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THE: MUSIC TRADE: REIVIEIW
REVFW
EDWARD LTTMAN DILL,
Editor and Proprietor.
J. B. SPILLANE, Managing Editor.
A MERICA has since that time had to depend almost wholly upon
f\
its own growing capital to increase our home trade, and at the
same time repay a considerable amount of money to European
investors.
An eminent London authority says that the distrust which Euro-
pean capitalists had of American investments as a result of the cur-
rency crisis, and of the wholesale reorganizations of railroads, has
passed away, and there is now a greater willingness on the part of
Europe to employ capital in the United States than there has been
since the first alarm was felt regarding American securities in the
eighties.
EXECVTIVE STAFF:
THOS. CAMPBELL-COPELAND,
GEO. B. KELLER,
EMILIE FRANCES BAUER,
W. MURDOCH LIND,
A. EDMUND HANSON,
A. J. NICKLIN,
GEO. W. QUERIPEL.
BOSTON OFFICE:
CHICAGO OFFICE:
ERNEST L. WAITT, 265 Washington St.
PHILADELPHIA OFFICE:
R. W. KAUFFMAN.
E. P. VAN HARLINGEN, 36 La Salle St.
MINNEAPOLIS AND ST. PAUL:
R. J. LEFEBVRE.
ST. LOUIS OFFICE:
CHAS. N. VAN BUREN.
SAN FRANCISCO OFFICE : ALFRED METZGEB, 325 Davis St.
Published Every Saturday at 1 Madiion Avenue, New York.
Entered at the New York Post Office as Second Class Matter.
SUBSCRIPTION (including postage), United States, Mexico and Canada, $2.00 per
year; all other countries, $4.00.
ADVERTISEMENTS. $2.00 per inch, single column, per insertion. On quarterly or
yearly contracts a special discount is allowed. Advertising Pages $50.00; opposite reading
matter, $75.00.
REMITTANCES, in other than currency form, should be made payable to Edward
Lyman Bill.
On the first Saturday of each month The Review contains in its
"Artists' Department" all the current musical news. This is effected
without in any way trespassing on the size or service of the trade
DEPARTMENT section of the paper. It has a special circulation, and therefore aug-
ments materially the value of The Review to advertisers.
nmrrTrtRV «/ Pi AN ft f o u The
directory
of piano manufacturing firms and corporations
nd o
n
MiwirirTii»Fit
P ^ e 30 will be of great value as a reference for
MANUFACTURERS
dealers and other*.
THE ARTISTS"
LONG DISTANCE TELEPHOME-NVMBER 1745 GRAMERCY.
NEW YOMl, APRIL 9. 19O4.
HE advent of spring-like weather in some sections of the coun-
try is having a beneficial effect upon business, and the distri-
bution of pianos. Reports from various warerooms through-
out the country show an increased demand for instruments. The
general indications are favorable, especially where labor differences
are not anticipated, and the territory exempt from these disturbing
influences, fortunately covers a large proportion of the country.
T
ANUFACTURERS in many lines are able to turn out their
products in greater quantities than the trade immediately re-
quiries, and not a few of them are accumulating stocks. This they
can do without serious apprehension, anticipating as a result of the
depression which has prevailed on the part of the trade for some
time past, that the demand will continue longer than usual in the
form of small but frequent orders.
M
T
HERE are some who are predicting a year of splendid business,
and if any Review reader is inclined to pessimism regarding
the general business conditions throughout the country we
would recommend that he study the situation more closely, and we
believe that he will see much which will gratify him in the outlook.
W
ITH an unprecedented growth of capital in the United States,
and with a magnificent credit, aided by the willingness of
Europe to supplement the home supply of capital by invest-
ments, it is evident that reaction in American trade in which some
pessimistic piano men still believe, will neither be very serious nor of
long duration.
Go slow? Yes, but not too slow, for there is great danger in
that kind of a policy. Exercise reasonable conservatism.
T
HE manufacturers of this city and State are heartily in favor
of the effort which is being made to amend the statute relat-
ing to fraudulent bankruptcies.
As referred to'in The Review of last week, the recent attitude
of a Harlem piano manufacturing corporation, one of whose officers
it is alleged removed stock just previous to going into bankruptcy, has
created a good deal of interest, and it is hoped that the law may be
so amended that the removal or disappearance of the greater portion
of a merchant's or manufacturer's stock a few days before the com-
mencement of bankruptcy proceedings, may be taken as presump-
tive evidence of fraudulent intent. Just the same as the giving out
before the failure, of a statement showing conditions widely different
from those existing at the time of the embarrassment maybe alsocnn-
strued as an attempt to defraud creditors or obtain credit in a way
in which the firm or corporation's assets do not justly entitle them.
It seems at present, under the statues as they now stand, it is
well nigh impossible to obtain redress against a debtor who removes
the bulk of his stock a few days before going into bankruptcy.
I
T is also difficult to prove fraudulent intent when the statement
given out prior to failure is found to differ widely from the sched-
ule of assets and liabilities prepared after that event. As the re-
sult of this numbers of debtors who have been guilty of fraud have
escaped the penalty for their misdeeds.
Now the punishment of dishonest debtors concerns more than
the creditor alone. Fraud of this kind vitally effects all who are
in the same line of business. The merchant or manufacturer who
does not discharge his obligations can sell goods at prices which the
honorable concern cannot touch, and as Geo. P. Bent remarked in
his address at the Chicago banquet, the hardest kind of competition
to meet is the competition that does not pay bills.
A
DEALER who meets his obligations fairly and is compelled to
meet competition from a dealer who has no appreciation of
what a promise to pay means is at a serious disadvantage.
But it goes beyond the individual. It reaches out and strikes at
the very root of the trade. The man who does not pay his bills too
frequently slaughters prices on the instruments which he offers, sim-
ply because he is not interested in maintaining a living profit.
N
ATURALLY this state of affairs reacts upon the business of
the men in that community, and forces their prices down to a
point where there is no money in the business. The honest
A CCORDING to one of the leading financial papers of London,
man is ofttimes forced to the wall by striving to meet a dishonest
f\
the troubles of the past year in the New York money markets
have largely arisen from the fact that America sought to em- competitor.
Credits cannot be scanned too closely, since credit furnished
ploy too much of its capital abroad in repurchasing from foreign
to men who are not worthy invariably reacts upon the honest man.
investors its own securities.
If we go back to the eighties and early nineties we will see an tends to depress prices and increase the risk inseparable from the
production and distribution of merchandise.
entirely different position. The trade of this country was stimu-
What show has an honest concern which meets its obligations
lated immensely by the large inflow of European capital, and it was
regularly, and endeavors to make a living profit against a class of
the effort of Europe to withdraw all capital from the United States in
people who do not pay their bills?
consequence of the distrust which arose concerning the currency that
The supporting of this kind of competition should be discour-
helped to bring about the great depression of trade which is familiar
aged among all people who supply credit which makes it possible for
to all piano men. This depression lasted from 1893 to 1896, when
business competition to exist which in itself is a menace to trade,
the currency system of America was splendidly ratified by our sound
stability,
money success at the polls.