Music Trade Review -- © mbsi.org, arcade-museum.com -- digitized with support from namm.org
THE MUSIC TRADE REVIF*
say it—it really requires a man with the
genius of Henry W. Crawford to make head
or tail out of the whole affair.
Probably he could do it. We question if
others could.
There is a shrinkage in the open ac-
counts which is simply amazing. An item
which was listed originally at $101,144, is
now appraised at less than $16,000. There
are unsecured creditors to the amount of
nearly $300,000, and secured claims for
$370,000. But these figures—in fact, any
figures which may have been given out
thus far—seem liable to great variation.
The matter of investigation, as stated in
THE REVIEW last week, has already com-
menced, and an examination will be made
into the books and accounts of the assigned
corporation, and it is stated all members of
the concern, Henry W. Crawford, J. G.
Ebersole and Lewellyn Smith, will be
examined, as well as men who have had
charge of the different departments of the
business.
The more the Smi.h & Nixon affairs are
aired the more one stands astounded at the
enormous sutns of money and unlimited
credit which this corporation handled.
In the list of creditors we find nearly a
score of banks to whom Smith & Nixon
were indebted something like $230,000; the
piano and supply trade for merchandise
and cash unsecured, about $300,000.
After the startling showing made by this
concern it is not surprising that some of
the secured creditors are wondering just
what their security is worth.
Aside from the other liabilities there is
something like two or three thousand
dollars on account of labor.
It seems tons that the men who have the
investigation in charge in Cincinnati are
committed to a task which is to be almost
endless from the intricacies which are de-
veloping, and which are particularly com-
plex in every way, shape and form.
With hot weather here, and with such a
startling, bewildering and complex array of
figures before them, their task is, indeed,
one not to be envied.
buyer of the true character of that which
he is asked to buy. He said: " I want the
buyer to be protected and to have some as.
s urance that he is getting what he is pay-
ing for. I am going to agitate the enact-
ment of such laws, and I am going to keep
at it until they are passed. It is far more
necessary that we should have such laws
than that we should have a law which
simply requires a dealer to label oleomar-
garine. "
The conditions which led to the above
remarks are not unknown in the music
trade industry. It is lamentable to note
dealers—too many of them—in the music
trade who are selling "cheap" pianos far
in excess of their actual worth.
It is unfair to the manufacturer of a
medium or high grade piano to find a
dealer asking as high a price for the very
poorest instrument made as for his, and yet
this is common y done. The buyer is
fooled and the dealer congratulates himself
upon his cleverness as a salesman, but he
overlooks the fact that these methods must
react disadvantageousiy, and in due time
undermine his reputation and business.
A law, such as the bicycle manufacturer
suggests, which would compel a certain
class of dealers to tell the truth, while not
exactly impracticable, would hardly work,
at least in the music trade.
The straightforward, upright d c ' t r who
has a regard for the character of the instru-
ment which he handles, will in every case
place them before the purchaser in their
true light. The danger comes, however,
from the unscrupulous dealer, the man who
endeavors to make all he can, who will tell
you that some of the cheapest instruments is
as good as the best. These are the men
whom mannfacturers should keep their eye
on and carefully avoid. All the laws in
the land would not make them honest.
through want of confidence. Thus we can
hope that the worst has passed, and that the
latter half of 1896 will witness a restoration
of old time prosperity in the trade.
The past five months have seen many
changes in the music trade industry of this
country. Many noted names have disap-
peared temporarily, if not permanently.
After a careful analysis of the situation, it
is plain that this upheaval is due to certain
definite causes which are so patent that it is
hardly necessary to particularize. A busi-
ness which is conducted on a false basis and
without a proper conception of trade re-
quirements and an intimate knowledge of
their workings can hardly survive a shock,
no matter how light. It requires a level
headed man possessing a fair amount of
brains as well as capital to conduct business
these days; at all events, it cannot be con-
ducted without capital, and many of the re-
cent failures have been due to the lack of
the latter commodity.
It can safely be said, however, that the
worst has been passed, and that the future
holds many bright promises in store for the
music trade industry. The few wrecks
which have occurred in the march of the
music trade will not interfere seriously or
permanently with a progress that is inevi-
table and certain.
As we just remarked,a definite declaration
on the currency question at St. Louis will
tend to clear :.way the clouds which have
been gathering for many months. It will
enable us to predict better times with more
authority and greater certainty than at the
present time.
#
#
At the adjourned meeting of the Weber
and allied piano interests, held at Referee
Grosvenor S. Hubbard's office on Tuesday
morning last, the testimony of the officers
of the company was favorable for the ap-
#
#
The present is not quite the time to paint pointment of a permanent receiver.
Rumors are plentiful that Freeborn G.
rosy pictures of the business future, for
Smith
will take a hand in the conduct of
there are few symptoms of relief from the
extraordinary dullness which prevails in the Weber business, but still we could go
back a term of years, and find that just
all lines of industry.
#
#.
Even blind, deaf and dumb men could those rumors existed years ago. Mr.
Smith is a cool-headed, logical business
The manufacturers of high grade bi- hardly escape acquiring the conviction that
man,
and we will predict that if he goes
cycles, like the manufacturers of high grade the business world is waiting for the Con-
into the Weber business it will be as sole
pianos, are complaining bitterly of the ventions, and that it is anxious about the
director, and entirely without any entan-
rank inujustice done, them by unscrupulous stand to be taken by the different parties
gling alliances of any nature whatsoever.
dealers who are selling cheap and unreli- upon the currency and tariff questions.
If the forthcoming Convention at St.
able products as high grade machines, ,and
#
#
Louis
declares unequivocally for gold with
demanding a price far in excess of what
It occurs to us that trade papers would
a strong tariff plank—and we think it will
they are worth.
A gentleman connected with one of the —it is certain to have an immediate effect do well to omit the publication of state-
prominent bicycle companies suggested that will be beneficial and reassuring—it ments of creditors and their individual lia-
this week in a local paper that a law should will result in more general circulation of bilities in the case of failures in the trade.
be passed compelling dealers to inform the the money now being held under control No good comes out of it, and certainly