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than one-fourth, wise observers say, will
earn any dividends on their common stock
within three years, even should the present
period of prosperity continue that length
of time.
-
"' ' :
In many of the others the capitalization
is so much out of proportion to the earn-
ing capacity of the plants consolidated that
unless conditions greatly change there is
no hope of their ever paying dividends ex-
cept on their cumulative preferred stock.
Is not America reaching a point in her
over-inflation of the industrial plans that
will rival the schemes of Barney Barnato ?
The famous "Kaffirs" have been sup-
planted by American " Industrials."
A snug factory plant is preferable to a
lot of barney barnatoed stock.
COMMISSIONS AND OTHER THINGS.
TN taking up the subject of commissions
the National Piano Manufacturers'
Association is pointed the right way. We
shall be much interested in the outcome of
the meeting held in Chicago this week, no-
tice of which appears elsewhere in this
paper.
The commission evil has thrived in this
trade to an alarming extent, and there is
no question but that thousands and thou-
sands of dollars are paid annually to people
who are in no way entitled to any pay-
ment for services which have never been
rendered.
One reason why it has assumed large
proportions is the fact that piano men
have been imposed upon by allegations
made to them which were wholly false.
There has been a mythical influence which
should be quickly exploded at the beginning
of the year. The commissions, teachers,
and all others, must go. They belong to
a past age.
And while on this subject there is an-
other matter which might well receive the
attention of manufacturers, and that is the
use of pianos in music studios.
In no other profession in the world are
free accessories tendered professional peo-
ple. A physician does not have a case of
surgical instruments given him free. A
carpenter is compelled to purchase his
tools. A sculptor has nothing free ten-
dered him, and still a professional musi-
cian expects a piano free for all time, kept
in tune and everything, all for what?
Mythical services — influence—all of
which should be relegated to an unhappy
past.
There is no reason in the world why
professional musicians should not pay for
their instruments, just the same as a plain,
ordinary everyday citizen, and if they do
anything which honestly entitles them to
THE MUSIC TRADE REVIEW
ble and necessary, there are men who will
try to find a way for it even though they
are referred to by their fellowmen as anni-
hilating trade conditions. A start has to
be made which will gain force and sym-
"I"" HIS is the age of investigation, of evo-
metry as it progresses.
lution, of changes and of trusts.
There are ample opportunities for all, if
WHAT IS A DEPARTMENT STORE?
we are not grasping and do not attempt to
INASMUCH as the department store is
accomplish too much with limited resources.
now a live topic, it may be well to take
Don't blow hot and cold with the same
its principal features in review.
breath. Be content with doing one thing
What we oftentimes term a department
at a time and do that well. Try and do it
store is not, strictly speaking, a depart-
better than it was ever done before by
ment store. The term had its origin when
yourself or anyone else. Convince the
some merchant, finding dull seasons in his
mind, catch the eye, sell the goods.
original business, looked around for arti-
\ 1 7 E have observed in our travels that cles to fill in, in the hope of attracting cus-
the men who complain the most are tomers to his establishment. His added
the men who are the least progressive. lines were hardly complete, but used more
They shroud their business with a sort of as fillers. To-day the department store—
mystery which makes one almost suspici- a store of the Wanamaker type—is a colos-
ous of double dealing. It pays in this year sal combination of stores within a store.
of our Lord, 1899, to do a daylight busi- No one of these stocks overshadows an-
ness, flood all your methods with light, and other excepting in the respect that from
then call for more light—advertising light their very nature the investment and con-
—any kind of a light as long as your light sequent business of some must needs be
greater than those of others.
is seen by your fellow men.
But as to the stores which go to compose
T T OW many dealers work for a reputation
the greater stores. They are all equally
as well as for trade and profit ? Still,
important in their relation to the compact
when we come to consider the matter a
whole, each one being required to perform
store with a reputation is always sure of
its work of bringing customers to the store
trade; a store without one must trust
and swelling the profits of the general busi-
largely to chance and to scheming.
ness.
Honesty is the best policy and straight
It is a great problem to bring all of these
dealing always comes out ahead. The
dealer who will buy what is termed in the stocks under the one great merchandising
vernacular as a "thump box " for $75.00 policy which has been decided upon by the
and sell it for $300 or $350 is dishonest, manager-in-chief, who allows each sub-
and such methods are bound to work out manager to conduct the business of his de-
his destruction in the end. A man who partment on lines which are in conformity
pays $300 or $350 for a piano is entitled to with the principles laid down by the gen-
a good instrument. There is a demand for eral management. There must be no con-
pianos in this country—a demand which flicting or clashing of authority. A definite
we claim will absorb 200,000 pianos annu- policy is adhered to in every line, and there
ally if they are sold at the right figure. are, in strictly mercantile language, no pet
But what percentage of them are sold at stocks. Every department manager must
figures which approximate their real be systematic and unremitting in his efforts
to keep in touch with the public needs, and
values?
he employs methods which would confuse
The intermediate element, which is the
the average merchant by their intricate-
real backbone of the Republic, will be
ness and the amount of executive watch-
much larger purchasers if the cheap in-
fulness necessary for their successful oper-
struments are sold to them at an honest
ation.
price. The working man's dollar is just as
Back of all this vast machinery stands the
useful for bill-paying and profit-making as
proprietor
who exercises a general over-
the millionaire's, and he is entitled to
sight over every store which is gathered
receive just as good value for his dollar.
under his vast roof. It is results which he
/COMPETITION is a good thing in is seeking to obtain, and very little senti-
trade only so long as it is wisely ment ever enters into his calculations.
conducted, but it cannot be said that all With an eye always on the last year's fig-
competition is of this sort. Competition, ures, his is constant and steady advance-
however, forces others to follow, and so ment. The goal of his ambition is in-
the evolutionary work goes on. Wherever creased business. To stand still, in his
a betterment is recognized as being possi- doctrine, means retrogression.
compensation let them walk up to the
captain's office and show some definite ac-
complishments rather than this misty,
vagtie, overrated nonsensical influence.