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THE:
MUSIC TRADE:
REVIEW
EDWARD LYMAN BILL - Editor and Proprietor
J. B. SPILLANE, Managing Editor
Executive and Reportorial Staff:
GEO. H. Krci.i.EK,
L. R. HOWKKS,
W. II. DVKKS,
F. H. THOMPSON,
J. IIAYDKN CLARENDON,
H. BKITTAIN WILSON,
L». J. CHAMDEIU.IN,
A. J. NICKLIN.
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REVIEW
thing of a master in such matters, and so long as it is precedent
has to be heeded.
But the law and past custom aside, what a sorry spectacle is
made by this generous distribution of other folks' property. The
term "swag" suggests itself at once to the mind, but the law has so
deodorized, trimmed, and perfumed it that we own it must be de-
scribed for the time being by the more respectable term "compensa-
tion." The receivers, according to this formula, have been "paid"
—not-given a division of the spoils. If the receivership had resulted
in the common—almost customary—liquidation and winding up,
how much greater fortunes would have been made by this.simple
act of transferring them from the pockets of Mr. A and Mr. B to
the pockets of Mr. Y and Mr. Z? Receivers! Receivers of what?
Of another man's loss and their own colossal gain!
ERNEST L. WAITT, 100 Boylston St.
PHILADELPHIA:
K. W. KAUFFMAN.
ADOIF EDSTKN.
CHAS. N. VAN BUKKX.
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W. LIONEL STURDY, Manager.
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I.vmun Kill.
Music Publishers*
Department ^ V
An interesting feature of this publication is a special depart-
ment devoted exclusively to the world of music publishing.
Exposition Honors Won by The Review
Grand Prix
Paris Exposition, 1900 Silver Medal.Charleston Exposition, 1902
/ J f a . Pan-American Exposition. 1901 Gold Medal. ...St. Louis Exposition, 1904
Gold Medal. . . .Lewis-Clark Exposition, l!>0.">.
LONG DISTANCE TELEPHONES NUMBERS 4677 and 4678 GRAMERCY
Connecting all Departments."
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Cable a d d r e s s : "Elbill, New York."
NEW
YORK, APRIL 4, 1 9 0 8
EDITORIAL
T
H E most important happening in financial circles in New York
last week was the opening of the Knickerbocker Trust Co.
The panic really started with the closing of the doors of this big-
financial institution on the 22d of last October. The country then
suffered a very severe shock which spread out in ever widening cir-
cies from New York, but now confidence seems to have been gener-
ally restored, and the bank surplus has for some months been above
normal. The decrease in railroad earnings has been checked and the
volume of trade has materially increased. Factories which were
shut down have since resumed. Of course not all the factories are
running up to their fullest capacity, but they are running with a
goodly number of employes.
In the music trade it may be said that conditions have grown
steadily better. Supply houses are more active than they have been
since the close of the Knickerbocker doors. Labor is already begin-
ning to benefit by the renewal of trade activity. The business
outlook is altogether encouraging; and when we figure what we
have been through during the past few months and note the manner
in which the country has recovered from the shock, it certainly must
make everyone feel a confidence in the wonderful recuperative
powers of this great big nation.
W
E have been through many trying conditions, but nothing
which came with such a sudden shock as the panic of last
fall. We are rapidly getting away from the trouble caused by it,
however, and now the spring trade begins to be very much improved.
The experience of the Knickerbocker Trust Co*, with receivers
is pretty nearly the experience of all business concerns which have
been unfortunate enough to get into a receiver's hands. Justice
Clarke allowed the ihree receivers of the Knickerbocker Trust Co.
$75,000 apiece and their three counsels $25,000 apiece for four
months' administration of Knickerbocker affairs. But this is not
to say that the law and the practice are, in their turn, well within the
limits either of justice or of decency. So long as this legal regimen-
tation remains what it is judges will feel constrained to follow it,
and when the}- cut down receivers' bills by a half or more will often
receive and perhaps be entitled ta approval. Precedent is some-
T
H E R E is at this time before the legislature at Albany a bill
which, at least as far as banks are concerned, would put an
end to this vicious system. It is the bill introduced by Mr. Clark
Williams, the superintendent of banks, eliminating the attorney
general in these matters and placing the care of crippled banking
institutions in the hands of the Banking Department of the State.
When the bank by reason of bad business administration or non-
observance of the laws had placed itself in a position where discip-
line or repair had become necessary, it would not be turned over to
third persons, private individuals, however eminent. The superin-
tendent and his deputies and agents would take charge, bring their
specialized experience to* bear upon the case, and without reward
other than that of their salaries do all and more than receivers
now do at such a considerable price. And that absolute ruin which
the expense of insolvency sometimes precipitates would occur no
more. It will, indeed, be a scandal if the present session adjourns
without passing such a law.
Take the concerns which have gone into the hands of receivers'
in the music trade. How 7 many of them have ever realized half
what was claimed would materialize in dividends to creditors at
the time of the appointment of receivers? The assets of the firms
and corporations have been eaten up by expenses and these men
who are appointed by the courts seem to be interested in the main
in getting what they can out of the receiverships. Of course there
are plenty of men of character and honesty filling receiverships,
but it seems that there are too many leakages that sap the resources
of the concerns which are placed in such unfortunate positions
financially, that they fall into the hands of receivers.
T
O-DAY marks the close of the Fifth Avenue Hotel, and this
historic hostelry will now be demolished to 1 make room for an
office building. Probably there is no place or structure in the City
of New York which has heard so many secrets whispered or seen
so many plans laid, some to mature in success and some in defeat, as
has the Fifth Avenue Hotel. For years there has never been a
day when the name of some member of the music trade could not
be found on its register. During the past six or eight years, how-
ever, the up-town hotels like the Waldorf-Astoria, Astor and Bel-
mont have picked up a big share of the music trade visitors to the
Metropolis, but many of them, through habit, still cling to the old
Fifth Avenue.
This hotel was opened in 1859 and then the men who planned
it were accused of being insane in their theories as to making a
hotel pay so far up-to'wn. Beginning with President Lincoln,
every President of the United States, with the exception, perhaps,,
of Mr. Roosevelt, has been a guest of this hotel during his term of
office, and the Prince of Wales, now Edward VII., stopped at it
in i860, and multitudes of the great and quasi great have lodged
and dined within its ddors during its half century of life.
Notable banquets have been held there in years agone, and it
was at the Fifth Avenue that Burchard uttered his alliterative
sentence, "Rum, Romanism and Rebellion" which defeated Blaine
by almost a microscopic majority in New York State. It was at
the Fifth Avenue in 1889 that the first music trade banquet ever
held in America took place. It, however, has now succumbed to
the great up-town development in New York. The demolition of
this historic building shows how resistless is the upward move-
ment. WHien this hotel was opened the music trade industries of
New York were small indeed, and now beautiful retail establish-
ments may be found distributed over the great .city from Brooklyn