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THE MUSIC TRADE
RLMFW
THE
MUJICTMDE
EDWARD LYMAN BILL - Editor and Proprietor
J. B. SPILLANE, Managing Editor
. Executive and Reportorlal Stall:
GBO. B. K"n>T.T.imt,
w . H. DTKBS,
P. H. THOMPSON.
B M I U B FRANCM BAUBB,
Lk E. BOWERS, B. BBITTAIN WILSON, WM. B. WHITB, L. J. CHAMBBBUN, A. J. NICKLIN.
J. HAYDEN CLARENDON.
BOSTON OFFICE:
CHICAGO OFFICE:
E. P. VAN HABLINGEN, 195-197 Wabash Ave.
TELEPHONES : Central 4 1 * ; Automatic 8643.
MINNEAPOLIS and ST. PAUL t
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PHILADELPHIA :
R. W. KACFFMAN.
A D O U BDSTBN.
REVIEW
out. Financial writers, looking at the market technically, announce
that the market is grossly oversold and that the over-extended bear
interest is about to be overwhelmed, yet the bears gather fresh
profits. The investor is told that the present panic prices offer him
an opportunity he is not likely again to have in a generation, yet
he comes forward, when" he comes at all. gingerly and ready to fly
away again. Why the extraordinary conflict between the testi-
mony coming from the country at large concerning business condi-
tions and the testimony coming from the ticker? Have Wall street
transactions lost their barometric quality? Is there merely a local
attack of hysteria against which the remainder of the country is
able to maintain an effective quarantine? Has insanity suddenly
attacked a set of men who boast their strength of understanding—
so gripped them that they are anxious to sell dollar bills for ninety
cents ?
• CHAS. N. VAN BUBBN.
A
S to which is right—the country at large with its optimism or
Wall street in its pessimism—is a question that can be
LONDON, ENGLAND:
69 Baslnghall S t , B. C. W. Lionel Sturdy, Manager.
answered only by time. But if we are at the threshold of a general
depression—if we are up against the real thing—certain it is that
Published Every Saturday at 1 Madison A venae. New York.
the historians of panics will need to record one that has come on as
Enttrtd at the New York Post Office *f Second Class Matter.
no
one has ever come before. Never has there been such leisurely
SUBSCRIPTION, (Including postage), United States and Mexico, |2.00 per year;
Canada, $3.50 ; all other countries, $4.00.
approach. In 1837, when a bubble of over-speculation burst, it
ADVERTISEMENTS. $2.00 per Inch, single column, per Insertion. On quarterly or
didn't take a year for the trouble to mature itself when once it be-
yearly contracts a special discount 1B allowed. Advertising Pages, $60.00; opposite
reading matter, $75.00.
gan. Nor in 1857, when an Ohio failure touched off the powder,
REMITTANCES. In other than currency form, should be made payable to Edward
Lyman Bill.
nor in 1873, when Jay Cooke failed. Nor in 1893 was there any
Directory of Piano
The directory of piano manufacturing firms and corporations
long period of debate over whether the depression was to come or
_r
found on another page will be of great value, as a reference
Mtnnlaetnren
f o r dealers and others.
not. When it knocked it knocked in such fashion as every man,
Exposition Honors Won by The Review
even in the remotest hamlet, recognized the character of the visitor.
Grand Prim
Paris Exposition, 1900 Silver Medal.Charleston Exposition 1902
If there has been over-expansion during recent prosperous years,
Diploma.Pan-American Exposition, 1901
Gold Medal.. . S t Louis Exposition, 1904
Gold Medal
Lewis-Clark Exposition, 1905.
if speculation has been unsound, it is certainly most mysterious that
LONG DISTANCE TELEPHONES—NUMBERS 4677 and 4678 GRAMERCY
the failure record is as clean as it is—that no firm or institution of
Connecting all Department*.
the first magnitude has been caught. With an almost perpendicular
Cable address: "Elbill New York."
fall in the prices of the collaterals by whose hypothecation money
NEW YORK, OCTOBER 26, 1907
is commonly borrowed it is a most amazing indication of health
that so few weak places have been discovered.
While the markets are anxious the gold miners are busy add-
EDITORIAL
ing at the rate of half a billion a year to the basic money of the world,
and thus providing foundation for a new series of credit. The
purchasing
power of a given amount of gold is declining, thus
HE pessimistic tone is still evident in business and financial
steadily
adding
to the nominal value of property, an increment in
circles in the East, although general trade conditions have
which
stocks,
as
representative of property equities, should share.
improved materially during the past week. Retail trade at the
Here
is
one
influence
that does not make for a depression of long
various music trade establishments of this city all report increased
duration
or
great
rigor.
With general business good, with the
sales and, what is particularly gratifying, the increase has been
credit
situation
sound,
as
evidenced
by the successful endurance of
marked in the sales of medium and high grade pianos.
a
most
grievous
strain,
and
with
a
new
money supply making for a
While discussing business conditions, frequently gloomy views
continued
increase
in
nominal
values,
the
optimists seem to have the
prevail, and it is well to compare some of the records of this
better
of
the
argument.
Buckle
on
the
armor
and get busy. Sell
year with those of 1906, which was considered the banner year of
pianos.
Stop
talking
trade
calamity
and
the
clouds
will roll by.
trade. Bankers say that the financial atmosphere is clearing all the
time. September's iron report showed an average daily production
A READER writes: "You have had a number of splendid edi-
of 7,000 tons higher than during September a year ago. Last week,
l \ torials on the one price question and you have given some
outside of New York City, bank clearings were 7 per cent, larger
than during the corresponding week last year. The gross earnings good arguments along these lines and I wish you would take up
the question of special discounts. Do you think it is proper to give
of the railways, the figures that show whether the gross volume of
discounts to certain classes of people?"
business is larger or smaller, continue to exceed the high record
The question of discounts is one of the old legacies of the
of a year ago. The country's exports for the nine months ending
piano and other industries which originated years ago and
October I were of the value of $1,332,000,000, a gain of $229,000,-
has clung to the trade with tenacity ever since. In a general way
000 over the same months of 1905, a year of abounding prosperity.
Imports for the nine months are $336,000,000 higher than in the there is no greater evil in merchandising than the principle of giv-
ing discounts to favored classes, and still such a custom prevails
nine months of 1905, indicating no falling off in the consumptive
to a considerable extent in the retail trade in all lines. Even the
demand. The crops of the country, while not up to the bumper
railroads make a special discount to clergymen and others, but the
record of last year, are a fair average, and promise to be exchange-
able for as much money. Wholesale and retail trade, except as to question of discounts after all does not work out satisfactorily be-
cause special reductions in prices comes from one of two sources,
a few articles of luxury, is almost uniformly reported good. Jobs
either in the ordinary profits of the business or increase of general
are still hunting men. There is employment for the vast number
average
selling prices, probably the latter source in most cases.
of emigrants which we are receiving monthly. There has been, of
The
general
public—the backbone of the business—those who pay
course, some shrinkage in the output over last year, but compared
for
goods
at
marked prices invariably pay an increased cost for
with former years the figures make a good showing. More talking
their
merchandise,
even though it may be a comparatively slight
machines have been sold this year than ever before during a like
percentage so that the favored classes may enjoy the advantage of
period.
an inside price.
ET, despite these data proving the existence and implying the
maintenance of prosperity, standard securities continue to be
ERCHANTS in other trades decry the habit of special dis-
sold at lower and lower levels. We are told one day that the
counts quite as much as in the music trade, and still con-
"worst has been seen," and the next day a worse "worst" stalks tinue to grant special privileges. This must be conceded wrong in
SAN FRANCISCO:
S. H. GRAY, 2407 Sacramento S t
CINCINNATI. O.: NINA PUGH-SMITH.
BALTIMORE. MD.: A. ROBERT FRENCH.
T
Y
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