PRESTO
The American Music Trade Weekly
PUBLISHED EVERY SATURDAY AT 407 SOUTH DEAR-
BORN STREET, OLD COLONY BUILDING, CHICAGO, ILL.
C. A. OANIELL and FRANK D. ABBOTT
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have the most extensive circulation of any periodicals devoted to the musical in-
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effectually all the houses handling musical instruments of both the Eastern ana West-
ern hemispheres.
Presto Buyers' Guide Is the only reliable indejc to the American Pianos and
Player-Pianos. It analyzes all Instruments, classifies them, gives accurate estimatei
if (heir value and contains a directory of their manufacturers.
Items of news and other matter of general interest to the music trades are In-
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Presto Publishing Co., 407 So. Dearborn Street. Chicago, III.
SATURDAY, JANUARY 13, 1923.
PRESTO CORRESPONDENCE
IT IS NOT CUSTOMARY WITH THIS PAPER TO PUBLISH KEGU
LAR CORRESPONDENCE FROM ANY POINTS. WE, HOWEVER.
HAVE RESIDENT REPRESENTATIVES IN NEW YORK, BOSTON.
SAN FRANCISCO, PORTLAND, CINCINNATI, INDIANAPOLIS, MIL-
WAUKEE AND OTHER LEADING MUSIC TRADE CENTERS, WHO
KEEP THIS PAPER INFORMED OF TRADE EVENTS AS THEY HAP-
PEN. AND PRESTO IS ALWAYS GLAD TO RECEIVE REAL NEWS
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FIRST BANKRUPTCY
The first bankrupt to make a record in- the new year is the
Corfman-Rode Music Company, of Kokomo, Indiana. And there
seems to be a lesson or two in the schedule which was promptly filed
in the Federal Court at Indianapolis. It may be a lesson of some
value, also, to the kind of creditors who are liable to permit of a
small-town concern getting in to the extent of ten thousand dollars
and showing up with five hundred, with which to liquidate.
The failure is a small one, proportionate to the field of the bank-
rupt's operations. In a city of first class, the proportion would be
enough to make piano manufacturers, small goods jobbers, and music
publishers, pause and consider how it happened that their lines of
credit were permitted to sag to such a degree. It is, of course, impos-
sible for any ambitious house, doing business in a business like that
of piano making and selling, to insure against losses by reason of
poor credits.
Sometimes the debtors may really be of the good, fair, or in-
different, credit classes, and still be worth while cultivating. But a
piano is an item of considerable dimensions in the charge account,
even if single and alone. If it becomes a carload lot, the investment
of the manufacturer is sufficient to justify a rather careful scrutiny
of the buyer's capacity to meet the bill when it falls due. Do all man-
ufacturers look closely into this important part of their affairs?
Usually the traveling salesman who visits the dealers is the man
upon whom the manufacturer of pianos depends for his credit esti-
mates. "Jones is as good as gold" may be the report from the man
January 13, 1923.
who is out trying hard to "make good"—and usually doing so. But
if he happens to be more anxious to make the showing than he is to
conserve the interests of his employer, the result may easily be fore-
told. Of if his faith in the dealer is that of a friend for a friend, there
may be a slip in the salesman's judgment. We have known such
cases.
Most piano salesmen are cautious enough. If they take orders
their word is better than Bradstreet's when the credibility of the
customer is at stake. For not all good piano merchants are rated at
all in the big book. Some of them are too highly rated, and others are
given less than they deserve. That is inevitable. But, whether by
reason of the book or of the poor judgment of the salesmen, it too
often happens that concerns undeserving of credit get it, whereas
others more worthy are "turned down."
We do not know that the Kokomo case is of either class. All
that the statement printed elsewhere shows is that a music house
fails, leaving assets representing twenty per cent of the indebtedness,
most of which will go to the lawyers and court costs. It is a small
failure but it is typical of piano failures generally. The rule has been
that a bankrupt music house—as perhaps most others—pays very
small dividends to the creditors, and very large ones to the able at-
torneys. And the lesson—the only one that seems clear—is that some
other way of adjusting bankruptcies is needed. And back of that is,
as the year begins, the necessity of the manufacturers and jobbers
in musical goods finding out in advance what the prospects are for
securing payment for their goods. This is to be a good year in the
music business. Let's keep it a fairly safe one, also.
ZEITSCHRIFT FUR INSTRUMENTENBAU
Our leading German music trade contemporary "Zeitschrift fiir
Instrumentenbau," displays remarkable vigor. There is about it none
of the indications that the mark is at so great a discount as we know
it is. And the German piano manufacturers show that their loyalty to
the art of Bach, Beethoven, and the other immortals of music, have
grown no less.
While the "Zeitschrift" is not so fine, in its appearance and style,
as some others, it shows unusual business, the average issue contain-
ing more trade advertising than all the American music trade papers
combined.
In the issue of December 1, we find 51 full pages of advertise-
ments, covering everything, from Bechstein pianos to mouthharps.
The evidence of musical industry activities is remarkable, and the
number of pianos advertised shows that, instead of the war having
decimated the output of German pianos, it seems to have increased
them.
The German people are musical, and they will buy musical in-
struments, even if the bread lines grow long. We congratulate Mr.
Paul De Witt, of the "Zeitschrift," and, through him, the enterprising
manufacturers who are doing a great deal to mollify the hatreds of
war, and the sufferings by which the great defeat has been attended.
GOING UP
Everything points to an increase in prices. It doesn't apply to
the piano industry especially, but to most manufactured things. Why
piano prices must advance is made clear in the statements of many-
manufacturers which appear in this issue of Presto. No one who
reads what the manufacturers say can fail to realize that it is a matter
of compulsion with them. They would much prefer to maintain the
old prices, or even to lessen them. But how can they?
The demands of labor increase instead of becoming normal.
There is no decline in the cost of material and supplies. The added
investment required in order to take advantage of the promise of
larger demands also adds to the responsibilities of the manufacturers.
And the profit to the producers has not been adequate for several
years past. Under existing conditions there is no other way but to
add to the wholesale prices. And the manufacturers who will not do
that are not easy to locate.
To the retail piano dealer the comparatively small advance can
make no appreciable difference. He can sell more instruments than
ever. He has not suffered materially by reason of the past dull busi-
ness. His overhead is small as compared with that of the manufac-
turer. And he can safely add to his selling price a little more than
the manufacturer's increase. The public will not feel it, and the
volume of sales will be better this year than before in a very long-
time.
He must be a very poor piano salesman who can not overcome
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