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THE MUSIC TRADE REVIEW
REVIEW
EDWARD LYMAN BILL - Editor and Proprietor
J. B. SPILLANE, Managing Editor
Executive and Reportorlal Staff:
B. BRITTAIN WILSON,
A. J. NICKLIN,
CARLBTON CHACE,
AUGUST J. TIMPB.
L. M. ROBINSON,
W M . B. WHITE,
GLAD HENDKSSON,
L. E. BOWIBS.
BOSTON OFFICE
CHICAGO OFFICE:
IOHN H. WILSON, 184 Washington St.
& £ VAN HARLINGBN, Consumers' Building
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820 So. State Street. Telephone, Wabash 5774.
Telephone, Main 0050.
HBNBY S. KINGWILL, Associate,
LONDON, ENGLAND: 1 Gresham Buildings, Basinghall St., E. C.
N E W S SERVICE I S S U P P L I E D WEEKLY B Y OUR CORRESPONDENTS
LOCATED IN THE LEADING CITIES THROUGHOUT AMERICA.
Published Every Saturday at 373 Fourth 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,
$3.50; all other countries, $5.00.
ADVERTISEMENTS, $3.50 per inch, single column, per insertion. On quarterly or
yearly contracts, a special discount is allowed. Advertising pages $110.00.
REMITTANCES, In other than currency forms, should be made payable to Edward
Lyman Bill.
Player-Piano and
Technical Departments.
Departments conducted by an expert wherein all ques-
tions of a technical nature relating to the tuning, regu-
lating and repairing of pianos and player-pianos are
dealt with, will be found in another section of this
paper. We also publish a number of reliable technical works, information concerning which
will be cheerfully given upon request
Exposition Honors Won by The Review
Grand Prix
Diploma
Paris Exposition, 1000
Silver Medal- • .Charleston Exposition, 1008
Pan-American Exposition, 1001
Gold Medal
St. Louis Exposition, 1904
Gold Medal..Lewis-Clark Exposition, 1005
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Cable address: "ElblLL. New York."
NEW
YORK,
NOVEMBER
21,
1914
EDITORIAL
T
HE inauguration of the Federal Reserve Bank System on
Monday last marks a momentous move for the music trade
industry as well as for every other line of business wherein com-
mercial paper is so largely used. Confidence plays a leading role
in inducing enterprise in business, and no one factor can do more
to bring about relief to strained monetary conditions, and re-estab-
lish credit on a sounder foundation, than these new banks.
Credit, like money, is the life blood of trade, and the arteries
of commerce receive their impulse from sound credits. Factories
and stores are continually borrowing money, and when their facili-
ties in this direction are curtailed their productive capacity is to
the same extent diminished and enterprise lags. That is what has
been happening for some time. Now the prospect is for a loosen-
ing of the pursestrings so far as legitimate business is concerned.
The rules, too, which have been laid down for the guidance of
the banks under the system which went into effect Monday do not
interfere, as it was feared they might, with the customs to which
business has been adapting itself for the last half century. Very
wisely, it has been deemed advisable to make no discrimination
against single name paper, as noted in the very illuminating analysis
. which appears elsewhere in The Review.
Adequate precaution has been made for protection against
overissue of notes by mercantile houses. Notice must be given by
the latter of the amount of paper they intend to issue and the
primary bank's assent is necessary before this amount can be ex-
ceeded. Then, too, the credit standing of a house must be had, and
there is a limitation as to the amount that can be loaned to any per-
son, firm, or corporation by a bank. By means of these precau-
tions there will grow up a perfect credit system, with information
available to every bank under the Federal Reserve Board, that will
tend to eliminate the unworthy borrower. This, in turn, is bound
to help the worthy one.
With the emancipation of commercial credits in this country
from the control of the inelastic currency system which has bur-
dened the bankers and business interests for half a century, the way
should be open for an unparalleled expansion in commercial and
industrial activity in this country through the starting of this new
Federal Reserve System and the accompanying release of $460,000,-
000 in gold and legal tenders from the bank reserves of the
country. Under the reduced reserve requirements of the Federal
Reserve act this means the establishment of a basis for a loan
expansion of $1,000,000,000 approximately.
TTENTION is called to some statistical matter presented
A
elsewhere in this issue regarding the demand for musical
instruments in foreign lands, obtained by J. H. Shale and sent out
by Secretary Hill, of the National Piano Manufacturers' Associa-
tion. Along these lines we desire to say that for a long time past
we have been giving close study to the possibilities for American
trade abroad, and have collected much valuable data which will
be of value to our clients. Through the breakdown of the indus-
trial forces of England and Germany, there are now opportunities
for American musical instruments in lands where the trade has
hitherto been controlled by these countries.
We may say in this connection that we are in a position to
serve the interests of our clients in a material way. We have pub-
lished an export paper and we have spent considerable time and
money in securing names of piano and music dealers in the various
countries throughout the globe. To these firms will be sent copies
of The Music Trade Review, so that advertisers should realize that
this paper possesses a trade-building influence controlled by no
other publication in this particular field.
While at the present time conditions are, of course, more or
less disorganized throughout the world, yet it will pay American
piano manufacturers to give closer attention than hitherto to the
development of trade abroad.
i
T
HE announcements from various sections of the country to
the effect that pianos of recognized standing have been selected
for use in public schools in different cities indicate that the edu-
cator himself has been educated; that the member of the school
board who has a part in selecting the supplies, as well as the gen-
eral public, has come to realize that in buying pianos for the use
of children in the schools it is a matter of good business to select
instruments of recognized standing and quality; that it is not
always the purchase of a bargain instrument that means economy.
Within the past few weeks pianos made by concerns of national
reputation have been selected for use in public schools.
Piano dealers in every city should work together to educate
school boards regarding piano values—to teach them that in in-
structing the- child properly only the best equipment should be
used, if good results are desired. The child who is used to playing
and hearing a good piano during school years will demand a good
piano for the home, and such an influence will react directly to
the benefit of the piano men.
C
ONSTRUCTIVE work! That is what counts in trade paper
work as in other lines of human endeavor, and because The
Review is different—because it supplies piano merchants and sales-
men with new selling powers—is one of the reasons why it is
growing more popular with every department of the trade.
A traveling salesman who returned recently from a Western
trip said: "I am convinced that The Music Trade Review stands
closer to the great retail trade than any other music trade paper.
The dealers like it and they read it—in fact, the advance of The
Review within the past few years in the trade esteem has been to
my mind somewhat surprising."
Here is a communication along similar lines. Under date of
November 9, in enclosing a subscription to The Review, L. B.
Gorton, of Paw Paw, Mich., writes:
"Again permit me to express my high regard for the broad
and efficient manner in which your splendid publication covers the
entire domain of piano trade affairs. Your constructive and edu-
cational work is most creditable. I can unreservedly state that of
all the business and trade literature reaching my desk I deem The
Music Trade Review most valuable."
J. M. Bowman, Harrisonburg, Va., in sending his subscrip-
tion, under date of November n , writes: "I am more and more
pleased with The Review each year and enjoy reading it. It is
full of good things."
And so it goes all over the country—the large and the small
dealer likes to read The Review.