Music Trade Review

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THE
MUSIC TRADE REVIEW
13
CO-OPERATION GIVES BEST RESULTS IN BANKRUPTCY CASES
Says the National Association of Credit Men, and in This Connection a Bulletin Has Been Issued
Advising Friendly Adjustments in Case of Financial Embarrassment of Business Houses.
The National Association of Credit Men has
issued a bulletin advising friendly adjustments in
cases of financial embarrassment of business
firms. In part it says:
" 'Competition is the life of trade' is one of the
old sayings that has received universal acceptance,
but we are beginning to understand that there is
a point where competition ceases to create and
tends to destroy. Concede that each enterprise
should be permitted to exert every reasonable ef-
fort to earn a fair return upon its capital without
the restrictions of undue combination. Competi-
tion based on this principle, both in production and
distribution, tends to promote efficient manage-
ment and the extension of sound business; but
there is in production and distribution a side that
is best promoted and protected by co-operation.
We refer particularly to the departments where
credits are checked and collections made, for it is
through co-operation in credit-granting and in
collecting accounts that there has been made pos-
sible our extensive and complex credit system.
Wherever competition is substituted for co-oper-
ation in this department, disturbance ensues and
loss occurs.
"The business mind is not, as a rule, flexible,
and the self-instinct is difficult to control. It is
hard for many to perceive that equality carries
with it in the long run larger returns than does
spasmodic advantage, decreased as the latter is
bound to be by the spirit of retaliation that selfish
practices necessarily create. In no period of the
life of a credit should co-operation promise better
return, higher efficiency and economy than when it
is involved in the embarrassment, insolvency, or
bankruptcy of the debtor. If an estate is brought
within the administration of a court, either of in-
solvency or bankruptcy, the attitude of the court
is absolutely impersonal; the situation of the
debtor, the interest and circumstances of the credi-
tor are not considered. The only point made is
that the law must be observed, and under the best
circumstances and the fairest and the promptest
courts. There must necessarily attach costs that
are provided solely from the debtor's property and
upon which the entire burden must fall.
"Who is more directly and deeply interested in
an embarrassed or insolvent estate than the credi-
tors themselves, and who are more naturally quali-
fied to conserve the estate than those whose salvage
therein is determined by the fairness and skill with
which it is administered ?
"We, therefore, earnestly plead for the 'friendly
adjustment' of involved estates through a com-
mittee of the creditors or some one selected by
the creditors to represent them who will be under
their supervision and governed by their advice. If
this character of adjustment is promoted, much of
the present waste in the administration of insolvent
and bankrupt estates will be saved, and more
honest debtors will be successfully guided through
temporary embarrassment.
"Friendly adjustments should be the tendency of
credit men, but they cannot be promoted or ex-
tended unless equality controls and unless there
is realized the truth that the equal division of
economically closed estates among all creditors,
ratably, gives a better return than does a policy of
enforcing an undue advantage by the threat to
disturb such adjustment unless the account of one
or more creditors is paid in full. Creditors, large
and small, must agree to accept their just share
from estates. The demand for a preference by
one creditor above another will merely hinder the
plan and tend to promote the disorder and waste
which so frequently occur in insolvency administra-
tion.
"In order to expedite and facilitate co-operation
and economy in disposing of failure cases the ad-
justment bureaus of the National Association of
Credit Men were primarily organized, but the need
of them was not so deeply apparent upon their or-
ganization as it is to-day. We urge upon our
members and all credit grantors to consider first
the need and then to resolve upon the promotion
of the principle of friendly adjustments by adopt-
ing it in the operation of their collection depart-
ments, and in this work to avail themselves of the
machinery and good offices of the adjustment
bureaus operated and supervised by our local asso-
ciations.
"Not only do we suggest that the adjust-
ment bureaus be availed of, but that every effort
he advanced to obtain skill and economy in their
operation by all members having to do with them
as directors or patrons."
OUR FOREIGN CUSTOMERS.
London—14 cases pianos and material, $3,711; 51
pkgs. phonographic goods and material, $3,054.
Manila—12 cases pianos and material, $1,898.
Maracaibo—7 pkgs. phonographic goods and ma-
terial, $610; 1 case pianos and material, $200.
Montevideo—11 cases piano-player material, $143.
Milan—9 pkgs. phonographic goods, $209.
Neuvitas—1 case pianos and material, $190.
Para—3 pkgs. phonographic goods and material,
$805.
Rio de Janeiro—3 cases pianos and material,
$244; 6 pkgs. phonographic goods and material,
$1,433.
Santa Marta—12 pkgs. phonographic goods and
material, $1,009.
Santa Rosalie—4 pkgs. phonographic goods and
material, $275.
Teneriffe—2 cases organs and material, $111.
Vera Cruz—63 pkgs. phonographic goods and
material, $2,493.
Pianos and Other Musical Instruments Shipped
Abroad from the Port of New York for the
Week Just Ended—An Interesting Array of
Musical Specialties for Foreign Countries.
(Special to The Review.)
WASHINGTON, D. C, July 29.—The following
were the exports of musical instruments and
kindred lines from the port of New York foi
the week just ended:
Acajutla—4 pkgs. phonographic goods and ma-
terial, $127.
Batavia—9 pkgs. phonographic goods and ma-
terial, $261.
Berlin—12 cases piano-players and material,
$12,067.
Bremen—73 cases organs and material, $3,653; 2
cases pianos and material, $177.
Brussels—31 cases organs and material, $3,700.
Buenos Aires—18 cases pianos and material,
Calcutta—1 case organs and material, $115.
Callao—3 pkgs. phonographic goods and mate-
rial, $156; 3 pkgs. phonographic goods and mate-
rial, $176.
Christiania—1 case pianos and material, $175.
Genoa—1 case pianos and material, $310.
Gonaivea—19 pkgs. phonographic goods and ma-
terial, $363.
Havana—3 cases pianos and material, $370; 2
pkgs. phonographic goods and material, $100.
Kingston—5 cases organs and material, $154.
Leipzig—1 case musical instruments, $630.
Liverpool—4 cases organs and material, $590,
12 cases pianos and material, $3,600.
PROMINENT IN THE_POLITICAL FIELD.
(Special to The Review.)
BUFFALO, N. Y., July 26.—William II. Daniels,
of Denton, Cottier & Daniels, has returned from a
visit to New York, where he attended a meeting
of the Republican Stale Committee, which fixed
September 23 as the date for holding a conference
to discuss candidates to be nominated by the Re-
publican party for the two important judicial of-
fices made vacant by the retirement of Chief Jus-
tices Cullen and Gray, of the Court of Appeals.
Mr. Daniels, as Republican county chairman, is nat-
urally prominent in the political field, and his coun-
sel is always sought on matters of general interest
to his party as well as to the State.
Me btona
The Mellotona
sells—of course it
does!
It is a wonder-
ful seller, that is
proved conclu-
sively.
It is a player-
piano with many
individual fea-
tures- in fact the
Mellotona stands
in a class by it-
self.
It is made by
men who under-
stand what a
good p l a y e r -
piano should be,
and their ideas
are crystallized
in the Mellotona
to the profit of
the dealer.
THE
Established 1845
NEW YORK