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THE MUSIC TRADE REVIEW
days of general prosperity prefers newness and merit to cheapness
and second-hand pianos. With the present knowledge which exists
regarding quality, we have reached the point where quality and
correct pricings should be taken as the real basis of piano argument.
M
ANUFACTURERS in all lines are finding it pretty difficult
to secure raw material in sufficient quantities to continue
their business uninterruptedly. In some of the supply departments
of this industry there is a general complaint. Talking-machine
men, too, say that they are unable to get staples as promptly as
they desire for business needs.
With such conditions existing, it is hardly possible to believe
that there will be any reduction in prices of staples, and there arc
many who believe that prices will still climb to higher figures, so
that it will cost more to build pianos six months from to-day than
at the present time.
I
I would seem as if the price level of commodities would be
reached. The breaking point has, in fact, been reached for
stocks and bonds in this and several other countries. Liquidation,
contraction and retrenchment have already begun, not only as to
securities, but as to railroad and other permanent improvements
requiring great amounts of capital. In spite of the unprecedented
industrial activity on all sides, there are many who say that "the
irrepressible crisis" is fast approaching, and the most popular and
superficial explanation of crisis is that somebody or other gets that
scared feeling and communicates it to others, passing it on in turn
until general lack of confidence results. The crisis, in other words,
springs from an abnormal state of mind, and not from the working
of economic law.
T
'T'^HE progress of the season is reflected in the increased volume
A of business in the various stores throughout the land. The
quickening influence of the coming of good weather is felt in every
department of trade, and our reports for the week show that dealers
are viewing the spring business with a most optimistic feeling. We.
have received many communications which indicate a most satis-
factory condition of trade throughout music trade circles. Trans-
portation is more satisfactory, but in many cities there are still com-
plaints that seasonable goods do not come forward as specified.
We may say that retailers in all lines of trade pay readily the
high prices asked for manufactured goods to-day, and this, fact
alone would seem to show that the general business confidence re-
mains, unshaken.
Another excellent feature of the present situation is the steady
improvement in collections, this despite the unsettled condition of
the monev market.
W
ITH the advent of spring weather an enormous amount of
new structural w r ork will be commenced, and the number of
men employed in erecting new buildings will necessarily mean a
goodly distribution of money in various parts of the country. The
official statistics of foreign trade show a large increase over that
of a year ago. There have been fewer failures in the business world
than during any March for four years past. While collections are
not all that could be desired they have exhibited some improvement,
the Southwest being conspicuous in this respect, owing to the fact
that the country merchants are discounting bills. The general crop
conditions are favorable, and there seems to be. no reasonable doubt
why the piano business should not move steadily ahead without any
serious jars.
HIS psychological theory is not in harmony with obvious facts.
It fails to explain, for instance, why crises which were rare up
HE Exposition at Jamestown does not interest piano manufac-
to a hundred years ago should recur with such striking regularity;
turers largely. It • is a question whether piano men as u
why they are more frequent among phlegmatic than among excitable
whole will ever view expositions with favor again. Of course,
people. A second explanation, or rather group of explanations,
there will be some manufacturers who will alw r ays exhibit, and
ascribes crises to overproduction. Supply, at least, in certain lines
who feel that the publicity which they receive, and the honors
outruns demand; according to this theory, the market is glutted,
which they have to win will more than recompense them for the
prices drop, factories stop working, and the crisis is on. It is expenses incident to the preparing and maintenance of exhibits.
well to recall that many a war with its inevitable adjustment of
There is a good deal of valuable publicity which may be gotten
supply and demand has gone on, and many a calamity has occurred
out of expositions, if properly handled. Direct sales are frequently
without bringing on a crisis. It is one thing to state that over-
made, and then the honors won have a value which will live for
production, or waste of any kind produces loss, and an entirely dif-
many years.
ferent thing to say that it leads to crises. To cause a crisis it must
be able to impede commerce and industry, and to impede commerce,
NDICATIONS now point to a convention of more than ordinary
it must work through credit.
interest in Chicago. With the piano manufacturers, the
dealers, the talking machine men, and the travelers all convened
T is obvious, however, that the general public is becoming more
during one week, it means that the population of the city will be.
conservative, and since the first of the year neither over-confi-
augmented materially. The music trade men of the Western me-
dence, nor speculative mania has been established strongly. On the
tropolis are making preparations for the entertainment of their
contrary, intelligent opinion is noticeably conservative. The utterances
guests in a most royal manner. Chicago never does things in a
of many of the leaders of finance and industry since the beginning
half-hearted way, and there is always a genuineness about her treat-
of the year have been tinged by distrust. Neither have their warn-
ment of visiting delegations which causes them to think that they
ings fallen on deaf ears. Retrenchment is the order of the day.
have struck hospitality of the real sort.
Because we are retrenching in various ways, it is going to mako
the country stronger when the drop comes. A number of the larger
piano concerns have cut down their credits, and are selling on shorter
ERE is a.new plan of mail order houses. A furniture paper
time than ever before.
says that comprised in the ambitious designs of the cata-
logue houses is a distinctive industrial system all their own; they
GOOD many furniture dealers over the country are adding
are giving the preference to those manufacturers whom they di-
pianos to their stock. This will mean more dealers in the
rectly or indirectly control and. buying of others only when they
field. Not content with putting in pianos, they have also added
must, but their ultimate purpose is to do their own manufacturing
talking machines in order to supply the home equipment complete.
of all commodities, thus treating the manufacturers they now in-
Hardware men, too, are also placing in talking machines. The sidiously patronize with the same policy of gradual extinction they
marked increase in the purchasing power of the American public
have pursued toward retailers.
has made possible the carrying of side lines previously considered
The manufacturers who have been supplying the mail order
as out of harmony with the regular lines carried by merchants in
houses are playing into the hands of their deadliest enemies. The
various trades. So the stores now in many cities are becoming
knife is all ready for their innocent throats just as soon as the time
more and more department stores, just on the same lines which
is opportune to draw the blade. The manufacturers of the country
made the old country store the original department store of this
are beginning to appreciate this tremendous fact and to realize that
country. Nearly all of the department stores to-day carry musical
they have even more at stake in the fight than the retailers.
merchandise, and what is more they are selling it in vast quantities.
Surely the countless problems of to-day demand for their proper
This kind of competition has been keenly felt by regular piano
solution the organized expression by manufacturers and jobbers
dealers in certain localities. Mail order houses, too, have succeeded
and particularly the problem relating to the ever-widening invasion
in capturing a goodly slice of the musical merchandise trade,
of retail territory by the retail catalogue vandals,
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