Music Trade Review

Issue: 1907 Vol. 45 N. 26

Music Trade Review -- © mbsi.org, arcade-museum.com -- digitized with support from namm.org
THE
REVIEW
flUSIC TRADE
VOL.XLV. No.26.
Published Every Saturday by Edward Lyman Bill at 1 Madison Ave., New York, December 28,1907.
E. S. CONWAY'S SPLENDID WORK
In the Interests of Chicago Effectively Set Forth
in Some Recent Remarks Before the Chicago
Association of Commerce.
OFFICERS DETROIT ASSOCIATION
SPECIAL RATES FOR DEALERS.
An Imposing Array of Pianos to Guide the
Destinies of the Local Association the Com-
ing Year—Condemn Private House Sales.
The Merchants' Association of New York An-
nounce Special Railroad Rates Which Go
Into Effect from February 29 to Mareh 18.
(Special to The Review.)
E. S. Conway, secretary of the W. W. Kimball
Co., Chicago, aside from his splendid work in
the interests of the National Piano Manufactur-
ers and Dealers' Association, has been a promi-
nent figure in every movement that has been
formulated for the advancement of Chicago. His
effective work as a member of the Deep Water-
ways Commission is now a matter of public
record, while in other movements for advancing
the industrial position of the city he has been
ever foremost.
At the recent meeting of the Civic Industrial
Committee of the Chicago Association of Com-
merce Mr. Conway opened the eyes of the busi-
ness men of the city to -some facts they had not
appreciated before, namely: That Chicago was
the greatest railroad center in the world; the
greatest convention city in the Western Hemis-
phere and the greatest food and clothing market
in the United States. Statistics proving these
and other points relating to the greatness of
Chicago and the State of Illinois were presented
in a most forcible and convincing manner by
Mr. Conway, who said in part:
"We are so entirely engrossed in keeping pace
with our personal affairs here in this bustling,
growing city," said Mr. Conway, "that we do not
know or appreciate what the development of this
united growth of ours really means in its de-
tails. We are actually ignorant of how im-
mense and important our city and state have be-
come."
Some of the points which Mr. Conway made
were as follows:
"The lake tonnage of Chicago is larger than
the combined tonnage of Boston, Philadelphia,
Baltimore and Galveston.
"Chicago ranks second in the cities of the
country in its bank clearances.
"In seventeen cities of 200,000 population or
over Chicago ranks among the seven lowest in
the percentage of arrests and the lowest in the
percentage of arrests for felonies.
"Chicago ranks first among the Lake pcrts in
receipts of grain and flour.
"Chicago is the greatest railroad center in the
world, with thirty-four roads converging here,
their total mileage being more than 40 per cent,
of the entire country's.
"There is little, if any, difference between Chi-
cago and New York proper in population.
"Illinois is now the second state in the Union
in the production of petroleum.
"Illinois has a coal area of over 40,000 square
miles, the value of coal production la~t year
be'ng $44,763,062.
"The annual fish catch of the Illinois River is
22,000,000 pounds, valued at $800,000, and the
ican city of Chicago's class.
The members of the Ways and Means Commit-
tee presented Walter H. Wilson, city comptroller,
with a silver loving cup as a token of apprecia-
tion of his rervices to the association and the
committee, of which he is a member.
SINGL E
$ a .oo°PER S VEAR: ENTS
Detroit, Mich., Dec. 23, 1907.
The Detroit Music Trades Association held
their regular meeting here recently, the chief
business being the election of officers for the en-
suing year. The following is a list of those
elected: President, H. T. Schmidt, of the Cable
Company; first vice-president, J. B. Mclntosh,
of the Clough & Warren Co.; second vice-presi-
dent, E. P. Andrew, of the Farrand Co.; third
vice-president, I. S. Crawford, manager of the
F. J. Schwankovsky store; fourth vice-president,
John McConalogue; treasurer, A. H. Howes, with
Grinnell Bros.; secretary, E. P. Andrew.
J. Henry Ling, the retiring president, was
tendered a vote of thanks for his faithful serv-
ices during the past year and the following reso-
lution was passed by the members present:
"The members of the association agree not to
permit any employe, or any other person, over
whom they have .any control to sell or offer for
sa'.e a piano from a private house or through
disguised liner column advertisements." This
sort of advertising has grown very largely in
our daily papers.
The next meeting of the association is
scheduled for January 7, 1908.
The Detroit piano men, fortunately, cannot
complain about the lack of benefits derived from
membership in the association, as many ques-
tions on trade ethics and other serious proposi-
tions have come up before it and been handled
in a decidedly skilful and satisfactory manner.
The Merchants' Association of New York to-day
announces that its application for merchants'
rates to New York during the spring buying sea-
son has been granted by the Trunk Line Asso-
ciation. The rates will be in effect on February
29th to March 4th, inclusive, March 14th to
March 18th, inclusive, with the customary fifteen
day return limit. The special rate for the round
trip will be one fare and one-third, effective
under the certificate plan.
Geographically and roughly described, the ter-
ritory of the Trunk Line Association is in New
York, Pennsylvania, New Jersey, Delaware, Mary-
land, District of Columbia, and In Virgina, north
and on the line of the Chesapeake & Ohio Rail-
way. The concession does not apply from points
less than 100 miles from New York city.
In the course of a week or so the Merchants'
Association will be able to give particulars as to
the special fares to this city from Central Pas-
senger Association Territory—the Middle West—•
after which the reduced rate circulars will be
immediately printed and be ready for distribu-
tion by members.
SHIPPING PIANOS IN CARS.
The
Rules to be Observed by Manufacturers
Using This Method of Shipping.
The rules for shipping pianos in cars when not
boxed are as follows: "On carload shipments
the following conditions must be observed: Each
instrument must be covered (except bottom) with
paper hood and tarpaulin or rubber cover, and
PERMANENT INJUNCTION GRANTED must
be loaded on wooden shoes or frames of
sufficient height to free casters from car floor;
Against the Columbia Piano Co. in Favor of
two wood cleats extending not less than four
Winter & Co.
inches beyond each end of the instrument must
Winter & Co., the New York piano manufac- be attached thereto, one at top and one at bottom,
turers, have been granted a permanent injunc- with not less than two and one-half inch screws.
tion against the Columbia Piano Co., of Mount The cleats must be firmly secured to horizontal
Vernon, N. Y., restraining the latter company braces, screwed to sides and ends of car, the
from sealing or otherwise disposing of certain whole forming a framework running the full
Winter & Co. pianos' and player pianos in their length and width of car. Sufficient space must
possession without obliterating the original be left between instruments to prevent rubbing
names and trade-marks. The permanent in- or chafing. Except in cases of organs, melo-
junction takes the place of a temporary order deons, piano-playing instruments and claviers, it
issued by the Supreme Court on November 19.
is not compulsory that the strips must be fastened
In the affidavit submitted by the plaintiff it is to the instrument, and furthermore, if casters are
stated that after the fire in the Winter & Co. removed, it is not compulsory that same should be
plant on "June 13, 1907, the Columbia Piano Co. placed on shoe or frame. All cleats and bracing
made an offer for the damaged stock that Win- must be of hardwood lumber not less than one inch
ter & Co. could not use, stating that they desired in thickness and six inches in width. One empty
to make them up under their own name for box for return of wrappings and harness may be
renting purposes only. When the sale was con- included with C. L. shipments of upright pianos,
summated, a certain portion of the amount organs, melodeons, piano-playing instruments
agreed upon was paid in cash and a note given and claviers."
for tl?e balance. This note was not met at ma-
turity.
NOW THE CLARK MUSIC CO.
Winter & Co. subsequently learned that the
Columbia people were offering the instruments
The Clark Music Co. have succeeded the firm
as genuine Winter & Co. and Heller & Co. pianos of George W. Clark in Syracuse, N. Y., and a
and took immediate steps to obtain an injunc- formal nctice to that effect lias been sent out to
tion, which has just been granted,
the trade.
Music Trade Review -- © mbsi.org, arcade-museum.com -- digitized with support from namm.org
THE MUSIC TRADE
THE
fflJJIC TRADE
EDWARD LYMAN BILL - Editor and Proprietor
J. B. SPDLLANE, Managing Editor
Executive and Reportorlal Stalls
OHO. B. IfWf.t.TBH,
Lk E. BOWERS,
W. H. DTKES,
F. H. THOMPSON.
J. HATDBN CLARBNDON.
B. BBITTAIN WILSON,
L. J. CHAMBBRLIN,
A. J. N I C I M N .
••STON «FFICE:
CHICAGO OFFICE:
B. P. VAN HARLINGBN. 195-197 Wabash ATC.
TELEPHONES : Central 4 1 * ; Automatic 8648.
MINNEAPOLIS a a d ST. PAUL J
ST. LOUIS:
INBST I* WAITT, 278A Tremont S t
PHILADELPHIA I
B. W. KAUTOCAN.
ADOLF EDSTBN.
CHAS. N. VAN BUBDN.
SAN FRANCISCO: S. H. GRAY, 2407 Sacramento St.
CINCINNATI, O.: NINA PUGH-SMITH.
BALTIMORE, MD.: A. ROBERT FRENCH.
LONDON. ENGLAND!
69 Basinghall S t , B. C.
W. Lionel Sturdy, Manager.
Published Every Saturday at 1 Madison Avenue, New York
Entertd at the New Y»rk Pest Office as Sec*nd Class Matter.
SUBSCRIPTION, (Including postage). United States and Mexico, $2.00 per year;
Canada, $3.50; all other countries, $4.00.
ADVERTISEMENTS. $2.00 per Inch, single column, per Insertion. On quarterly or
yearly contracts a special discount is allowed. Advertising Pages, $60.00; opposite
reading matter, $75.00.
REMITTANCES. In other than currency form, should be made payable to Edward
Lyman Bill.
Directory ol Plaao
The directory of piano manufacturing firms and corporations
~
~ "
found on another page will be of great value, as a reference
MainUctnren
f o r Exposition Honors Won by The Review
Grand Prim
Paris Exposition, 1900 Stiver Medal. Charleston Exposition 1902
Diploma.Pan-American Exposition, 1901 Gold Medal.. . S t Louis Exposition, 1904
Gold Medal
Lewis-Clark Exposition, 1905.
^^^__
LONG DISTANCE TELEPHONES—NUMBERS 4677 and 4678 GRAMERCY
Connecting a l l Department*.

Cable address; "Elblll N e w York."
NEW YORK, DECEMBER 28, 1907
EDITORIAL
SUBSCRIBER to The Review in Portland, Ore., writes an
enthusiastic letter to this publication in which he extols the
condition of the banks in the Pacific-Northwest. H e is positively
exuberant over the showing which they make. He says that the
last returns made to the Comptroller of the Currency show that the
financial institutions of Oregon are richly laden with funds, in fact,
gorged with yellow metal. It seems that twenty-nine out of forty-
five National banks in Oregon, outside of Portland, report an aver-
age cash reserve against deposits of forty-four per cent. This is
three times the amount required by law, and it is just this excess
of the reserve required by law which is, in our opinion, creating
most of the trouble throughout the country to-day. The enormous
reserves which our friend from Oregon says reflect great credit
upon the soundness of the Oregon financial institutions have been
withdrawn from the business arteries and therefore, instead of
assisting trade, are helping to stagnate it. Right in favored Oregon
regular money has been replaced by temporary mediums of ex-
change. Clearing house certificates and railroad checks have been
circulated in the money gorged cities on the Pacific slope.
A
In our humble opinion bank reserves should be decreased in
times of panic rather than increased and certainly they should not
be built up at the expense of the business interests of the country.
It is this same hoarding of funds which to our minds is accentuating
all the trouble. There is just as much money in the country to-day
as ever and surely confidence is returning, but cash has been with-
drawn from circulation and in many instances it is being hoarded
by financial institutions.
B
ANKS, of course, have great responsibility, and to the ever-
lasting credit of banking men be it said that throughout this
entire strain but few weak institutions have been discovered. Re-
sults have demonstrated that the banks are run upon a sound basis.
A few men in New York who were using the financial institutions
as pawns in their great gambling games have been removed from
their position of power. They are down and out, but when we
scan the entire country over it must be admitted that the banks of
REVIEW
this country have demonstrated their soundness and their fitness
to stand any strain, even an extraordinarily hard and sudden one.
But at the present time it seems to us that instead of boasting of
vast reserves in cash the banks should loosen this money and thus
aid the circulating medium of the country. It is just that very
reserve which is being piled up and is therefore inactive which has
been the great lubricator of business. It is the over-legal reserve
which has helped men to meet their obligations, but if it is piled up in
bank vaults it becomes useless as far as its functional powers are
concerned. The banks must aid industry, else in the end there
will be no necessity for banks. Money is their merchandise and it
forms, with confidence, the life of trade.
B
USINESS institutions must have funds in order to carry on
their enterprises and to meet their maturing obligations.
Great factory payrolls require an enormous distribution of cash
weekly to employes and the workmen after all are the great dis-
tributing mediums of money. Suppose for illustration a factory is
located in a town of 30,000 people. The weekly payroll of the
factory is $10,000. Now this money which is paid out to the work-
men is kept in local circulation, it reaches the banks again before
the end of the week, because after it leaves the hands of the wage-
earners it goes to the butcher, the baker and candlestick maker,
and by them is again deposited in the bank at the close of the week.
So that the money which is paid out on Saturday reaches the bank
for distribution again by next Saturday and in the meanwhile it
has paid many thousands of dollars of obligations.
Let us go beyond that and suppose that this amount was ob-
tained from a bank by good commercial paper placed with it by the
manufacturers, who distribute the proceeds of the notes in wages.
Suppose the bank refused to discount, what follows? The manu-
facturers cannot meet their payrolls, the men are discharged and
all the local merchants are forced to close, all real estate depreciates,
capitalists who own business blocks are unable to lease their
buildings at fair rentals, and ruin faces everybody, simply because
there was a stoppage in the circulation of money, and the money
instead of being distributed was piled up in the form of reserve
in the vaults of the banking institution. It may as well be old iron
for that matter, because it is not fulfilling its duty as a circulating
medium. What we illustrate in the case of a small city may apply
with equal appropriateness to the largest enterprises in the greatest
municipalities. So if banks will continue to increase their reserves
and our readers in Oregon and elsewhere gloat over this fact as
evidence of the great prosperity and stability of the country we
rather incline to the belief that what we need is education showing
the fallacy of such a course of reasoning. It isn't the inactive bank
reserves that we require to better the business conditions. Far
wiser it would be to cut down the reserves and get the money out
where it will do good, where it will pay bills and keep factory
wheels spinning. That is where the money should be.
The resources of the country were never greater or manufac-
turing in all lines healthier, but we need an active dollar not a dead
one.
T
H E country banks have stood the strainvremarkably well and
all credit should be given them, but is it not a false policy
to go on now increasing and strengthening their reserves when
the money is vitally needed for commercial purposes? The quicker
we get rid of the idea that accumulated money is a good sign the
better it will be for the commercial interests everywhere. It isn't
the money that is hoarded in banks, in stockings and old tea pots
that makes the factory wheels spin round. On the contrary, be-
cause the money is in those convenient receptacles is just what is
preventing the wheels from spinning. This is an extremely un-
healthy and dangerous sign, and until that money is out perform-
ing its full duty we will continue to face a menace to the business
interests of this country.
Bank reserves look very good to the Comptroller of Currency
but they look' also mighty poor to the business men, because they
show hoarded money rather than active money, and it is the nimble
dollar which helps business.
A large Texas dealer writes: "The New York banks are to
be censured for their action in holding money when we of the
Southwest need it so much to move crops." It sounds very well,
but why should New York be blamed when the Texas bankers are
not doing their full duty. If we study the reports recently sent

Download Page 3: PDF File | Image

Download Page 4 PDF File | Image

Future scanning projects are planned by the International Arcade Museum Library (IAML).

Pro Tip: You can flip pages on the issue easily by using the left and right arrow keys on your keyboard.