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THE
REWFW
[1UJIC TIRADE
VOL. XLIV. No. 9.
Published Every Saturday by Edward Lyman Bill at 1 Madison Ave., New York, March 2, 1907
A CLEARING HOUSE FOR CREDITORS AND COLLECTIONS.
A Prominent Manufacturer Makes a Suggestion Which Is Worthy the Attention of the Trade
The Amount of Credit a Dealer Should Receive.
One of the large manufacturers who finds that
not he alone but many others are having consid-
erable difficulty with collections., said to The Re-
view recently: "I believe a clearing house for
difficult collections and doubtful creditors would
be a distinct benefit to the piano trade. It would
relieve the manufacturers of a big burden, and
at the same time place the debtor class in a
position where reasonably prompt payments
would be necessary in order to secure stock. It
would not be necessary for one manufacturer to
know how much a delinquent customer owed
some competitor. The officers of the clearing
house would know, and if they deemed the
debtor unworthy of any further extension of
credit, would notify the various creditors, and
then proceed to mak^e collections, and refuse a
clearance until the business was considered on a
sound basis. I have in mind a certain firm of
dealers who lost the agency for a very good
piano, and who came to us for stock. He had a
good financial rating in the mercantile agencies,
but there was something queer about his giving
up the instruments in question. Finally we no-
tified them they could have our instruments on
thirty days, no renewals, and their credit would
be limited to ten per cent, of their capital. They
claimed to be highly insulted, and we withdrew
our offer. Later it developed the agency in ques-
tion had been taken from them because they
would not meet payments, and asked for un-
reasonable extensions of time. A clearing house
properly conducted would obviate all such
tangles, and place a check on dealers who bought
recklessly. The small dealers, as a rule, give
less trouble in this way than those of a medium
grade. They realize that they must make good
to manufacturers in order to keep up their
credit, and do not purchase beyond their means.
"As to the amount of credit to a general
dealer, I believe that 10 per cent, of his capital
is all that should be allowed in most cases. I
figure that we will secure only one-tenth of his
business, and if nine other manufacturers did
the same his entire capital would be covered by
his indebtedness. It is far worse for a man to
do business in excess of his capital than to do
less business than his capital warrants. In the
latter case, he can keep down expenses, and has
a reserve fund. In the former case, a loss of
any kind may send him to the wall. I hope this
question of credits will be taken up at the next
manufacturers' convention, and I am sure that
every reputable dealer in the country will sup-
port any plan that will keep them from suffering
from the burdens imposed on them indirectly by
their less conscientious brethren. It is a subject
of the utmost importance."
THE UP TOWN MOVEMENT.
the good work to the extent of our power—that's
our business."
Real Estate Agents Very Active in Inducing
Piano and Player Houses to Move Further
Up-town—What a Real Estate Man Says.
HUSTLING DAVENPORT DEALERS
Real estate agents and brokers handling build-
ings in that section of New York between 23d
and 42d streets and Fifth and Sixth avenues,
knowing there is a tendency among the piano
manufacturers located on lower Fifth avenue to
remove their warerooms further uptown, are now
especially active in presenting to the latter's at-
tention "desirable" places. A number of promi-
nent companies have already leased premises in
this favored center preparatory to occupancy in
the spring. The player people are particularly
anxious to obtain premises on streets where the
crowds pass, and where elegant and striking win-
dow displays may be made. The real estate
hustlers claim to have the swellest stores on
Fifth avenue, but, in speaking of conditions, one
of the largest concerns in the line said:
"We find the piano manufacturers considering
locations seem inclined to go into the side streets.
Quite a number of swell stores on Fifth avenue
are to be had, but th
pay the price. For example, we can lease a
particularly desirable place for $10,500, and with
no takers. A new building at 26th street and
Fifth avenue, facing on both streets, seems to us
a crack, but your trade evidently differ with us.
Our opinion is that in the course of a couple of
years, if not sooner, not a piano wareroom will
be on lower Fifth avenue, and we are aiding in
-
Are the H. Schmidt & Son Co., Whose Head-
quarters Are Known as Aeolian Hall—Be-
lieve in Publicity Backed by the Goods.
(Special to The Review.)
Davenport, la., Feb. 19, 1907.
H. Schmidt & Son Co., of this city, have just
sent out a very clever advertising conceit, in the
form of a private telephone card, which they are
having placed beside every telephone in the city,
6,000 in all. The introduction of a similar card
at their other store at Muscatine, 'la., proved to
be quite useful and helpful to their trade.
Schmidt & Son Co. are now operating the two
stores and in this connection have been per-
sistent advertisers, adhering closely to the more
artistic and refined forms in keeping with the
character of the instruments which they handle.
Besides the Weber, A. B. Chase, Steck and
Blasius pianos they make a specialty of the
Pianola piano and the Themodist pianola.
They have operated their store here at Daven-
port for about two years, and are planning for
a greatly increased publicity, which is an im-
portant aid in creating a demand for the instru-
ments they are selling. As E. A. Schmidt said
to The Review: "We intend to support our pub-
licity with honest business dealings and a prac-
tical application of our motto, 'reliability is the
foundation of business.' On this basis we expect
to win."
SINGLE COPIES, 10 CENTS.
$8.00 PER YEAR.
MUSICAL FEATURE OF EXPOSITION.
Planning for a Goodly Number of Military
Bands at the Jamestown Exposition—Details
Regarding Musical Exhibits Lacking.
(Special to The Review.)
Norfolk, Va., Feb. 25, 1907.
If there is one feature that will attract more
attention than another at the Jamestown Ter-
centennial Exposition it will probably be the
music. It is now estimated that there will be at
least 100 military and marine bands at the ex-
position, besides the civic organizations that will
carry their bands and the special bands that it is
expected will be there.
Negotiations are now pending to get the fa-
mous Chevalier Gargiula and his concert band to
be here during the exposition. This band con-
sists of fifty pieces, and every musician is an
artist. It is understood that Chevalier Gargiulo
is to write the music for the Jamestown Exposi-
tion inarch.
Among other organizations to be heard at the
Exposition are John C. Weber's famous band, of
Cincinnati, which will divide its time between
the Exposition and the immediately surrounding
summer resorts; the Culver Cadet band, of Cul-
ver Military Academy, at Culver, Ind., which
consists of thirty pieces, and won the gold medal
at the Louisiana Purchase Exposition at St.
Louis, and the United States Marine Band, per-
haps the most widely known musical aggregation
in the world.
Extending entirely across the back of the
stage in the Auditorium and Convention Hall,
there will be one of the finest and best pipe or-
gans that has ever been built in the United
States. It will occupy a space sixteen feet in
depth, weigh ten tons and the pipes will extend
to the ceiling a distance of about thirty feet.
The organ will be operated by an electric motor
that will be installed in the basement of the
building.
Unlike the great organs installed in the halls
of previous expositions this will be so constructed
that the visitor who is sufficiently interested can
pass right through the organ while it is in opera-
tion and see its workings, the arrangement even
admitting visitors to the air chamber, where
they can see the hundreds of keys while they are
being operated by the organist.
Many of the leading organists have applied for
permission to play this organ, and during the
exposition there will be many, many public per-
formances and organ recitals. With the splendid
acoustic properties of the great auditorium,
which has a seating capacity of about 4,000, the
effect of the music should be most satisfactory.
According to the director, "the exhibits of mu-
sical instruments and musical goods generally
will be very large and complete, and will include
everything in the musical line." Definite details,
however, are lacking.
When the gates of the Jamestown Tercenten-
nial swing open to the public on the % 26th day of
April to celebrate the 300th anniversary of the
first permanent English settlement in America,
there will be no dearth of music, nor will there
be from that time till the Exposition closes at
midnight of November 30.