Music Trade Review -- © mbsi.org, arcade-museum.com -- digitized with support from namm.org
THE
IVIUSIC TRADE
REVIEW
EDWARD LYMAN BILL - Editor and Proprietor
J. B. SPILLANE, Managing Editor
Executive and Reportorial Stall:
GBO. B. KKLI.MR,
L. BJ. BowEns,
W. II. DYKES,
P. H. THOMPSON,
J. HAYDBN CLARENDON,
B. BIUTTAIN WILSON,
L. J. CHAMIIERI-IN,
A. J. NICKLIN.
BOSTON OFFICE:
CHICAGO OFFICE
RRNBST L. WAITT, 100 Hoylston St.E. P. VAN HAKLINGKN, Room 806, 156 Wabnsh Ave.
PHILADELPHIA:
Telephone, Central 414.
MINNEAPOLIS and ST. PAUL:
ST. LOUIS:
R. W. KAUFFMAN.
ADOLF KHHTKN.
CHAS. N. VAN BDRKN.
SAN FRANCISCO: S. II. GRAY, 2407 Sacramento St.
CINCINNATI, O.: ISERNAIID C. BOWBN.
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.
SUBSCRIPTION, (Including postage), United States and Mexico, $2.00 per year;
Canada, $H.5l); 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
l.yman Kill.
Music Publishers*
An Interesting feature of this publication Is a special depart
Department V V» 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
Diploma. Pan-American Exposition, 1901
Gold Medal. ...St. Louis Exposition, 1904
anld Medal. .. .Lewis-Clark Exposition. inn.v
LONG DISTANCE TELEPHONES-NUMBERS 4677 and 4678 GRAMERCY
Connecting all Departments.
Cable a d d r e s s : "Elblll. New York."
NEW YORK,
SEPTEMBER
26, 1908
EDITORIAL
T
H E R E is no mistaking the fact that business is growing steadily
better, and the outlook is now most reassuring. Some of the
piano factories are working full time and, in some rare cases, over-
time. This condition was hardly expected a short time ago, but the
tide of prosperity is slowly, but surely, setting in and covering the
marshes of business despondency.
It now looks as if the fall was going to be in some respects
more satisfying than many predicted even two or three weeks ago.
Casting retrospective glances backward on the conditions which
existed a few months ago, it must be considered that we have moved
ahead considerably. In other words, we are going some.
The first of April it was stated that there were nearly one-half
million freight cars idle on sidings. To be exact, the number was
413,605. Ninety days later, or the last of June, it was officially re-
ported that this number had been reduced to 313,298 and now the
latest reports are that every available car is in commission. Not
only this, but 5,000 new ones have been ordered from the various
shops in the East and West. This kind of news is certainly reas-
suring because, when the great arteries of commerce, the railroads,
are idle, it means that business is quiet, but with all the cars operat-
ing, it tells a story that is entirely different. Such a condition shows
that the panic of a few months ago has well-nigh disappeared and
that confidence is rapidly growing in every section. Our banks are
stronger than ever, and in this connection there are some facts that
are worthy of the strongest kind of emphasis.
D
URING the panic when banks were closing up and financial
institutions going down like houses built of cards before a
gale, the direst predictions were made as to the future resuscitation
of these financial establishments. The people who had their money
in them looked upon their deposits as lost. Their countenances were
woebegone when discussing bank failures. They felt that their
money was lost in the big fianancial maelstrom which was whirling
through New York with such rapidity.
But in the history of the past few months there is art entirely
REVIEW
different sequel to the story. Nearly every one of the banks which
were closed up has resumed and not only resumed, but some of them
have paid their depositors in full, others varying from 40 to 90 per
cent., and they will pay in full just as soon as they realize upon
their securities, for installments are being paid from time to time.
It shows that things were not half as bad as they were predicted
and that we are stronger than we believed.
Then again, take real estate transactions—in the great cities,
real estate is moving in a manner which shows that people have not
lost sight of the fact that real estate holdings are mighty good. The
big mercantile houses and manufacturers are busy filling orders
which are now coming in upon them steadily.
The crops have saved us. God knows where we would have
been if there had been widespread crop failures this year, but on
the contrary they have been universally bounteous and the harvest
season is practically closed. It may be said that the nation's health
is splendid. We have escaped calamities "this year and it would
seem that the remainder of 1908 is going to be a good one from a
business viewpoint.
Piano manufacturers and dealers, with others, are profiting by
these improved conditions, which certainly should lend confidence
to business moves, and the man who hangs back now will find that
his more aggressive competitor has won out in the race.
r
I ' ' H E R E is every reason why special emphasis should be placed
J-
upon trade getting methods at the present time. Business
conditions warrant it. Men are being placed back at work in the
factories and they are now being run upon nearly fully time, thus
increasing the distribution .of money immediately and assisting trade
in every way.
Collections have improved very materially recently and there is
a better tone to the financial conditions in every part of the country,
and this is the time when the wideawake piano merchant should
devote his entire energies to watch business building.
The cheerful tone of good business is heard throughout the
land, and it is mighty pleasant to hear. It is insistent in all the large
commercial centers and the reports from the road are vibrant with
success, even in the industrial centers. As a matter of fact, business
within the past two weeks has increased so rapidly that it finds many
manufacturers unprepared to meet orders which are coming in upon
them.
When trade was dull they did not feel the need for piling up
stock and they felt that they would have plenty of warning when
the prosperity man was due, but the reverse has happened. The
business rush has come on in a most unexpected manner. The
dreary waiting and gloomy skies have been replaced by brightness
all around.
When we review the situation in the music trade for the past
year, it must be conceded that it has stood up wonderfully well
under the most depressed conditions. No better evidence of the
financial strength of the music trade could be found than in its en-
durance manifested under the trying conditions since the panic.
Certainly it has developed a solidity which a good many did not
believe it possessed.
T
HE failures which occurred in the music trade have been com-
paratively unimportant. We have had some in the manufac-
turing line, but they were not representative concerns. Sometimes
men will secure credit to which they are not entitled, and when the
end comes it will be found that they have abused that credit. There
are such cases in the music trade. There was a failure which oc-
curred in this city something like a year ago. Credit to a large
amount had been obtained by a concern whose business had been
conducted along expansive lines, but even when the crash came, it
was reported they would pay 70 or 80c. on the dollar. Up to the
present time, the creditors have realized about 10 per cent, and just
what there is left is problematical. Receiverships are expensive.
Credit, of course, should be given, for it is generally recog-
nized that credit is essential to the proper extension of any business,
but it is a privilege the use of which should be carefully safeguarded
and, in addition to the information gleaned through the medium of
commercial agencies, a personal investigation should be made, show-
ing the local character and standing of the concern desiring credit.
A careful scrutiny of credits should be made, and dealers, ,too, in
selling pianos should exercise some degree of caution as to whom
they sell on the deferred payment plan.