Music Trade Review

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THE MUSIC TRADE REVIEW
occasioned by lack of business due to the
in war or any man who enters upon busi-
They not only prove
contraction of wants and the consequent
ness to-day, without such an experience
that home trade is conserved and benefited
paralysis of the manufacturing industries.
and preparation as insures the use of the
by protective laws, but they furnish an
There are other factors in the situation
best up-to-date methods, is almost sure to
idea of the perfection and excellence of our
lying far deeper than these and which are
meet disaster.
prodiicts when they continue to win such
of a character not to be so easily recog-
perience in business are alike essential to
a wide appreciation on the Eiiropean con-
nized.
success.
tinent.
by F. R. Boocock in his recent address be-
These figures are significant and of the
utmost importance.
This is the era of expansion.
We have
These were cleverly summed up
fore the New York State Bankers' Associa-
Experience in war and ex-
To make progress the members of the
music trade
industry must work along
added to our possessions during the past
tion when he said:
"I venture-to say that
those accepted lines which are now recog-
six months; the world has become awak-
reduction in trade has less to do with the
nized by the most eminent men in the
ened to the industrial progress
majority of
commercial world as the cornerstone of
of
this
failures
than the .abuse of
country, and a different conception of our
credit.
power prevails both in the fields of war-
ing for and giving of credit.
fare and manufactures.
that the abuse of credit largely occasions
return.
reduction in trade."
manufacturers have adhered to, resulting
It is meet that with our expansion as a
nation there should be an increased de-
I mean the abuse both in the ask-
I believe
In 1892 we witnessed a phenomenal year
success.
It is utter folly to make pianos
and sell them without getting money in
Yet this is the plan which many
in irresponsible parties being given credit
Credit was used to
who are utterly undeserving of it, while
its fullest extent by buyers and freely con-
from those deserving, cash is often de-
old saying, and while we trust it will prove
ceded
manded.
true as applied to our new possessions in
lavishly.
Porto Rico, Hawaii and the Philippines,
their
yet it is a tribute to our wonderful facili-
placed extravagantly with manufacturers,
ties, intelligent labor, and our increasing
and manufacturing industries ran night
comprehension of the value of the foreign
and
market that this country is becoming a live
market became congested and stagnation
may be said to be fully
factor in the great competitive trade battle
followed.
Wholesale trade in this city as well as in
which is being fought so keenly in the Con-
business houses with immovable stocks of
the Western centers of
tinents of Europe and Asia, and in which
far greater size than good judgment would
quite active, showing that there is a healthy
manufacturers in the music trade are be-
justify and the liability for which occasion-
and natural growth of business which is
coming quietly but none the less surely
ed their embarrassment.
destined to continue from now on.
active participants.
hundreds of business houses that had been
While the fall season has been rather
Musical instruments which come under
so loose in their extension of credits and so
slow in opening up, and there has been
the heading of "small goods " are now
lenient in their collections that the depres-
some little disappointment on this account,
being shipped from this country to Europe
sion found them with enormous stocks on
it is better undoubtedly that trade should
in large quantities and are excelling in pop-
hand and large outstanding accounts in
mature
ularity similar European wares right in
addition.
their home
lowed.
mand
for
abroad.
our
manufactured
products
"Trade follows the flag" is an
market.
Practically a few
in business activity.
by
sellers.
bought
Retailers stocked their stores to
greatest
day
Consumers
capacity.
to supply
the
Orders were
demand.
The
The collapse found hundreds of
Heavy
There were also
losses inevitably
fol-
It was the houses whose credits
All this misunderstanding can
only be obviated by the inauguration of a
credit system.
The sooner the better.
\ 1 7 I T H the opening weeks of October
the music trade season of
in a natural
1898 99
inaugurated.
the industry is
way than that it
should come in the form of the "boom "
—so much talked about.
years ago all these stringed instruments
were intelligently managed and whose col-
One gratifying phase of the fall trade so
were made in Europe and imported here,
lections were closely made that found it
far developed is the increasing demand for
and so it is in other departments of the
possible to withstand the panic without
the better grade of pianos.
music trade.
strain or special embarrassment. With less
report in retail circles in New York and in
This cheering condition of things is not
failures there would have been less con-
the leading cities of the country.
merely confined to this industry, but is
sternation, and with more confidence there
we trust, indicative of the turning of the
being
would have come quicker recovery.
tide from the " cheap " regime of the past
felt
in
all
manufacturing
lines
throughout this country.
Past experiences should open the eyes of
It is hardly possible to analyze the facts
all business men to the necessity of con-
and figures bearing on this subject without
ducting business on more up-to-date lines,
becoming more or less enthusiastic over
particularly giving more attention to the
the industrial progress of the Nation and
matter of credits.
our onward march toward conquering the
chants who ten years ago were commercial
markets of the world.
lights who to-day are floundering upon a
There are many mer-
sea of lost hope and failure simply because
CREDIT ABUSES.
they have not kept pace with the march of
|\j()THING, perhaps, was more clearly
demonstrated during the years of de-
pression now just passed than the weak-
ness of our credit system.
It was proved
events.
Mistakes have been made, and
the biggest mistake of all has been the
absence of a credit department.
During the last twenty-five years there
to be weak in almost every essential part;
has been a very material change in almost
in legal protection, in business customs,
everything connected with our existence.
in confidence between buyer and seller, in
War, for example, is at present conducted
banking relations and in all matters where
on very different lines from what formerly
co-operation is essential to success.
It is
prevailed and the change in business is no
not sufficient to explain that panics are
less conspicuous, Any nation that engages
This is the
It is,
few years to a common-sense comprehen-
sion of the requirements of the times.
Permanent Receiver Appointed.
[Special to The Review.]
Utica, N. Y., Oct. 11, 1898.
At Oswego yesterday Judge McLennan
appointed J. A. Evans permanent receiver
of the Zimmerman Autoharp Co., of
Dolgeville. His bond was fixed at $25,000.
A St. Louis Incorporation.
[Special to The Review.]
vSt. Louis, Mo., Oct. 10, 1898.
The Kieselhorst Piano Co. was incor-
porated Saturday with capital stock of
$20,000, fully paid. The stockholders are:
E. A. Kieselhorst, J. G. Hepburn, J. J.
Kleekamp, C. T. Webster and R. A.
O'Neil.