Presto

25
PRESTO
February 3, 1923
COINOLAS
FOR
RESTAURANTS, CAFES and
A M U S E M E N T CENTERS
Style SO
FROM THE BIGGEST
ORCHESTRION
Tiny Coinola
THE SMALLEST
KEYLESS
Manufactured by
The Operators Piano Co.
16 to 22 South Peoria St.
CHICAGO
BAD DEBTS ABROAD DUE
TO LACK OF CAUTION
Mystery of the Export Trade Is Why Ameri-
can Manufacturers Extend Foreign Credit
They Wouldn't Risk at Home.
While there are probably no piano manufacturers
doing business in the careless manner referred to in
the following, from A. J. Wolfe, of the Department
of Commercial Laws, the recital is instructive. It is
to Mr. Wolfe one of the baffling mysteries of export
that a person abroad, entitled to no credit whatso-
ever and receiving none in the locality where he re-
sides, can secure goods valued at $50 to $500 from
American exporters, whereas similar accommoda-
tion would be refused by the same credit grantors to
a small dealer in the United States unless he put up
some guaranty. One day's mail in the Division of
Commercial Laws shows the following sad experi-
ences in a single city of a British colony:
"A New York manufacturer of polish desires to
collect the small sum of $14.62 for goods sent to an
absolutely worthless resident of the city referred to,
who has formed himself into a limited-liability com-
pany without assets and without local repute.
"A well-known export firm in New York City has
seven accounts in this same city ranging from $135 to
$1,500. One of the debtors has absolutely no assets
and never had any. Some of the others can not be
iocated.
"A Boston firm seeks to collect $210.13 from a con-
cern, of which the American consulate writes: 'These
people have no assets, as far as I know, and bear a
very poor local reputation, indeed. I have had many
complaints from American exporters in regard to
them, and have called to see them in the endeavor
to effect a settlement of some of the claims. My ef-
forts have been completely unsuccessful, and I am
now of the opinion that it is not proper for me to
call upon them again and that such a course would
bring no results. I regret very much that an Ameri-
can firm should have entered into commercial rela-
tions with this firm without previously ascertaining
their credit standing. I believe that the claim is un-
collectible. I do not advise bringing suit in the mat-
ter in view of the expenses involved and the lack of
property of the debtors from which an execution
might be satisfied. It is always advisable in dealing
with new correspondents in this colony to obtain
proper credit ratings.'
"A firm of exporters in New York sent several
shipments to an agency in this same city which, ac-
cording to official information, does not bear a good
local reputation, and several complaints from Ameri-
can exporters had been received regarding the agency.
The concern was so worthless that legal proceedings
against it were not advised because a judgment could
not be enforced."
There exists a flourishing industry in this British
colony, generally in the hands of natives who have
been to the United States and on returning find it
profitable to send out numerous inquiries or orders
for goods to concerns advertising in American ex-
port journals, hoping that some one or other will fill
the order, but having no intention to pay for the
goods if delivered. Another prolific source of worth-
less orders and resultant impossible efforts at col-
lection is the Gold Coast of West Africa. Of course,
any experienced exporter knows that the firms in
that section of the world entitled to credit from the
United States are few and mostly have their own
branches in Liverpool.
It is utterly useless for an American exporter to
ship goods to a worthless foreign concern and then
try to set official machinery in motion in order to
collect that which is uncollectible. All of the inci-
dents described in this article could have been avoided
by the simple expedient of merely making inquiry
regarding the standing of the customer. It has
been suggested that concerns abroad ordering goods
for which they can not pay should be put in jail, but
ordering goods on credit beyond capacity of payment
is not a criminal offense. One is almost tempted
rather to suggest a penalty for credit men sanction-
ing such transactions.
MANUFACTURERS' NAMES IN
THE EXPORTERS' INDEX
Valuable Aid to Commercial Activity Open to All
Entitled to Its Influence.
The U. S. Bureau of Commerce maintains a classi-
fied index of American merchants and manufacturers
interested in oversea trade and supplies them, with-
out charge, with reserved and confidential informa-
tion on foreign trade opportunities and trade lists and
with other helpful data received from commercial
attaches, trade commissioners, consular officers, and
other official representatives abroad.
The distribution of the confidential information re-
served from the Foreign Trade Opportunity an-
nouncements, the lists of dealers and importers in
foreign countries submitted by various official trade
representatives, the confidential circulars released
from time to time, and other confidential and semi-
confidential material received in and prepared by the
Bureau is confined in general to American firms re-
corded in the special index. This is a confidential
list, the object of which is to make certain that im-
portant confidential information relating to specific
opportunities for the sale of American goods abroad,
collected at Government expense for the benefit of
American business men, is made available only to
American firms which will use it in selling American-
made products exclusively.
In order to have names recorded on the Exporters'
Index it is necessary to fill out a form, stating
whether the applicant is a manufacturer, manufactur-
ers' agent, or similarly engaged in commercial activ-
ity, and specifying the goods manufactured or ex-
ported and giving certain other details. This form
(Form 57) may be had upon application to the Bu-
reau at Washington or its district or co-operative of-
fices in several large cities.
COMMERCE AND INDUSTRY
OF COUNTRY SHOWS INCREASE
Federal Bureau at Washington Finds Improvement
in Many Lines in December.
Increases in many lines of business and industrial
activity despite the seasonal tendency to decline were
noted in the monthly survey of the Department of
Commerce.
Transportation improvement, it was said, permitted
heavier shipments of many commodities than in No-
vember, this condition being particularly noticeable in
building materials. The survey described the immedi-
ate outlook as bright and saw little effect upon do-
mestic conditions from the disturbed foreign situa-
tion.
December retail sales were of record proportions,
the survey stated, and indications were that this pros-
perity was being maintained in January, with prices
relatively stable.
MAHOGANY IN EAST AFRICA.
Two exporters of Chamfuta mahogany in Lourenco
Marques, Portuguese East Africa, desire to communi-
cate with agents of the importers in the United States
interested in this wood. The wood has already been
introduced into Europe. The lumber division of the
U. S. Department of Commerce can give further par-
ticulars in regard to this to interested firms.
In Three Parts:
1. Instruments of Established
Names and Character.
2. Instruments that bear Spe-
cial Names or Trade Marks.
3. Manufacturers of Pianos
and Player-Pianos with Chap-
ters on Piano Building and Buy-
ing designed for the guidance
of prospective purchasers.
Fac-simile Fall-
board Names of Leading Pianos
and Player-Pianos in Colors
Revised
Annually
NO PIANO DEALER OR SALESMAN
CAN AFFORD TO BE WITHOUT l f 7
IF YOU DON'T CONSULT "PRESTO
BUYERS' GUIDE" YOU ARE MISSING
OPPORTUNITIES. G E T I T NOW.
Give a copy to each of your salesmen.
Price 50 cents per copy.
PRESTO PUBLISHING CO,
CHICAGO, ILL.
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