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THE
MUSIC
TRADE
to be fairly dissected at such a gathering. It is a question whether
it would not be well to reduce the number of papers to be read and
concentrate on one or two vital topics. Some of those who were
present at the later meetings tell us that the interest was not nearly
as well accentuated as at the earlier sessions. However, all of these
matters are for the association members to settle among themselves,
and we simply present some of these comments, knowing that they
will be read with interest.
' I "HE preparation of such a publication as The Review of last
X week naturally required good newspaper organization in New
York as well as in Chicago, for it contained over one hundred pages
and embodied a complete report of the proceedings of the Conven-
tion up to its final adjournment on Friday afternoon at 3 o'clock.
This large publication was brought forth without an hour's delay
and delivered to our regular subscribers early Saturday morning.
All of this was accomplished without the pyrotechnical display
which is so prominent a feature of the work of some other publi-
cations. We might remark that The Review was the only publica-
tion appearing in New York on Saturday morning embodying the
full Convention report. When unusual tasks are imposed upon a
newspaper organization, its ability to handle a perplexing situation
is demonstrated not through flamboyancy, but through the delivery
of the goods in the proper manner and at the correct time.
O
NE thing perhaps more noticeable to an outsider than all else
in the whole Convention work was the trend toward con-
servatism which was evidenced in the utterance of many speakers.
In fact, there was a direct note of warning expressed in the papers
of some of the gentlemen. The alarm was clearly sounded and
manufacturers did not hesitate to council their representatives to sell
pianos on shorter time and demand larger deferred payments. In
fact, this one tendency shows out above the entire Convention work
—the tendency to conservatism.
I
T was noticed, too, that the dealers themselves talked conserva-
tism. They realize that this is a good time to shorten sail.
Frank Anrys, general manager of the Wiley B. Allen Company, of
San Francisco, stated recently in The Review offices that for more
than a year he had been placing emphasis on quality rather than
quantity sales. When this policy is generally adopted it will
mean that the drop, if a drop does come in this business, will be
considerably softened by reason of a shortening of the distance
through the adoption of conservative business methods. As a mat-
ter of fact business men all over the country have been drawing in
their credits considerably, and leading men of the country in all
lines have been urging caution.
B
OTH trade organizations have shown splendid increase during
the past year, and without doubt will continue to grow in
numerical strength. The manufacturers' organization confines its
membership purely to the makers of instruments and is therefore
limited to piano and organ manufacturers of the country. The
dealers' constitution is more elastic and it admits members as active
and associate from the various divisions of the trade. It counts on
its membership roll nearly nine hundred members, including dealers,
managers, salesmen, both wholesale and retail, supply men, piano
manufacturers, musical instrument men; in fact, it seems to have
outgrown its present title. The name "Music Trade Association"
would be more applicable than "Piano Dealers' Association," for it
must be admitted that it includes every division of trade in its
membership roll. It is not what its name would signify, purely a
dealers' organization.
T
HE social features of the Convention were much enhanced by
the presence of a large number of ladies, who lent a decided
charm to the gathering. Chicago music trade men did undertake
a good deal in entertaining four trade conventions in one week, and
they accomplished the task with apparent ease and with much credit
to the gentlemen composing the music trade of that city.
H
ERE are some sentiments expressed in an address by Frank
A. Vanderlip, vice-president of the National City Bank,
delivered before the Virginia Bankers' Association, at the James-
town Exposition recently, an address dealing with the general busi-
ness and financial situation:
REVIEW
Reviewing the prosperous period since 1898, he traced the
conditions now confronting us. To political and business factors
he gave about equal consideration.
Mr. Vanderlip began by noting that "to an unusual degree the
business outlook at the present time is dominated by the tendencies
of political sentiment and by the conditions surrounding railway
properties in this country. "We are still," he said, "in the midst of
evidences of abounding prosperity, although we have passed through
one of the most drastic declines ever witnessed in stock market
values." The fact that this had not resulted in financial failures and
that there had been no accompanying recession in business had
reinforced the opinion of those who believed that the country has
grown so strong financially that Wall street's difficulties might safely
be isolated from the general outlook. In the unprecedented pros-
perity of the steel trade he found some ground for the view that we
may have continued business activity.
His conclusion concerning the future was that among well-
informed business men the view is also universal that we are facing
a practically certain recession in trade. The question: "Will it be
but a dip lasting only a few months, or is there to be a more pro-
tracted and serious disturbance?" he answered in these words:
"I believe the answer to that lies wholly in the public mind and
temper. There is no inherent reason in the conditions of agri-
culture, trade, industry and finance in the United States that would
make necessary a period of further disturbance and depression.
There are a thousand influences that should lead toward continued
prosperity and renewed accomplishments throughout the fields of
industry and commerce. The business of the country will turn
into one of these roads, solely as the result of whether or not the
public and the public's legislative representatives are wise and
patient or are hasty and inconsiderate. If the intricate problem
of railway regulation is worked out in a spirit of fairness and in-
telligence, if the vastness of the problem is recognized, if the in-
volved relationships encountered are taken into account and the far-
reaching effects of paternal regulations when applied to so great
and complicated a network are reckoned with, and if an intelligent
understanding of the complications will lead to a patient attitude
toward results, then I believe we will resume the road toward
further prosperity. The moment that investors have become con-
vinced that the problem is to have fair and patient consideration in
its solution, we will start on that road again with full measured
pace.
"But if we are to have legislation based upon political advan-
tage, if we are to adopt socialistic theories which will amount to the
confiscation of property rights, if we are to have reprisal for past
wrongs no matter how real, if action is the one thing wanted first,
and the consideration of intelligence and fairness of such action is
to come afterward, then I believe it is possible that the whole busi-
ness structure may be facing a danger the proportion of which will
be measured by the same vast figures as have been the totals that
have marked the extent of our prosperity."
I
T will be seen that conservatism is urged by everyone in almost
every line of trade, therefore this widespread preaching of this
doctrine will have either the result of bringing about the much-
needed reform in business methods or it will develop a general feel-
ing that there is trouble ahead and that belief in itself will be a
strong feature in bringing about the trouble. There is no good
reason why there should be any trouble in the trade and financial
affairs of this country, which never was so rich in men, mines, min-
erals, agricultural products, in industry, and, in fact, every pursuit
as to-day. The fact that more money is needed constantly for bet-
terment of various kinds will in itself be a factor in making rates
of interest high, but as for panics and the cry that there's rocks
ahead and look out for squalls and all that sort of thing, the less
we hear of these things the better it will be for the business interests
of the country. There is sunlight here for us, and why look for
clouds and hurricanes. It is true the paper wealth of the country
has crumbled, and will probably fall to lower points, but the* honest
industrial interests of the country should not be permitted to suffer
on account of gamblers of Wall street and dishonest legislation.
Conservatism! Yes, that is good at all times, but don't talk panics.
A curtailment of credit may be desirable, and certainly a shortening
of the time on which pianos are sold at retail could work no harm
to the dealers; on the contrary, they would, know better as to their
actual financial conditions at all times.