Music Trade Review -- © mbsi.org, arcade-museum.com -- digitized with support from namm.org
V O L . X L V . N o . 2 3 . Published Every Saturday by Edward Lyman BUI at I Madison Ave., New York, December 7,1907.
DEALERS LOOK FORJtf EADY IMPROVEMENT.
Another Batch of Letters That Interestingly Summarizes Conditions in Various Sections of the
Country—Progressive Piano Men Are Optimistic and Pushing Hard for Trade—Say the
Country Is All Right and That the Financial Flurry May be Blessing in Disguise—Will Put
the Country on a Healthier Basis—Frenzied Finance Will be Eliminated.
Detroit, Mich., Nov. 26, 1907.
Edward Lyman Bill, New York:
Dear Sir—Replying to yours of the 19th inst,
would say that I have given the financial news
from all parts of the country very careful atten-
tion, and so far as my judgment goes there is
no reason why a shortage of currency should
cause any extended depression in trade. While
it is true that the using of cashier's checks and
other kinds of paper used to take the place of
currency has caused working people some un-
easiness, thereby having an effect on the collec-
tions and sales, as soon as the people get accus-
tomed to it, or at least as soon as there is plenty
of currency again in circulation, this uneasiness
will be forgotten. I cannot see where "hard
times" talk can come in when there is every
evidence that the country is not suffering from
any great amount of over-production, and there
seems to be no reason why any factories should
be closed for any length of time. The splendid
condition of the country's agricultural interests
is too well known to require any comment. All
these things considered ought to lead one to have
faith in the stability of our prosperity. On the
other hand, I for one will welcome a slight set-
back in good times if thereby some of the "high
finance" evils could be eliminated. I am heartily
in accord with the eastern gentleman who made
the statement that the President of the United
States is not responsible for our present troubles,
and that while he is responsible for turning on
the light, this did not make him responsible for
what the light revealed, and I am thoroughly
of the opinion that if we ever have a setback in
trade it will be because of criminal manipulation
of business affairs in high places. Yours very
truly,
J. HENRY LINO.
Indianapolis, Ind., Nov. 26, 1907.
Edward Lyman Bill, New York:
Dear Sir—Yours of the 19th inst. received. I
consider the present panic merely that of a
banker's, and, as soon as the banks are able to
pay on demand business will gradually open up
all right. The banks have merely extended too
much credit. For instance, I know of one bank,
a small one, with $250,000 deposits, that only had
$35,000 in cash when the trouble originated in
New York. The bank is perfectly solvent and is
making money, but is doing so at a risk. This
has been about the condition of the banks
throughout the country.
In the long run, this depression will be a
benefit to all trades. We anticipated this depres-
sion a year ago and, for this reason, reduced our
loan at the bank $17,000 in twelve months. Most
firms were branching out and trying to do more
business; we merely confined ourselves to cash
and short-time sales,, and our salesmen were in-,
structed to investigate the character of the per-
son who was sold; in other words, they were
advised not to sell a $300 piano to a man who
was only making $12 or $15 per week, but to
sell him a second-hand upright or nothing.
Our collections up to the present time have
been equal to those of any that we have had for
the last twelve years. We have recently noticed
some "shut-downs" on the collections, as many
of our factories are closed or at least running
on "short time." This, we think, will straighten
out within the next thirty or sixty days. Very
SINGLE COPIES. 10 CENTS
$8.00 PER YEAR.
savings, until money is easier and they are sure
of working full time. Up to the present writing
collections have been fully equal to last year,
while sales have been somewhat better in every
department. We see no reason why we should not
take an optimistic view of our local business in
the immediate future. We do not believe in
shouting "fire" just because we see a little smoke
in our neighbor's back yard. Just say, "Who's
afraid?" and keep pushing. Yours very truly,
S. R. LELAND & SON.
Fargo, N. Dak., Nov. 18, 1907.
The Music Trade Review, New York:
Dear Sir—With reference to the financial situ-
ation in our locality, will say that we cannot
see it in the light of being very serious, from the
respectfully yours,
CARLIN & LENNOX,
fact that while our wheat crop is not as large as
Per Wm. Carlin.
it was a year ago, we undoubtedly raised nearly
55,000,000 bushels of wheat; the crop of flax and
Atlanta, Ga., Nov. 25, 1907.
barley and oats is as good as that of a year ago,
The Music Trade Review, New York:
and the prices this season are so much higher
Dear Mr. Bill—In reply to your esteemed favor than they were then that the returns will net
of the 20th inst., we beg to say that general probably more money, and while the money in
business and money matters were moving along circulation seems to be a little scarce, we have
in the usual channels here in Atlanta until about got the crops here, and we believe that you east-
two weeks ago. Up to that time we knew noth- ern people will have to get the money our way
ing about any money stringency or any uneasi- in order to secure the crop; so it does not appear
ness in banking circles, except what we read in to the writer as though it is going to affect us
the New York papers.
very much in this locality. We have been having
Apparently as a matter of precaution and pro- exceedingly good business until the last ten days
tection against any possible excitement, our banks or two weeks, and during the last few days it
resolved to restrict the payment of currency to has improved considerably, and we believe it will
any one person to $50 a day or $100 within one be a very short time before normal conditions
week. On top of this they issued certificates to will prevail, and we are looking for the best
the amount of $2,000,000 or $3,000,000, and by Christmas trade we have ever had. Very truly
these two acts created more uneasiness than yours,
STONE'S MUSIC HOUSE,
could possibly have been produced by anything
Per C. R. Stone.
else.
People who knew nothing at all about any
Fort Wayne, Ind., Nov. 30, 1907.
panic, and were buying and selling in the usual The Music Trade Review, New York:
way, were alarmed and thereby induced to hoard
Dear Sir—In answer to your favor of a recent
whatever currency they had. Business was im- date, asking my views on the trade and financial
mediately affected by this sudden feeling of
situation in our locality, would say trade has
alarm in all lines, and especially in articles of
kept up wonderfully with us so far, and see no
luxury, such as pianos.
reason why it should not continue. Our banks
So much has been written in the daily papers and financial institutions are absolutely sound,
and current magazines as to the cause of this and while they do not make any loans, it does not
state of affairs, it is unnecessary for us to say seem to affect the general public. Collections
anything on the subject.' Up to the first of No- are as good as last year at this time, if not
vember our collections were up to the average better. Crops have yielded a fair average, and
and quite as good, or better, than they were last prices are satisfactory to the farmer, which
year; naturally, since then, collections have means some cash deals. If matters do not change
fallen off to a marked degree. There being no for the worse we hope to close a successful year.
real cause for this unsettled condition of affairs, Yours very truly,
GEO. JACOBS.
we look for a gradual improvement as soon as
people get over their alarm and nervousness.
Kansas City, Mo., Nov. 26, 1907.
Yours very truly,
PHILLIPS & CKEW CO.,
By R. B. Toy, Secretary.
Worcester, Mass., Nov. 27, 1907.
The Review, New York:
Gentlemen—In reply to favor of the 20th inst.,
we send the following: When manufacturers lay
off help, refuse orders or run on short time,
owing to inability to procure from the banks
money for running expenses, is it not reasonable
to expect that those dependent upon them, who
are buying goods on instalments, will fall behind
in their payments, and those who contemplated
purchasing; will. postpone drawing upon their
Editor Music Trade Review.
Gentlemen: Trade in Kansas City has been
about the same with us this year as last, except
that our cash payments and our cash collections
have passed the last year mark. I attribute this
to the financial flurry, as the common expression
terms it, as the parties we deal with have been
paying us in cash instead of checks.
I find the demand for better grade pianos to
be prevailing largely among my prospects, much
than last year.
As to the inside player-piano, I am surprised
(Continued on page 15.)