Music Trade Review
Issue: 1915 Vol. 61 N. 3 - Page 6
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THE MUSIC TRADE REVIEW
6
TRADE COMMISSION TO AID BUSINESS MEN.
Will Show Small Manufacturers and Merchants How to Extend Their Credit—Lessons in Ac-
counting—Commissioner Hurley Tells How Bad Bookkeeping Retards Many Concerns.
(Special to The Review.)
WASHINGTON, D. C, July 13.—Edward N. Hur-
ley, vice-chairman of the Federal Trade Commis-
'sion, in a statement to-day suggesting plans by
which the commission may give constructive help
to American business, emphasizes two methods
which he considers of particular importance.
"One of these," 'said Mr. Hurley, in his state-
ment, "is to aid the business men of the country
in obtaining the additional credits to which their
business operations may entitle them. The second
is to aid in establishing a standard system of book-
keeping and cost account. The two are interde-
pendent."
The commission has in mind, Mr. Hurley an-
nounced, dividing the country into zones and
maintaining in each experts in accounting, costs
and manufacturing upon whom manufacturers,
merchants and business men may call for advice
The final test of a finish is
the test of actual service—
in the home, in the office—
wherever furniture is used,
or woodwork of any kind.
Marietta finishes are at once
both beautiful and thoroughly
practical.
Because they are made for last-
ing qualities as well as good
looks, they grow daily more
popular with the leading furni-
ture and piano manufacturers,
as well as with the more dis-
criminating decorators.
Write for sample panels.
The Marietta Paint & Color Co
and assistance in establishing needed economies.
"The small manufacturer, the country store-
keeper and the retail merchant, as a rule," he said,
"do not get all the banks' credit that they ought to
receive, owing to the fact that they are unable to
present balance sheets in accordance with good
business practice. These men are just as good
business men in many respects as those of larger
operations. They have brains, ability, knowledge
of their wares and of their customers, but they
do not speak the language of the banker in that
they are not able to present a statement showing
their true assets and liabilities.
"Frequently a business man with a credit of a
few hundred dollars at his bank, based wholly on
personal grounds, could, if he could produce a
reliable balance sheet, readily obtain several thou-
sand dollars, which would enable him to expand
his business along sound lines. Failing to obtain
it, his business is, of course, limited and confined.
"Bankers are in business to loan money to busi-
ness men, and recognize that loans made on bal-
ance sheets that are sound are desirable loans.
The banker will welcome any standard of state-
ment that will permit him easily to ascertain the
exact liabilities and assets of his customers.
"It is recognized that no one standard form of
accounting can be applied to all classes of business,
and that special forms must be devised for each
group or class of commerce and industry. For
example, the coal industry can use one standard
system of accounting. Among others, the country
store and general store retailer, the wholesale gro-
cer, the boot and shoe wholesaler, the boot and
shoe retailer, the drug store, the manufacturer of
musical instruments, the manufacturer of textiles,
the manufacturer of machinery, the wholesale
clothier, the retail clothier, the retail piano dealer,
each must have his own special system. But it is
true that a great many of these forms could be
adapted for use in lines other than those for which
they .are originally arranged, as certain funda-
mental principles underlie the general structure of
accountancy and must be recognized by each
group.
"When there is completed within the commission
the organization for aiding business, any manufac-
turer or merchant, on request, may receive (a) an
approved form for presentation to his bank when
seeking credit; (b)' a form designed to show ac-
curately and concisely his assets and liabilities,
stock on hand, etc.; (c) a form of double entry
bookkeeping adapted to his class of business, as
well as (d) a form and method of arriving at
costs, also adapted to. his line of business. All of
these sample forms will be simple in character and
can be supplied by the local printer. It is hoped
that the different banks throughout the country
will carry supplies of these forms for the benefit
of their customers."
HENRY CHRISTMAS OFF TO COAST.
Secretary and General Manager of Christman
Piano Co. Will Visit Trade Going and Com-
ing from Piano Merchants' Convention.
Henry Christman. secretary ami general manager
X. Y., and will continue his journey to Chicago,
Denver, Los Angeles and San Francisco, where he
will attend the fourteenth annual convention of the
National Association of Piano Merchants. After
the convention Mr. Christman will visit Seattle,
Spokane and Salt Lake City, and several other
large Western business centers, returning to New
York some time in Au»ust.
OUTING OF WURL1TZER EMPLOYES.
The employes of the Wurlitzer Musical Instru-
ment Co., of North Tonawanda, N. Y., held their
annual outing at Olcott Reach, July •'{. There
were twenty-two carloads in the party, but the
rain considerably hampered the enjoyment of the
day. A large automatic piano was brought down
by the excursionists, which was utilized for danc-
ing in the Casino, although it had been planned to
have outdoor dancing.
TO HAVE AUTO SALESROOMS.
M. B. De Foreest, the well-known p : ano and talk-
ing machine dealer of Sharon, Pa., has purchased
the Carnes property with a frontage of 108 feet
and 141 feet on South Main street that city, on
which to erect a modern brick auto salesroom.
ELECTED PRESIDENT.
G. W. Newton, Van Wert, O., was eiected presi-
dent of the Ackerman & Lowe Piano Co., Marion,
O., at the annual election of officers. The other
officers named were: J. H. Lowe, vice-president;
Henry Ackerman, treasurer, and H. L. Robinson,
secretary and general manager.
Richland Center, Wis., is to have a new piano
store in the near future, which is to be opened
by R. 0, Falk, St, Paul, Minn.
THE MUSIC TRADE REVIEW
6
TRADE COMMISSION TO AID BUSINESS MEN.
Will Show Small Manufacturers and Merchants How to Extend Their Credit—Lessons in Ac-
counting—Commissioner Hurley Tells How Bad Bookkeeping Retards Many Concerns.
(Special to The Review.)
WASHINGTON, D. C, July 13.—Edward N. Hur-
ley, vice-chairman of the Federal Trade Commis-
'sion, in a statement to-day suggesting plans by
which the commission may give constructive help
to American business, emphasizes two methods
which he considers of particular importance.
"One of these," 'said Mr. Hurley, in his state-
ment, "is to aid the business men of the country
in obtaining the additional credits to which their
business operations may entitle them. The second
is to aid in establishing a standard system of book-
keeping and cost account. The two are interde-
pendent."
The commission has in mind, Mr. Hurley an-
nounced, dividing the country into zones and
maintaining in each experts in accounting, costs
and manufacturing upon whom manufacturers,
merchants and business men may call for advice
The final test of a finish is
the test of actual service—
in the home, in the office—
wherever furniture is used,
or woodwork of any kind.
Marietta finishes are at once
both beautiful and thoroughly
practical.
Because they are made for last-
ing qualities as well as good
looks, they grow daily more
popular with the leading furni-
ture and piano manufacturers,
as well as with the more dis-
criminating decorators.
Write for sample panels.
The Marietta Paint & Color Co
and assistance in establishing needed economies.
"The small manufacturer, the country store-
keeper and the retail merchant, as a rule," he said,
"do not get all the banks' credit that they ought to
receive, owing to the fact that they are unable to
present balance sheets in accordance with good
business practice. These men are just as good
business men in many respects as those of larger
operations. They have brains, ability, knowledge
of their wares and of their customers, but they
do not speak the language of the banker in that
they are not able to present a statement showing
their true assets and liabilities.
"Frequently a business man with a credit of a
few hundred dollars at his bank, based wholly on
personal grounds, could, if he could produce a
reliable balance sheet, readily obtain several thou-
sand dollars, which would enable him to expand
his business along sound lines. Failing to obtain
it, his business is, of course, limited and confined.
"Bankers are in business to loan money to busi-
ness men, and recognize that loans made on bal-
ance sheets that are sound are desirable loans.
The banker will welcome any standard of state-
ment that will permit him easily to ascertain the
exact liabilities and assets of his customers.
"It is recognized that no one standard form of
accounting can be applied to all classes of business,
and that special forms must be devised for each
group or class of commerce and industry. For
example, the coal industry can use one standard
system of accounting. Among others, the country
store and general store retailer, the wholesale gro-
cer, the boot and shoe wholesaler, the boot and
shoe retailer, the drug store, the manufacturer of
musical instruments, the manufacturer of textiles,
the manufacturer of machinery, the wholesale
clothier, the retail clothier, the retail piano dealer,
each must have his own special system. But it is
true that a great many of these forms could be
adapted for use in lines other than those for which
they .are originally arranged, as certain funda-
mental principles underlie the general structure of
accountancy and must be recognized by each
group.
"When there is completed within the commission
the organization for aiding business, any manufac-
turer or merchant, on request, may receive (a) an
approved form for presentation to his bank when
seeking credit; (b)' a form designed to show ac-
curately and concisely his assets and liabilities,
stock on hand, etc.; (c) a form of double entry
bookkeeping adapted to his class of business, as
well as (d) a form and method of arriving at
costs, also adapted to. his line of business. All of
these sample forms will be simple in character and
can be supplied by the local printer. It is hoped
that the different banks throughout the country
will carry supplies of these forms for the benefit
of their customers."
HENRY CHRISTMAS OFF TO COAST.
Secretary and General Manager of Christman
Piano Co. Will Visit Trade Going and Com-
ing from Piano Merchants' Convention.
Henry Christman. secretary ami general manager
X. Y., and will continue his journey to Chicago,
Denver, Los Angeles and San Francisco, where he
will attend the fourteenth annual convention of the
National Association of Piano Merchants. After
the convention Mr. Christman will visit Seattle,
Spokane and Salt Lake City, and several other
large Western business centers, returning to New
York some time in Au»ust.
OUTING OF WURL1TZER EMPLOYES.
The employes of the Wurlitzer Musical Instru-
ment Co., of North Tonawanda, N. Y., held their
annual outing at Olcott Reach, July •'{. There
were twenty-two carloads in the party, but the
rain considerably hampered the enjoyment of the
day. A large automatic piano was brought down
by the excursionists, which was utilized for danc-
ing in the Casino, although it had been planned to
have outdoor dancing.
TO HAVE AUTO SALESROOMS.
M. B. De Foreest, the well-known p : ano and talk-
ing machine dealer of Sharon, Pa., has purchased
the Carnes property with a frontage of 108 feet
and 141 feet on South Main street that city, on
which to erect a modern brick auto salesroom.
ELECTED PRESIDENT.
G. W. Newton, Van Wert, O., was eiected presi-
dent of the Ackerman & Lowe Piano Co., Marion,
O., at the annual election of officers. The other
officers named were: J. H. Lowe, vice-president;
Henry Ackerman, treasurer, and H. L. Robinson,
secretary and general manager.
Richland Center, Wis., is to have a new piano
store in the near future, which is to be opened
by R. 0, Falk, St, Paul, Minn.
Future scanning projects are planned by the International Arcade Museum Library (IAML).