we must follow closely the laws of
our various States and communities.
What is meant by "third parties"? Simply
7his—you buy a piano from me as a merchant
Under a conditional sales contract and sell it
to your neighbor. If the contract was filed
or recorded, I can recover the instrument, not-
withstanding any receipt or Bill of Sale you
may have given, but—if the contract was not
filed or recorded, as a public notice, as I called
it before, your neighbor becomes what is known
in law as an innocent third party purchaser
and I would have no claim whatsoever on the
goods. My only recourse would be to sue
you or cause your arrest for the crime com-
mitted.
Ottorino Respighi
During my experience third party interests
brated
Italian
composer of the modern school,
have caused comparatively little trouble and
some years ago I came to the conclusion that who has contracted to make several exclusive
recordings of his playing. His composition
the experience did not justify the expense of
filing all contracts under a thousand dollars "Fountains of Rome" has been recorded by him
and worked out a plan to control what con- for the Welte-Mignon (Licensee) in conjunction
tracts were to be filed and what were not to with Alfred Casella, pianist-composer in the
Welte-Mignon (Licensee) studios.- Additional
be filed.
A moment ago I wrote of a "plan to control Respighi recordings will be announced from
the filing." It is simply this. You recall, time to time.
This versatile musician obtained his musical
. earlier in my remarks, the rating of the account
Receiver for Music House
DAYTON, O., April 16.—C. J. Stoecklcin has been
named receiver for the Hunter Music House,
121 South Ludlow street, and next week will
dispose of at auction all remaining merchandise
and fixtures of the music store, it is announced.
The merchandise is to be sold at the order of
the Common Pleas Court of Montgomery
County. The store was one of the best known
retail music stores in this section for several
years.
DeVito Go. Chartered
The DeVito Music Co., Waterbury, Conn.,
has been incorporated recently to deal in musi-
cal instruments here. The officers are: Louis
M. DeVito, president and treasurer; Michael S.
DeVito, vice-president; Joseph C. Oliver, secre-
tary, all of Waterbury.
Consult the Universal Want Directory of
The Review. In it advertisements are inserted
free of charge for men who desire position^.