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THL
RENEW
fflJSIC TIRADE
V O L X X X V l . No. l.
Published Every Saturday by Edward Lyman Bill at l Midison Avenue, New York, Jan, 3,1903.
EVILS OF OVERCAPITALIZATION.
Some Timely Remarks on this Topic Taken from the
New York Commercial.
To the judicial mind that does not desire
to either overrate or belittle the evils of gigan-
tic consolidations of capital, but seeks to im-
partially weigh all of the evidence and, if
possible, to secure a remedy for the admitted
evils without endangering the industrial su-
premacy of the country, much of the current
discussions on the subject must appear little
above the average of the cheap politicians.
It is a pleasure to turn back from such par-
tisan discussions to the serious, statesman-
like address of Attorney-General Knox before
the Chamber of Commerce in Pittsburg some
weeks ago. It is not necessary to agree with
all of his conclusions, but every reader of the
address must admire the spirit of fairness
with which he considered, and the wide
knowledge which he brought to bear on, the
subject. One portion of his criticism is
worthy of special consideration. On the
abuses of combinations of capital he said:
realize dividends thereon," but also the undue
inflation of credit that it causes—a point that
was emphasized in the recent able speech of
F- A. Vanderlip. This creation of enormous
amounts of securities that are not represented
by any corresponding assets is one of the
principal causes of the financial disturbances
affecting the entire country at the present
time.
McPHAIL MAGNITUDE.
Prosperity with a big P represents the con-
ditions which prevail at the headquarters of
the A. M. McPhail Piano Co., Boston. The
advance of this business during the past year
has been most gratifying to all interested in
its progress. Important connections have
been made at all leading points, and the out-
put has now assumed immense proportions.
As soon as they entirely occupy their new
manufacturing quarters they will have splen-
did facilities for meeting all demands.
The growth of the McPhail business, apart
from the ability and enterprise of President
Blake and Treasurer Owen, is due to the
sterling merits of the pianos which they are
placing on the market. In them are being
embodied many distinctive traits that endear
them to the dealer and the purchasers. The
McPhail Piano Co. enter the new year with
a great number of orders on their books,
and with prospects for the largest business
in the history of this institution.
•a.oo PER YBAR
SINGLE COPIES, 10 CENTS
ACTIVITY AMONG MANUFACTURERS.
(Special to The Review.]
Washington, D. C , Dec. 29, 1902.
The figures of the foreign commerce of the
United States during the eleven months end-
ing with November, which have just been
completed by the Treasury Bureau of Statis-
tics, indicate a phenomenal activity among
the manufacturers of the country and ex-
portations quite as large as could be expected
in view of the crop shortage of last year. The
value of manufacturers' materials imported
into the United States during the eleven
months ending with November this year is
$407,603,599, against $353,417,283 in the
corresponding months of last year, and forms
46 l / 2 per cent, of the total imports, against 44
per cent, of the total imports of the corres-
ponding months of last year. Manufactures
exported during the eleven months of 1902
amount to $377,635,961, against $362,392,181
in the corresponding months of last year, and
form 31.8 per cent, of the total, against 27.8
per cent of the total exports in the same
months of 1901. The total imports are $75,-
000,000 in excess of those for the correspond-
ing months of last year, and of this increase
01 $75,000,000, $54,000,000 was in the class
"manufacturers' materials," and the remain-
der manufactures and luxuries, articles of
food and animals showing a reduction of
$10,000,000 as compared with the importa-
tions during the corresponding months of last
year.
"Overcapitalization is the chief of these,
and the source from which the minor ones
flow. It is the possibility of overcapitalization
that furnishes the temptations and opportuni-
ties for most of the others. Overcapitaliza-
tion does not mean large capitalization or
capitalization adequate for the greatest under-
takings. It is the imposition upon an under-
taking of a liability without a corresponding
GENEROUS EMPLOYERS.
asset to represent it. Therefore, overcapital-
DOLD NOW WORKING TORONTO.
ization is a fraud upon those who contribute Over $500 Distributed by the J. W. Jenkins' Sons
[Special to The Review.]
Music Company.
the real capital either originally or by pur-
Toronto, Ont., Dec. 29, 1902.
The J. W. Jenkins' Sons Music Co., Kan-
chase; and the efforts to realize dividends
As a result of the campaign conducted
thereon from operations is a fraudulent im- sas City, Mo., remembered all their em- here for several weeks past by Charles Dold,
ployees in a very generous and liberal man-
position of a burden upon the public."
of Chicago, grand organizer of the Piano
Everybody, whose consideration of the sub- ner on Christmas Eve, distributing over $500 and Organ Workers of America, the mem-
ject of industrial consolidations, entitles his in cash among the 127 persons whose en- bers of the trade in this city who have hith-
opinion to any weight has long recognized ergy and zeal have assisted in building up erto been affiliated with the Amalgamated
that the movement itself is the natural result one of the largest and most successful music Wood Workers, have decided to cast in their
of the wonderful industrial development dur- and piano houses in the country. Out of lot with the Piano and Organ Workers' In-
ing the last few decades. It would be as utter- this number, all who have been in the em- ternational Union. About 300, which is a
ly impossible to carry on the business of the ploy of the firm for more than a year received vast majority of those in the trade here, have
world at the present time without large in- $5 each in gold. Those whose employment gone into the new organization. Sam Moore,
dustrial combinations and large aggregations has been under a year were presented with who has been widely known to laboring men
ot capital as it would be without the tele- $2.50 each in gold. This action on the part and organizations all over the country as
graph, the steamship and the railroad. As far of the firm has been received with deep ap- the efficient and genial business agent of the
as the movement toward industrial consolida- preciation. This has been the most prosper- Woodworking Machinists, has also gone
tions alone is concerned it is founded on the ous year in the history of the company.
over to the new organization, of which he
soundest of economic and industrial laws.
Robt. C. Kammerer, of Geo. Steck & Co., will continue to be business agent and chief
This movement has naturally been attended and H. K. S.. Williams, of I. T. Williams organizer for Canada.
with evils, one of the chief of which is over- & Son, have been named as candidates for
The Walter J. Bates Co., of Boston, have
capitalization. The injury worked by over- governors of the New York Athletic Club,
secured the agency for the Story & Clark
capitalization is not only the "efforts to to be voted on at the next election.
pianos for that city and vicinity.