Music Trade Review

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THE MUSIC TRADE REVIEW.
EDWARD LYMAN BILL *£§--
Editor and Proprietor.
PUBLISHED
EVERY
SATURDAY
3 East 14th St.. New York
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Canada, $3.00 per year; Foreign Countries, $4.00.
ADVERTISEMENTS, $2.00 per inch, single column, per
Insertion. On quarterly or yearly contracts c special dia-
count is allowed.
REMITTANCES, In other than currency form, should
bo made payable to Edward Lyman Bill.
Bnteredttt the New York Post Office as Second-Clan Matter.
NEW YORK, AUGUST 1, 1896
TELEPHONE NUMBER 1745. — EIGHTEENTH STREET.
"THE BUSINESS MAN'S PAPER."
"?., . For the
€"" ".
•
HERE are no new developments in the
affairs of the Hallet & Davis corpora-
tions beyond the statement that the corpor-
ations' schedules are completed and it is
probable that a meeting of the bank credi-
tors will be held early next week, at which
time the affairs of the assigned corpora-
tions will be gone over thoroughly, and
with the end in view of arriving at some
definite action in regard to the future of the
Hallet & Davis interests. The statement
published to the effect that an extension of
four years will be asked in which to make
the several payments in full is, as far as we
are able to ascertain, utterly unfounded, and
we question if such a rumor has existed
outside the precincts of a newspaper office.
As we understand, as far as the matter of
the time of payment has been discussed in
a possible proposition to be made the cred-
itors, the matter in its incipient stage has
not reached beyond a two years' extension,
in which period to make payments in full.
However much may be said about this
matter, no definite statement can be made
T
until after the meeting, when the matter
shall have been fully discussed and acted
upon by the creditors.
One thing is certain, if the banks had
manifested the same desire to lend their
assistance to the Boston corporation pre-
vious to its assignment that they have sub-
sequently, there would have been no
necessity for an assignment.
If the officers of banks would take a closer
view of the internal affairs of the piano
trade they would become convinced that
the legitimate manufacturers should in
every way be encouraged in their enter-
prises, and that the matter of contraction
of discounts is detrimental to the interests
of the banks themselves, as it means the
partial annihilation of manufacturers.
Of course indiscriminate credit should not
be given, but it is almost suicidal for bus-
iness interests to snap a firm up at a round
turn on a loan when it is most needed.
Banking institutions, as a rule, are the
most cold blooded, selfish corporations in
our land. They are organized for the pur-
pose of making money and a bank of dis-
count fattens on the manufacturer. Too
often, however, they turn about and choke
the very life out of trade by the selfish and
cowardly attitude of their officials. They
shut down on credits and make demands
upon customers at the very time when
help is most needed. They stagnate trade
and metaphorically kill the goose that is
laying golden eggs for them. Again, when
they give discounts, with many of them it
seems customary to impress upon the man
whose paper passes, that they are confer-
ring upon him a special favor. They forget
that that man has brought grist to their
mill, and that their toll is taken out with
unvarying regularity.
Take piano trade paper; of course it
should be sifted carefully, but what mer-
chandise is there in this world that main-
tains its first value in such an astonishing
proportion as pianos? Take the clothing,
furniture, jewelry, grocery trades, and
scores of others, and the value of the article
sold goes at once down with a slump—and
in a short period of time it becomes practi-
cally valueless.
Is it so with pianos?
We maintain that there is not an
industry in this land which produces
manufactures whose values approximate
permanency as nearly as the product
of this music trade. Banks have made
money, some have grown wealthy, out of
their dealings with the members of the
music trade, and in such times as these
their officials should be actuated—not
by the spirit of generosity, the trade does
not ask that—but at least fairness and that
combined with even a moderate knowledge
of the requirements of this trade—its envir-
onments, and the almost imperishable na-
ture of its product—is all that is needed.
That, however, is essential. Money is
the merchandise of banks, and let us look
at matters in purely a commercial sense.
What merchant or manufacturer pounces
upon one of his customers whom he con-
siders honest, just at a critical moment in
his career, when he most needs assistance?
In the first place unless he had confi-
dence in the man he never should have ex-
tended credit to him—confidence is the
basis of credit.
In the second place, when confidence
gives birth to credit, he lends what as-
sistance he can in a business way to help
his customer over a slough.
In helping him he only augments his
own interests, as far as they are embodied
in that man's success.
Bank officials should absorb at least a
modicum of business principles from the
men with whom they deal.
#
#
In another part of this paper will be
found an illustration and description of the
patent recently granted to George B. Kelly
and assigned by him to the Mason & Ham-
lin Co. of Boston. It is evident from a
reading that this device was conceived for
the purpose of remedying defects in their
system of stringing, hence it will be found
of interest.
#
#
Seymour H. Rosenberg, manager of the
New York house of the B. Shoninger Co.,
gives us a "Specialty Talk" this week.
Mr. Rosenberg gives some most interesting
responses to our queries, showing that he
is not only a deep student of the trend of
trade matters but that he is amply quali-
fied to give expression to his views in a
clear, forceful and intelligent manner.
Mr. Rosenberg is a talented young mem-
ber of the trade, from whom we shall hear
much in years to come.
#
#
A local contemporary asks, " Can Weber
be revived?" We would say in this con-
nection that Mr. Weber seems to have been
revived—revived to such an extent that he
forms a complete barrier to certain plans
under consideration. At this stage of the
game it is not the revivification of Weber
that is most needed—rather than that we
are inclined to think there are those who
would not pine away should Mr. Weber re-
tire to a desuetude which should be innoc-
uous.