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THE MUSIC TRADE REVIEW
has been closed two of the past seven
years because it could not be operated at
a profit, was valued by its owner at $400,-
000. He would have been glad to sell it
a year ago for much less. It was bought
by the American Steel & Wire Trust re-
cently for $600,000, and then put into the
new trust at $2,000,000, and stock issued for
that sum.
"The Pulp Paper Trust is capitalized at
$55,000,000 and stock has been issued to
that amount. The actual value of the
various plants is estimated at less than
$18,000,000, or one-third the sponging
value of the concern."
in making transportation, sale or purchase
of merchandise produced, or any commod-
ity, to fix any standard whereby the price
of merchandise shall in any way be con-
trolled or established. And we are only at
the beginning of this trust agitation, which
is destined to be one of the chief issues of
the next presidential campaign.
A trust has been well defined by one of
our bright newspaper men as "a Klondike
for the promoter, a good thing for two or
three of his allies in the industry in which
he is operating, and a lot of handsomely
printed certificates of stock for the major-
ity of manufacturers interested who lrmst
wait patiently for the dividends that sel-
1 T is needless to say that the laws of busi- dom, if ever, materialize."
ness are as inexorable in the long run
In all seriousness, there is a strong sem-
as the laws of nature, and it is easy to per- blance of correctness in this definition,
ceive the ultimate result of such financier- which is borne out by the manner in which
ing. The bubble is as sure to burst and the majority of trusts are being floated
with consequences as ruinous a,s did the these days.
Barnato-Kaffir craze in London.
Although the trust promoters' brigade is
ASSOCIATION VALUE.
actively at work in the piano trade, yet, DEASON has prevailed. The "hearing"
fortunately, manufacturers have been in-
on the Rcdington stencil bill has been
telligent enough to resist their blandish- indefinitely postponed.
ments. As sensible men they understand
This is in line with the suggestion made
that the day is not far distant when these by The Review last week.
unhealthy combinations will go to pieces
Messrs. Spies and Baus, who represented
by the scores. They are obnoxious to the the forces in favor of the measure are to be
sentiment of our people; they concentrate congratulated on their action.
wealth in the hands of a few, and lessen
It would have been a most regrettable
the purchasing power as well as destroy occurrence were manufacturers—all well-
and enslave the worthy ambitions of the meaning and having the interest of the
American people.
trade at heart—compelled to make their
No wonder the legislatures of the States appearance in Albany taking opposite
of the East and West—where the trusts are positions on the stencil question with which
operating most extensively—are taking de- the majority of manufacturers have little
termined action to limit the powers of sympathy.
these huge organizations. In the New
The matter now goes to the National
York State Assembly and Senate there was Piano Manufacturers' Association for con-
introduced this week a bill whereby "It sideration. This organization will meet
shall be a fraud and a palpable conspiracy in Washington on April 6th, and they can
for any corporation transacting business in be trusted to take some action of a national
this State to enter into any confederation character which will tend not only to the
with any other corporations to regulate the solution of the stencil question, but the
price or limit the production of a commod- elimination of many other disagreeable
features which are closely allied with mod-
ity."
ern
trade methods.
This anti-trust bill was framed in conso-
The results will unquestionably be more
nance with the decisions of the Supreme
Court, and the introducer believes that it thorough and effective if those active and
thinking men at present outside of the
is "steel clad and bullet proof."
In the New Jersey Legislature a bill is Association will join forces and give the
also under consideration denning trusts benefit of their experience and advice to-
and providing for penalties, civil damages ward a better understanding and settlement
and punishments of corporations, firms of the evils which need adjustment.
Manufacturers are constantly realizing
and associations, or persons connected with
that
this is an age of systems and methods
them.
—that
the prosperity of the trade can best
It defines a trust as a combination of
capital created to carry out restriction of be advanced by concerted action. Spas-
trade, to limit or reduce production, or in- modic or scattered effort of individuals, no
crease or reduce the price of merchandise matter how honest, energetic and brainy
or any commodity, to prevent competition they may be, cannot succeed in effecting
reforms. The National Association of
Piano Manufacturers meanwhile can, if
properly and wisely directed, carry to a
successful issue such measures as trade
conditions demand.
Every manufacturer is naturally proud
of the industry of which he is a member.
He would elevate it in dignity and compel
a fitting acknowledgement of its proper
position in the commercial world. How
better can he achieve these results than by
becoming an active member of the Na-
tional Association which, with proper sup-
port, cannot fail to be effective in attaining
and bringing about results highly prolific
of good to the industry at large ?
An organization, such as the National
Association of Manufacturers, is based on
common sense and common duty, and the
apathy and antagonism manifested toward
it is censurable, as it is censurable in every
other case of neglected interest that calls
for attention.
In this age of merchandising there are
innumerable questions, many of a vexa-
tious and vital character, the good and bad
effects of which can be made clearer
through interchange of ideas, hence we
trust that the present indications of mark-
ed accession to membership will material-
ize to the end that the greatest good may
ensue to the industry in which we all in
common have an especial interest.
THE NEW YEAR'S SHOWING.
Q U R export trade continues to break
records. While the exports from the
United States in 1898 were the largest for
any year on record, 1899 bids fair to con-
tinue the remarkable showing. The fig-
ures issued by the Treasury Department
show that the exports during January
were the largest for any January on rec-
ord, with the single exception of the
first month of 1S93. The total figures for
the month show the exports to have reach-
ed a value of $115,515,954, against $108,-'
426,674 m the same month ol 1898.
The fiscal year of 1899, which closes on
June joth next, promises to be a record-
breaker equally with the calendar year of
1898, the exports for the seven months
ending January 31st reaching a value of
$7495472,465, against $718,367,407 during
the corresponding period of 1897 98.
The imports during January amounted
to $58,472,315, against $50,827,714 for the
same month in 1898. Imports for the
seven months ending January 31, T899,
were valued at $367,175,925, against $340,-
616,530 in the corresponding period of
1897-98, but against $478,716,717 during
the first seven months of the fiscal year
1896.