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THE MUSIC TRADE REVIEW
read in the lines of the face, and it is indi-
vidual character that I count more largely
upon than high rating."
There is truth in this statement and en-
couragement as well for young men who
have not a bountiful supply of this world's
TWENTY-FIRST YEAR.
•EDWARD LYMAN BILL.
goods, but who have ambition, character
Editor and Proprietor
and honesty of purpose; they need have no
PUBLISHED EVERY SATURDAY
fear, for they have many producing es-
"
3 East 14th St., New York
~~ sentials which will aid them to gain the
possession of dollars.
SUBSCRIPTION (Including postage), United States,
Mexico and Canada, SSAO per year; all other countries,
t+oo.
It is easy to incorporate under the laws
ADVERTISEriENTS, $2.00 per inch, single column, per
Insertion. On quarterly or yearly contracts a special dis-
which exist in the different cities stock
count is allowed. Advertising Pages $so.r*>. opposite read-
ing matter $75.00.
companies for almost any amount, often
REMITTANCES, In other than currency form, should
be made payable to Edward Lyman Bill.
1
even a fabulous sum. But how many of
Entered at Q* New York Pott Qffict at Second Clou JCattw.
these corporations succeed ? We have one
NEW YORK, MAY 19, 1900.
in mind which is incorporated for a cool
TELEPHONE NUMBER, 1743-EiaHTEEMTH STREBT.
million. There is something like $25.00
THE KEYNOTE.
paid in. Now there is neither character
The first week of each month, The Review will
contain a supplement embodying the literary
nor honesty behind that organization, and
and musical features which have heretofore
appeared in The Keynote. This amalgamation
banking men know it. It is foredoorrfed
will be effected without in any way trespassing
on our regular news service. The Review will
to destruction.
continue to remain, as before, essentially a
trade paper.
We know of some piano dealers who
have obtained all the credit which the ex-
CHARACTER AND CREDIT.
igencies of their business demand, but still
O ITTING the other night at a board of they have little or no rating as far as the
trade banquet we had the opportunity agencies are concerned, yet the manufac-
of listening to some remarks made by some turers who are doing business with them
of New York's prominent bankers on the have proven time and time again their de-
question of credits. He said among other votion to the principles of honesty and
things: " I may as well at this time lift a untarnished personal honor. And in the
portion of the veil which separates the manufacturing department of the industry,
banking from the outside world. With us we have also numerous illustrations how
credit is more a question of individual vast enterprises have been built with char-
character than of the rating which a man acter as the foundation stone.
has in the leading commercial agencies,
We have to-day young institutions with
which are too often proven to be colored
not over large capital, the proprietors of
by representations given for the purpose
which have the confidence of the supply
of creating a false basis for credits. We
trade and they are building successful and
believe that character, after all, is the basis
honorable enterprises which reflect credit
of all credits, for if we extend character
upon the correctness of their intention.
into sub-divisions we find that a man of
In all of our business dealings we are es-
character pays his bills. He has a reputa-
tablishing reputations, either good or bad,
tion for honesty. In other words for doing
which we must measure. The events of
what he says as nearly as conditions will
each passing day are contributing either
permit him.
toward building or tearing down the struc-
"I have frequently had men come to me ture.
with paper for discount, and I have been
compelled to turn their propositions down
NEED OF REPORTING.
for the reason that I had but little confi- ""THERE is a man named Badlam, a mem-
dence in them, although as far as book
ber of the black sheep family, who is
rating was concerned, they had plenty of still carrying on his practices of old. Man-
it. I, too, have had men come to me with ufacturers have been unwise enough to
no rating whatsoever, but I have known supply this man with pianos. He has seen
that their character and general reputation service behind the bars, but still every lit-
for honesty was excellent, and I have dis- tle while he bobs up serenely, watches the
counted their paper.
papers carefully, and invariably strikes the
"Our president said to me yesterday: new piano manufacturers in the trade for
'Why do you always hold your desk in that their wares.
position?'
Now, if there were a system of reporting
" I replied: 'Because everyone who dealers of this character, they would be
comes in to call upon me for loans must sit quickly driven from their occupation- of
in that chair, the light falls directly on his poaching upon piano preserves.
face. I prefer to study him while I am
It is of the utmost importance that busi-
sitting in the shadow, for character can be ness men protect themselves against incur-
sions from men of this class. The indus-
try must accommodate itself to the chang-
ing conditions of the times in every way,
and it would seem as if there should be
enough of the spirit of camaraderie exist-
ing between the piano manufacturers to
report such individuals when once they
have discovered their true character.
We do not believe, as some have stated,
that it is the general way in all mercantile
lines when one has struck a bad customer
to quietly let his brother manufacturer get
a slice from the same fruit. As an indus-
try, we have outgrown that kind of senti-
ment, and we believe that piano manufac-
turers are becoming thoroughly alive to
the necessity of reporting when they have
discovered that they have been victimized
by dishonest dealers.
NATIONAL CONTROL OF TRUSTS.
T H E growing demand for some system
whereby a national control of trusts
may be exercised, has borne fruit. On
Tuesday the House Committee on Judici-
ary reported favorably a joint resolution
for an amendment to the Constitution of
the United States giving Congress power
to regulate trusts. The amendment reads
as follows:
"Congress shall have power to define,
regulate, control, prohibit, or dissolve
trusts, monopolies or combinations, wheth-
er existing in the form of a corporation or
otherwise.
"The several States may continue to exer-
cise such power in any manner not in con-
flict with the laws of the United States.
"Congress shall have power to enforce
the provisions of this article by appropri-
ate legislation."
In addition to this an anti-trust bill was
favorably acted upon by the committee.
It is in the form of an amendment to the
Sherman law, and declares, in effect, that
every organization for the purpose of
monopoly is illegal and may be restrained
from carrying on interstate commerce and
forbidden the use of the mails.
Violation of the law is made a crime,
punishable by a fine not exceeding $5,000
and imprisonment for two years, or both.
All trust made articles are required to be
plainly stamped.
It is also provided that persons shall not
be excused from testifying or producing
books and papers on the ground that their
testimony will incriminate them, but this
provision is limited, so that any evidence
given by such person cannot be used against
him in any other court or place.
It is worthy of note that the democratic
members of the committee opposed the
resolution on the ground that, if adopted,
the amendment would deprive the states