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THE
48
MUSIC TRADE REVIEW
adjusters will be able to arrive at a figure for
SYSTEM OF A LEADING PUBLISHER.
Oliver Ditson Co., publishers, Boston, Mass.:
settling fire losses, which will satisfy the dealer
"In regard to the value of stock taken by the
The Methods of Estimating Worth by Leading as well as the companies.
Houses—How Estimates Vary Among Deal-
Therefore, with a view of arriving at a uni- foot, a foot of a dealer's own publications, reck-
ers—Underwriters' Scheme of Settlement—
form system of estimating the value of sheet oned at a discount of half and half, would proba-
Some Interesting Contributions on a Very
music stock, it has been suggested by the Board bly amount to about $55 or $60 per foot. A foot
Important Subject.
of Fire Underwriters of St. Louis that through of outside publications, taking the discounts as
the principal dealers of the United States the they come, should be worth at least $75 a foot.
(Special to The Review.)
system of taking stock, based on calculating the This is figuring that one's stock is a live one.
value of outside publications and the house pub- Of course, if a dealer has his stock separated, the
St. Louis, Mo., Feb. 11, 1907.
The actual value of a sheet music stock, as well lications, be ascertained. This refers only to live from dead, he would have to take his dead
stock at whatever rate it is considered worth."
as the method of determining a uniform basis of sheet music, folio size.
Sherman, Clay & Co., San Francisco: "We
In addition The Review invites a general dis-
estimating ^its inventory and insurable worth, is
a question which is now being discussed among cussion of this subject, and will be glad to pub- value our sheet music stock as follows: Music
the larger dealers here with considerable interest. lish the opinions of dealers in the hope of arriv- in covers, retail shelves, $50 per foot; duplicates
The plan of stacking a miscellaneous stock of ing at a uniform figure. The following well- not in covers, $75 per foot. As we do not pub-
music in a pile and then measuring it by the known firms, responding to the request of the lish music we cannot give any price on house
foot appears to be a universal custom; but the St. Louis fire underwriters, express themselves as publications. We have at various times taken a
shelf here and there from our stock, and the val-
figures representing the estimate of cost seem to subjoined:
uation of one foot of music averages from $44 to
vary among the dealers, and it has been sug-
HOW THE TRADE FIGURES SHEET MUSIC STOCK.
gested by a prominent dealer that The Review
Wulschner-Stewart Music Co., Indianapolis, $47, and we added postage on this music, and we
take up the subject in the hope of getting the Ind.: "It has been our custom to measure sheet came to the conclusion that a valuation of $50
dealers to adopt a uniform figure, to represent music when taking an inventory of our stock. per foot is correct. The same process was gone
the actual value of music per foot.
This is done only with a miscellaneous stock. The through with the popular copyrights and special
The trade in general is deeply concerned in others, for instance 100 pieces of a certain price, music in our duplicate stock."
Lyon & Healy, Chicago: "In taking our inven-
this subject, because a 'piano manufacturer, in are listed at the cost price and counted. Our mis-
scanning the annual statement of a general music cellaneous stock we price a foot at $36. We tory of sheet music we measure it by the foot
house, has a right to know how much the dealer never measure our own publications. Those are and figure it at $35 per foot. This is much less
estimates his sheet music stock worth; and if a counted by packages, which we have wrapped 100 than it costs us, but it makes the necessary allow-
general or uniform plan of values is agreed upon copies in a package. We price these at 5 cents ance for dead stock. We think this is the cus-
the manufacturer can reasonably fix the basis for per copy, which includes the plates. Octavo tom adopted by most of the houses in the trade.
This is about as near as you can value it."
credit. However, if one dealer inventories his music we list at $34 per foot."
Philip Werlein, Ltd., New Orleans, La.: "Our
stock at $35, another at $65 and another at $200
G. Schirmer, publisher, New York City: "It is
per foot, the variance is too great to form an the custom among music publishers and large system of taking stock for the past number of
intelligent judgment for a credit basis. Many dealers to estimate stocks of sheet music by the years has been measured by inches, or by the
dealers carry several thousand feet of sheet running foot. As publishers, the estimate which foot. We find this to be quite accurate. How-
music stock, therefore a difference of a few we use for our own private invoice would not ever, the writer begs to suggest also that a few
dollars per foot means an overestimate or an form a current basis for any other purpose; but, years prior to his arrival here he found a very
underestimate of several thousand dollars.
according to averages, which we have frequently successful way of taking sheet music stock was
UNDERWRITERS' SCHEME OF SETTLEMENT.
taken, music charged at our wholesale stock dis- to take the average cost of three different boxes
The insurable value concerns the dealer most, count amounts to about $30 per foot. It is under- of music on the shelf; that is to say, one box
because if a difference exists between one deal- stood this measurement, of course, to mean a containing possibly one-third its capacity, an-
er's estimate and another's, the underwriters foot of sheet music stacked in a pile, or its equiv- other one-half full and a full box. By so doing
it is possible to get the average cost of the box
have a right to expect the dealer to accept a set- alent on shelves."
tlement on a minimum value. This question is
Ilsen & Co., Cincinnati, O.: "In taking stock and then figure the number of boxes that you
now of great import, because the present basis for of sheet music ours is taken the same as most have on the shelf. We think, however, that the
estimating the value is with some dealers the other houses take it, which is by the foot. Mis- measurement by inches is the more accurate of
same price per foot as it was ten years ago. cellaneous music, such as copyright, we figure at the two. We figure our sheet music stock at the
Meanwhile the conditions in the sheet music $30 per foot; edition, such as Schirmer's, Woods', rate of $2 per inch or $24 per foot."
Theo. Presser, publisher, Philadelphia, Pa.:
trade have undergone a practical revolution. etc., at $10 per foot. Our own publications we do
Discounts have been increased, stocks have grown not take up by the foot, but by actual count, 2 "We take stock once a year by the number of
larger, in some cases have become more valuable cents apiece; band and orchestra music, small feet of the various kinds of sheet music and books
and in some other cases less valuable.
size, $36 per foot; large size, such as theater, that we have on hand. We value this at certain
prices, depending upon its age and whether it is
There should be a general way to figure such orchestra, etc., $50 per foot."
a stock that will not only represent a fair and
L. Grunewald Co., Ltd., New Orleans: "We take of our own publication or the publication of
reasonable proportion of its actual cost, but which stock once a year and measure up our music de- others. We are given to understand that such an
will in an automatic way charge off annually the partment in inches. Our general stock we calcu- arrangement is satisfactory to the underwriters,
general average of depreciation, so that the an- late at $1.90 per inch'; on Peters' and other edi- and while this seems rather an odd method, per-
nual statement of a dealer will give a correct tions, $1.55 per inch. Before stock-taking we weed haps it is more exact than one would imagine at
basis for this credit rating, and then insurance out of our shelves all the old, unsalable and 'dead' first sight. A foot of sheet music at the regulation
retail prices of the present day hardly varies $10
stock. This leaves us good stuff to be calculated on a foot An average of $240 at retail will be
on. The old or 'dead' stock is put on our bargain found almost always correct. By inquiry we find
WILLIS WOODWARD & CO. counter
for a few weeks and often finds its way that $30 for our regular stock is about the aver-
48 West 28th St., New York,
to
the
old
paper dump pile. This process is car- age amount used. The variatipn to higher
PUBLISHERS OF
ried out every year, so our stock is up to date." figures, we presume, would be occasioned by cer-
May Irwin'i Great Hit of this Season,
Joseph Flanner, Milwaukee, Wis.: "We take tain stock, such as foreign, for instance, being
'•LADY"
general stock of sheet music by the foot, $30 per figured according to its actual value."
By Margaret Crosse.
foot; books, editions, etc., each separately, in-
The Ballad Success,
voice price."
" WE'LL BE SWEETHEARTS TO THE END "
Owing to their growing trade the Chase &
By Sam M. Lewis and Dave Rose.
Thos. Goggan & Bros., Galveston, Tex.: "We Baker Co., Buffalo, N. Y., find their present fac-
base the value of our sheet music from a natural tory entirely too small to turn out sufficient
And the New Song Success,
count of its cost, taking a few years together, music rolls to fill the demand and as a result
•'THE DEAR OLD MOON"
By John B. Lowitz and S. N. Walton.
eliminating old stock and deducting a further are endeavoring to find suitable temporary addi-
For a limited time the above can be had at 80% from
percentage. Since then we add a conservative tional quarters until a new factory can be built
list price.
estimate of annual increase."
in connection with the present plant.
INSURABLE RATE OF SHEET MUSIC.
THI3 MUSICAL SUCCESSES OP
THE GIRL AND THE GOVERNOR
By S. M. BRENNER and JULIAN EDWARDS
NOW ON SALE
SECURE THE SONGS MADE FAMOUS BY JEFF DeANGELIS
" I Am So Fair."
" Said the Governor."
"Farewell, Fond Dreatns."
"Who Would a Bachelor Be?"
"The Heart of a Sailor True."
"The Kullfrog and the Nightingale."
" I Would Like a Frank Opinion."
"You Kiss Like This."
"I'd Die of Love for You."
"Let Gloomy Thoughts (Jo Hang!"
"That's the Kind of Noble Savage That I Am !'
"Have You Heard It Told That Way Before?"
Complete Musical Scores at All Music Stores and of the Publishers
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NEW YORK
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59 Dearborn St.
NEW YORK
1431 Broadway
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