The talking machine world (Jan-June 1922)

4 THE TALKING MACHINE WORLD March 15, 1922 PAYING INTEREST ON DEFERRED PAYMENTS The Justice of the Interest Charge — This Vital Question Will Not Down Until It Is Settled Right— Stability Will Be Lacking in Any Trade That Straddles or Ignores the Question By HAYWARD CLEVELAND In any transaction the cash buyer should have preference. The cash merchant of to-day is the prosperous one and deservedly so. His is a quick turnover and he can afford to take a smaller profit. Next comes the thirty-day account business, wholesale and retail, without penalty. Even much of this is booked wholesale, with a 2 per cent ten-day clause. This is all sound and conservative and is not complained of here. Then follows the sixty or ninety-day wholesale account, without interest, on seasonal goods. There is a reason for the omission of the interest in this case too. That is about all. When it comes to the granting of sixty, ninety and 120 days' time on wholesale charges for all-the-yearround products and the writing of instalment contracts, without interest, at cash prices, the whole trade structure is threatened, for the proceedings thus indulged in are unethical, inequitable and unsound from a financial point of view. They breed in the buying public a sense of injustice and disrespect that checks the establishment of that good will that is so essential to the successful conduct of any business. The retail ethics appear to be justly these: The instalment furniture house that has two prices, instalment and cash, and declares them, is right: the two sets of prices are justified if interest is to be waived. If only the instalment price is quoted an essential fact is wrongfully withheld. This same reasoning applies to piano and talking machine houses that have two sets of prices. The music house that charges interest on deferred payments and collects it, from month to month, is all right. The house that charges the interest but does not attempt to collect until the end shows lack of moral courage, knowing full well that it will be lucky to collect one-half of it. The policy of collecting the interest, if one can, is inherently dishonest, is unfair to the cash buyer and to the customer who lives up to his contract as written. Further, such a policy creates a steadily increasing set of uncollectible accounts receivable, pads the assets, as it were, and when the crash comes that only too often follows such a policy, the reprehensibility of the plan is brought home to its users and those whose funds are invested in the enterprise. act with the honesty we ask of others — to huy with a thorough knowledge of our market — to sell with the tactics we would admire in competitors — to credit when credit is a blessing — to refuse when credit is a curse — to direct the work of subordinates so that each day is for them a day of self-development — to treat customers as honored guests in our homes — to see our business as a vital necessity in the wholesomeness of life — to realize that above the universal tangle is a sure, omnipotent God waiting for man to use the infinite power He gave him to disentangle the whole — this is the foundation for better business. The Cleveland Talking Machine Co. Cleveland, Ohio The talking machine house that has an instalment and a cash price for the same article and that proclaims both, or that charges and collects interest on deferred payments, is doing the right thing by itself and its trade. The house that sells, at the same price, for cash and on instalment is doing an indefensible thing. The cry that it is a trade custom is no excuse. The act will not stand up under analysis. It cannot claim analogy to the furniture and piano trade customs, for in both the attempt is generally made and more or less successfully carried out of differentiating between the cash and time trade. There is a distinctly discernible line of demarcation betwen the two as evidenced by the grade of goods offered or terms granted, or both. Introspection, realignment, a new order of things are in the air.. Would it not be well to comprehend within the horizon of proposed reforms this old but important defect in the selling system? Until this canker is removed from the body phonographic its growth will be retarded. A. B. MURRAY JOINS BRUNO FORCES Jerome Harris, secretary of C. Bruno & Son, Inc., Victor wholesaler, of New York City, has announced the appointment to its sales staff of A. B. Murray. Mr. Murray has a pleasing personality, is well experienced in the music business and enjoys a wide acquaintance in this trade. Mr. Murray will cover Northern New Jersey and New England for C. Bruno & Son, Inc., and will shortly begin to cover this territory. The Bruno sales organization has seen steady growth along constructive lines. The efficiency of this important part of the organiza tion is reflected in the notable expansion of business enjoyed by this well-known wholesaler. VICTROLA SHOP CHANGES HANDS The Victrola Shop, of Red Oak, la, has been sold by Henry L. Heckert, proprietor, to W. B. Jardine, formerly of Omaha, Neb. The name of the concern has been changed to the Jardine Music Co. Mr. Jardine's sister, Miss M. A. Jardine, is also associated in the enterprise. L. A. Dexter has been appointed manager of the store of Widener's, Inc., Hartford, Conn. THE TALKING MACHINE'S HELPMATE SERVICE In the selling organization of the New York Album & Card Co., Service plays an important part. Service is a word that is often abused, but in our organization it means all it implies. Our service consists not only in prompt delivery but in conferring with each individual regarding his requirements and the production of albums best suited to his needs and when delivered, the albums are exactly as per the specifications. The Only Loose-Leaf Record Album on the Market The word "NYACCO" guarantees service Quotations and Prices on Request. New York Album & Card Co., Inc. NEW YORK 23-25 Lispenard St. A. W. CHAMBERLAIN New England Factory Representative 26 Broad St., Boston, Man. CHICAGO 415-417 S. Jefferson St.