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THE MUSIC TRADE REVIEW
THE PIANO TRUST,
Exists Not, Save in the Minds of Manipulators—Great Names have been Used In Connection
with the Scheme—Distinguished Houses Repudiate All Connection with It—The Review
Presents Facts and Settles the Rumor mil.
For some time past statements have been
circulating to the effect that, in a quiet way,
arrangements were steadily going on towards
the perfection of a piano trust. During the
past ten days reports have reached a certain
definiteness, and it has been stated that
prominent members of the industry had al-
ready given their consent to participate in
the combination.
We have placed but little faith in the cor-
rectness of these statements, as we have
viewed the matter -purely in the light of a
speculative scheme, concocted by a few skill-
ful manipulators in New York in connec-
tion with a man who was identified with the
former trust scheme, and who secured a
great many confidential reports concerning
the standing of individual concerns.
That these reports have figured in the pres-
ent trust scheme is positive. One man, a
manufacturer, stated to The Review that he
saw these papers while in Cincinnati this
week. He also stated that he was positive
that a number of the old-established Eastern
concerns had already become parties to a
tentative trust organization.
From another source it was stated to
us that the trust deal would go through this
time, and that the combination would be
composed of twenty of the largest houses
in the trade, the names of which were given,
and that E. S. Conway would be elected the
first president.
From another source it was stated that
Chas. H. Steinway would be the first one to
occupy the executive chair in the proposed
piano trust.
From a number of sources we have received
these statements, and we always consider
that it is the duty of the paper to ascertain
the correctness of such statements and to ef-
fectually kill ridiculous rumors which are be-
ing circulated. To that end we placed our-
selves in communication with many of the
leading houses in the United States, and have
received from them condensed reports con-
cerning their position regarding the trust.
NEW YORK.
Chas. H. Steinway:—"I will say emphat-
ically that this matter has not been considered
by Steinway & Sons, and we have no propo-
sition of any nature regarding a possible trust
now up for discussion."
A thorough canvass of the entire industry
in New York shows that the trust scheme
has obtained no foothold here.
It has been stated that a firm of promoters
—Davis & Co.—with offices in the Produce
Exchange, were behind the move, but no
such firm exists in that building.
Boiled down, the consensus of opinion of
the New York trade on the trust situation is
practically this : That if money were offered,
and enough of it, the piano industry could be
organized, but many consider a piano trust
absolutely an impossibility for the reason that
it would take so much money to purchase it
on a cash basis that that money could not be
found available, and even if it were, no soon-
er would men dispose of their properties than
they would shortly re-engage in the piano
business, and it would take more capital than
it did in any other of the trust combinations
to buy up the new concerns, who would con-
stantly be entering as competitors. Then
again, the dealers themselves would not fav-
orably entertain a trust proposition. They
would rather buy of a combination against
a trust than from the trust itself.
The statement, too, has been made that im-
portant dealers in various cities themselves
would become stockholders in the piano
trust.
That is too absurd for consideration. We
question if one dealer could be located who
would become an owner of piano trust stock.
BOSTON.
U
Starr Piano Co., Richmond, Ind.:—"Have
not joined any piano trust."
Packard Co., Ft. Wayne, Ind.:—"We have
not joined piano trust."
D. H. Baldwin & Co.:—"We have not
joined piano trust."
Krell Piano Co.:—" Know nothing of
trust."
PHILADELPHIA, PA.
Blasius & Sons Piano Co. deny the rumor
that they are to join a piano trust combina-
tion.
The Lester Piano Co. also deny the report.
*
*
*
*
So that even if a tentative organization
exists to-day it does not include the names
necessary to make it even a temporary suc-
cess.
It is the duty of a paper to give the inside
facts and expose fraudulent representations
made by certain schemers, who are plotting
the absorption of an industry. Our desire
in this matter is to show how the situation ex-
ists to-day, and to prick this trust bubble so
that it will not be heard from for some time.
There is no question but that the names of
certain members of the industry have been
used as an argumentative drawing power to
win some men over into an acquiescence of
the trust proposition. As a matter of fact,
there are very few men indeed who have
thus far even given a tacit recognition of the
existence of the trust manipulators. It is a
scheme carried wholly along the lines of
bluff.
That the alleged piano trust has not ob-
tained a strong foothold in Boston will be
seen from the following:
Chickering & Sons :—"We have not joined
any piano trust."
Vose & Sons:—"We deny the report and
know nothing about the matter."
Mason & Hamlin Co.:—"Absolutely no
truth in the report that we have joined the
piano trust."
Poole Piano Co.:—"Have not joined pi-
ano trust, nor have we been approached."
Ivers & Pond Piano Co.:—"No truth in
Great Packard Prosperity.
report that we have joined piano trust."
[Special to The Review.]
Emerson Piano Co.:—"We know nothing
Ft.
Wayne,
Ind., March 21, 1901.
whatever about the piano trust."
A.
S.
Bond,
secretary
and general mana-
Hallet & Davis Piano Co.:—"Absolutely no
ger
of
the
Packard
Co.,
is back once more
truth in the report. Never even heard of
in
harness
after
one
of
the
pleasantest and
piano trust."
most
successful
trips
he
ever
had through-
BALTinORE, MD.
out
the
West.
Since
his
return
he has been
Wm. Knabe & Co., whose name has been
very
busy,
as
orders
have
crowded
up in
mentioned in connection with the trust, deny
both
piano
and
organ
departments.
The
absolutely the report, and say that they have
Packard
outlook
is
even
more
promising
for
not heard of the piano trust.
a larger piano and organ trade than at the
IN NEW YORK STATE.
same period last year. This, in view of the
Foster-Martin-Armstrong
combination, fact that 1900 was a banner year, speaks elo-
Rochester, deny the report and say that they quently of Packard progress.
have not joined any trust.
Chatting with Mr. Bond this week, he
Waterloo Organ Co.:—"We have not been said: "Everywhere I go the Packard piano
approached upon the subject."
is a favorite, not only with the men who buy
Wegman Piano Co.:—"Report absolutely them, but with the men who sell them. They
false. Know nothing about trust, have not are their best friends, and where a salesman
been approached on subject."
likes an instrument it is not difficult to get
CHICAGO.
the man who puts up the money to buy what
The Chicago piano manufacturers evident- the salesman wants, and I am pleased to say
ly do not believe in the trust proposition.
that this is our stronghold; in other words,
Smith & Barnes Piano Co.:—"We do not the Packard piano is an easy seller, and in
know of any trust."
many cases sells itself, and that is what sales-
The Cable Piano Co.:—"This company is men like."
not a member of any piano trust."
Geo. P. Bent:—Out of town, but his bro-
"Ricca & Son. »•
ther says: "Know nothing about a trust, but
can say positively, no, as far as we are con-
Hugo F. Ricca, son of Luigi Ricca, head of
cerned."
the L. Ricca Piano Co., is to become an ac-
Steger & Sons:—"Have not joined any pi- tive partner in this business. Hereafter, the
ano trust or combination except our own."
business will be conducted as "Ricca & Son"
OTHER POINTS IN THE WEST.
—a partnership instead of a corporation.
A. B. Chase, Norwalk, O.:—"We have not Mr. Ricca is a well-equipped piano man and
worthy of the honor bestowed on him.
jonied a piano trust."