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THE
MUSIC TRADE
KMFW
EDWARD LYMAN BILL • Editor and Proprietor
J. B. SPILLANE, Managing Editor
Executive and Reportorlal Staff:
GBO. B. KELLEH,
W. H. DYKES,
F. H. THOMPSON.
EMILIE FRANCES BADKB,
L. E. BOWERS, B. BRITTAIN WILSON, WM. B. WHITE, L. J. CHAMBERLIN, A. J. NICHXIN.
BOSTON OFFICE:
CHICAGO OFFICE:
E. P. VAN HARLINGEN. 195-197 Wabash Ave.
TELEPHONES: Central 414; Automatic 8643.
MINNEAPOLIS and ST. PAUL:
ST. LOUIS:
ERNEST L. WAITT, 278A Tremont S t
PHILADELPHIA :
R. W. KAUFFMAN.
ADOLF EDSTEN.
SAN FRANCISCO:
CHAS. N. VAN BUREN.
S. H. GRAY, 2407 Sacramento St.
CINCINNATI, O.: NINA PUGH-SMITH.
BALTIMORE, MD.: A. ROBERT FRENCH.
LONDON. ENGLAND:
69 Basinghall St., E. C.
W. Lionel Sturdy, Manager.
Published Every Saturday at 1 Madison Avenue, New York.
Entered at the New York Post Office as Second Class Matter.
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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
~
:
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found on another page will be of great value, as a reference
Minuliclureri
f o l . dealers and others.
REVIEW
agement, and a desire to do too much business with extremely lim-
ited capital.
X T ATURALLY men are anxious to increase their business, and
1M some figure that they can afford to take their chances and
spread out exceedingly thin; that by so doing they stand a chance
of securing a larger trade. Such a policy is fraught with grave
danger. The stability of the nation is all right, and as a matter
of fact, a large number of individuals and concerns all over the
country have been exercising conservatism in their expenditures for
over a year past, and because such a condition exists it has helped
to lessen the business failures. We should exercise care, however,
and not become over-conservative. We should not be afraid of the
business future, and we should not get into the habit of predicting
that the end of good times has come, for if that practice becomes
general, it will help to facilitate the termination of good business.
When we hear people all about us talking of floods, earthquakes,
wars and pestilences, it is pretty apt to affect us in a depressing
manner. Then is the time when we should fill our minds with sun-
shine, serenity and peace. Get away from pessimistic influences
if we are to-achieve good results in business.
T
HE theory of the control of railroads is only one manifestation
of the wave of socialism which is sweeping over the country.
The attitude of our people towards the railroads at the present time
may be characterized as a strange phenomenon when we come to
think of the part which the railroads have plaved in the building of
the country and in our daily lives, for outside of agriculture the
Exposition Honors Won by The Review
* railroad is the most important industry in the country. It employs
Grand Prim
Paris Exposition, 1900
Silver Medal.Charleston Exposition 1902
more men than any other industry except agriculture and it pays
Diploma.Pan-American Exposition, 1901
Oold Medal.. . S t Louis Exposition, 1904
Gold Medal. ...Lewis-Clark Exposition, 1905.
out about 850 millions a year in wages, being 60 per cent, of the
LONG DISTANCE TELEPHONES-NUMBERS 174S and 1761 GRAMERCY
total operating expenses. It pays in dividends 238 millions. The
Connecting all Departments.
wages and taxes paid by the railroads amount to nearly four times
Cable address: "Elblll New York."
as much as the dividends paid by railroad stock. In fact, the divi-
NEW YORK, AUGUST 24, 1907
dend payments amount to only 3.6 on the stock. Ten years ago the
dividends paid amounted to 1.7, a little more than 37 per cent, of all
railroad stock in the country.
These few figures will give an idea of what the prosperity of
EDITORIAL
the railroads means to working people, manufacturers and traders
of the country, and they give us a notion of the really small returns
HE fall is rapidly approaching, and it behooves every business
which the railroad properties make to their owners.
institution to be in the best possible condition to receive the
impelling force of the first favoring trade breezes. There is no
HE prosperity and happiness of everyone depends more or less
reason why ample preparations should not be made for a good
on the prompt, cheap "and regular movement of freight over
trade, the predictions of the prophets of disaster to the contrary
the railroads of the United States. There are always two sides to
notwithstanding. If our whole business world were bounded by
every question and it is well to figure that the side of the railroad
Wall Street, the outlook would be indeed depressing, but the divorce-
should be heard as well as the cry of the antagonistic element. As
ment of the great agricultural interests of the West and South from
a matter of fact we have the cheapest freight rates in the world
the gambling center of America has been clearly established for and the best freight service. Still we are not satisfied, and if pianos
some years past, and men in the western and southern cities do not are held up on some side track for a while there is usually much
scan with anxious eyes as formerly the latest reports from Wall
complaint, but the question is, do we not get better service by the
Street.
free play of commercial forces uncontrolled by the Government than
we would with a mass of governmental red tape behind our railroad
'"INHERE is no denying the fact that the effect of the stock
system.
X depression upon business in New York City and nearby
The business of the country, it is true, has grown too rapidly
points is considerable. Paper values have crumbled and the business
for the railroads to take care of it speedily and as a consequence
interests in this city, and other eastern points will continue to be there will be considerable delay in the shipment of freight this fall,
more or less affected by stock conditions. Some of the best-posted
but through the attack upon the railroads and other great com-
men predict an early adjustment of the financial affairs of the panies the railroads are unable to sell their bonds in the markets of
country so that the necessary relief will be afforded to the legitimate
the world in order to supply money which they need for road bet-
commercial interests. It certainly does not seem* possible that the terments. If the railroads are going to continue to do their part in
administration will adopt a policy which will disrupt the business
the further development of the country it is obvious that they must
interests' of the country. Millions should not be compelled to suffer
not be hampered or crippled. This applies to their administrative
for the misdeeds of the few. It is not a good time for government as well as to their financial credit.
by prejudice. Nobody believes that the railroads of the country
are an unmixed evil; if they are, and if the liberties of the people
EARLY every establishment has a policy which it pursues
can be subserved in no other way, we would favor rooting them out
either from a definite settled purpose, or unconsciously. This
and getting rid of them entirely. The talk and actions of some
policy, whichever it be, has much to do with the estimate placed
people might indicate they are favorable to that sort of a policy.
upon it by the community. The policy of a store springs largely,
The general business of the country is in better shape than ever
if not entirely, from the personality of its head. If a hustling, ener-
before, and the strength of the music trade industry never was
getic
man is at the head of things, the business is inclined to go for-
illustrated in a more forcible manner than is evidenced in the few
ward
uninterruptedly. And it is the personality of the chief which
failures which have occurred in both the manufacturing and retail
will
create
a reputation for the store.
departments of the trade for the past year. The limited number
We have in mind a piano establishment in which the character
which have taken place have been directly traceable to poor man-
of the head dominates its policy to a remarkable degree. Possessed
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