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MUSIC TRADE REVIEW
the machinery is antiquated, and the systems in vogue have long
since been relegated to oblivion in this country. There is, however,
one notable exception.
We refer to the piano action factory of J. Herrburger, who
manufactures actions of international repute. Upon entering this
factory one is impressed with the care and order which prevails.
Then, too, it is provided with the latest mechanical devices. Mr.
Herrburger has always kept in the closest touch with inventions in
every land which would assist in the manufacture of his actions and
aid in their perfection. This particular factory is the only one in
France in the musical line which compares with American institu-
tions, and in every essential Mr. Herrburger is thoroughly up-to-
date in the manufacture of his Schwander piano action.
HE musical instrument business in France, or what we col-
loquially term the small goods trade, is in the hands of three
or four concerns, whereas in Germany there are almost as many
hundreds engaged in the various cities in jobbing small goods.
The American piano manufacturer has nothing to learn from
his European brethren, either in factory equipment or in its com-
pleted products, but it will be a long time before the American
can compete with the European maker in his local markets for
trade.
There are some of our leading American pianos which have
won a high position in the art circles of Europe, and it is impossible
to dislodge them from this vantage ground by any argument which
the European makers, or dealers can advance. But the intermediate
grade of American instruments have but little chance in Europe
under the existing conditions.
T
That a majority of the speculators designated as "the public"
lose money, is a notorious fact. They buy at the top and sell at the
bottom; they make favorites of the worst stocks, and utterly neglect
the best ones. They are seldom material gainers in an important
advance, and are invariably losers in a collapse. The most re-
markable feature of all is that the}' never seem to profit much by
their experiences, and do not even attempt to discover zvhy this
deplorable state of affairs exists.
If a number of general traders were asked to give reasons for
their repeated failures, they would probably attribute them to
manipulation, lack of inside information, etc. Mere interested ob-
servers on being asked the same question gravely reply that the
public loses money on account of buying at high prices; but this
explanation is valueless unless accompanied with the reason why
they buy at high prices.
T
HE fact of the matter is that most speculative losses may be
traced to the absence of anything remotely resembling clear
reasoning or intelligent research. The speculator begins wrong; he
assumes that he must depend upon tips or chance for his successes,
or, worse still, forms wrong conclusions from superficial appear-
ances or personal prejudices. The successful trader, on the other
hand, goes behind appearances, and has no prejudices. He gets to
the bottom of the matter. The "inside information" and manipu-
lation on which he is popularly supposed to base his successes exist
largely in the imagination of unsophisticated people. True, many
movements are assisted by manipulation, and some depend upon it
entirely, but in most cases there is another and more solid basis than
the mere operation of the machinery of the Exchange. Again, a
purely speculative movement depends largely upon the mistaken
PIANO manufacturer who has recently returned from a trip
to certain sections of the South has remarked upon its attitude of the public itself.
The people, however, are getting wise to the conditions in the
wonderful development. Xo one who has visited that section of
stock
market, and are somewhat timid about making investments.
the country for a few years can appreciate the marvelous change
which it has undergone. This development is of particular in-
terest to the music trade, and every section of the South gives evi-
IANO men who were present at the trade banquet held in
dence of a phenomenal increase in the value of farm lands, during
Chicago by the piano manufacturers some years ago re-
the past year. In individual instances it is related that farm values
called the eloquence of Rabbi Emil Hirsch, who entertained the
have increased from 40 to 175 per cent, during the past year or
diners with his superb eloquence. In a recent conversation, the
two. Based upon an approximate valuation of Southern farm
eloquent Jewish leader had the following to say on "Character as
values the recent rise represents an increase of from $1,000,000,000
the Chief Asset": "I believe that upon little thought we must all
to $1,500,000,000. In a large measure this enhancement must be
come to the conclusion that man is, in the last analysis, the de-
attributed to the increased value of the cotton crops. The total
terminative factor. No matter how many resources a man in busi-
value of the cotton crops during the past six years aggregated
ness may have, unless he adds to the wealth that is represented in
$3,600,000,000, as compared with a valuation of $2,190,000,000 for
material entities, character and capability, he must not be given
the six previous years. What is of greater significance is that the
credit. Among the assets that count, and count largely, are cer-
Southern cotton producer has gained the dominant position, whereas
tainly, the moral factors, and those moral factors must be kept
the speculator has been obliged to furl his sails accordingly. This
steadily in view, of commerce is to develop along right lines."
implies continued high prices for cotton. The latest government
Certainly this is sound advice, for, after all, character should be
report of cotton ginned adds to the weight of testimony that the
closely scanned in giving credit.
present crop will be marketed at what must be regarded as fair
prices for the producer.
A
P
' I ""HE diversification of agricultural productions is another potent
J. factor in the advancement of farm values. In Alabama,
South Carolina, North Carolina, Tennessee, Mississippi, Georgia
and other states the rise in farm values has been general, showing
that the appraisement of value is not based upon individual points
of vantage but a general appreciation of worth. There are still
comparatively cheap lands for immigrants and from every section
there is strong expression of sentiment in favor of inducing immi-
grants to settle South. Most significant is the fact that land values
are once more upon a high basis, which promises to be permanent,
and that a new and inspiriting energy has taken hold of the South-
ern farmer and producer which means much for the future.
It will be recalled that W. P. Dorough, of Valdosta, Ga., spoke
in glowing terms of the organ business in his section at the recent
convention at Washington, and the condition of the Southern
farmer enables him to buy an organ if he so desires, and somehow
the country people seem to be wedded to the parlor organs, and the
South at the present time is their stronghold.
OWN in Tennessee music has played an important part in the
political life of Governor "Bob" Taylor, one of the promi-
nent Tennesseeans. Through his riddling gifts the people did not
hesitate to elect him Governor of the State, and a Memphis ex-
change, in speaking of the part that music has played in the life
of the genial "Bob," says: It is significant that the Hon. "Bob"
Taylor beat Senator Carmack in the first primary election ever
held for senator in Tennessee. It was the people's choice. Car-
mack couldn't fiddle. All he could do was to talk about party
platforms and the rate bill. He couldn't even dance a jig. What
chance, then, had he with the gifted "Bob," who could agitate the
hearts and the boot heels of Tennesseeans from the river to the
mountains? All that the Honorable "Bob" had to do was to tuck
his handkerchief under his chin, squint down the "A" string, and
say: "Here is something Thomas Jefferson used to like to play,"
and the people were with him. Who could challenge the simon
pure Democracy of such a man? He would be President if every-
body lived in Tennessee.
E may add further that the increase in real estate values all
over the country has in a measure caused dulness in the
stock markets because the people are beginning to learn that real
estate is a sounder investment than stocks.
N business, it never pays to talk small at the start. People are
flattered if you appear to believe they deal in large quantities
of goods, and insulted if it is implied a certain deal is too big for*,
them to handle—even though it be the truth.
W
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