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THE MUSIC TRADE REVIEW
ness men interpret the effect of the war as restraining big develop-
ment programs rather than destroying or discouraging industry in
this country.
For the time being the difficulties of the new tariff law which
threatened to throw the manufacturing community into a slough of
despond have been partially forgotten. Imports have greatly de-
creased, as the (iermans and the Allies have been absorbed in other
pursuits. Exports have soared to heights not even dreamed of, and
effect of the tariff as of normal times has been thrown entirely
EDWARD LYMAN BILL - Editor and Proprietor the
out of focus, so that no reasonable gauge can be made of what the
J. B. SPILLANE, Managing Editor
business of the country must face from the tariff when world mar-
Executive and Reportorial Staff:
kets are restored.
B. ±5RITTAIN WILSON,
CARLETON CHACE,
L. M. ROBINSON,
GT.AD HENDERSON,
A. J. NICKLIN,
AUGUST J. TIMPE,
WM. R. WHITE,
L. E. BOWERS.
The tariff", therefore, for the time being has been almost for-
BOSTON O K * ' H ; K :
CHICAGO O F F I C E :
,. . . .
„,. ,,, , . .
.
E. P. VAN HARLINGEN, Consumers' Building,
gotten in present operations, with the result that certain classes of
JOHN H WILSON, 324 Washington St.
Telephone, Wabash 5774.
industry have leaped ahead. The tariff, however, is one of the
lelephone, Main 6950.
g KINGWILL, Associate.
L.OXDOIV, ENGI,HVD: 1 Gresham Buildings, Basinghall St., E. C.
potential forces that are making for conservatism as to future con-
N E W S S E R V I C E IS S U P P L I E D W K K K L V HV OUR C O R R E S P O N D E N T S
structive programs, though the war, say business men, has done
L O C A T E D IN T H E L E A D I N G C I T I E S THROUGHOUT A M E R I C A .
much
to remove some of the fear in which it was held. This is
Published Every Saturday at 373 Fourth Avenue, New York
based
on
belief in the increased difficulty Europe will have to com-
Entered at the New York F'ost Office as Second Class Matter.
pete
with
this country after the war is finished, because of the prob-
SUBSCRIPTION (including postage), United States and Mexico, $2.00 per year;
Canada, $3.50; all other countries, $5.00.
ability of higher costs for labor and heavy extra expenditure for
A D V E R T I S E M E N T S , $3.50 per inch, single column, per insertion. On quarterly or
reconstruction.
yearly contracts, a special discount is allowed. Advertising pages $110.00.
HKM1TTANCES, in other than currency forms, should be made payable to Edward
l.yman Hill.
Back of all the increased optimism of sentiment belief in a
definite turn in business sentiment is based on a moderate, but a
Departments conducted by an expert wherein all ques-
tions of a technical nature relating to the tuning, regu-
very real improvement in the volume of business in the last several
Honafttnonic
lating and repairing of pianos and player-pianos arc
VCfldl I l l i e i l O . , |
a ther section of this
weeks. The steel business, though in no marked degree, has shown
paper.
We also publish a number of reliable technical works, information concerning
which will be cheerfully given upon request.
a healthier tone in the last several weeks. Railroad earnings begin
to make a better showing, though very gradual. The dry goods
Exposition Honors Won by The Review
Grand Prix
Paris Exposithu, 1000
.9t7-'
and retail trade made substantial progress in the last week or two.
Diploma. . . . Pan-American Exposition, 190i
Gold Medal
St. Louis Exposition, 1904
Gold Mcdal. . Lewis-Clark Exposition, 1905.
The profound belief in the soundness of the country's financial
IiONG DISTANCE T E L E P H O N E S — N U M B E R S 5982—5983 MADISON SQ.
and
business condition, which has been the surprising feature of
Connecting' all D e p a r t m e n t s
Cable a d d r e s s : " E l b i l l , New York."
the last week, has been a steady development. It has existed for
months beneath the surface. It has been only in the last two weeks
NEW YORK, A P B l J T l 7 , 1915
that it has cropped out into strong public expression. Practically
all of the big men of New York, in private conversation, admit
feeling a strong impulse of optimism.
EDITORIAL
Back of the outward signs of a returning better feeling, bank-
ers, manufacturers and merchants say that the Federal Reserve
HAT about business? Has the tide definitely turned? These
system, in giving the country a financial strength never before real-
are the questions which were asked by the New York Sun
ized in operation, is the primary consideration as a factor respon-
of the presidents of the Chambers of Commerce of more than fifty
sible for the upturn.
of the leading- industrial cities from Chicago East and from the
The astonishing ability of the country to absorb without the
Mason and Dixon Line North.
least sign of difficulty the enormous amounts of American securi-
It asked the candid opinions of many local business leaders,
ties that Europe has sold here in recent months, in addition to the
and the answers, as printed in last Sunday's issue of this publica-
huge foreign loans that have been floated here, has for the first
tion, are generally optimistic. Of course there are exceptions, but
time in the last week opened the eyes of the business and financial
it is rro exaggeration to say that the majority of the replies ex- communities to the fact that the country has at last a financial sys-
pressed the views that business has turned the corner of the road
tem that is adequate and powerful.
"prosperity."
The stimulus of the resulting confidence in a steady money
The speed which business has acquired in its race to "good
market, free from the danger of explosions and financial wrecks,
times" varies in different localities. War has brought good busi-
has been of untold influence in producing a better spirit.
ness to many industries, but has injured others. Retail trade is in
Every indication points to the fact that, especially in the last
the poorest condition.
two weeks, the terrific depression and anxiety of the first days of
Since 1902 there has been scarcely a period that could be called
the war last year have almost been forgotten in the minds of finan-
genuine "good times." But this collection of views seems to point
cial and business leaders. The details of those clays are foggy and
to their return, barring accidents, at no distant date.
the period is looked upon as a thing of history long past.
Thus far, the actual results in dollars and cents have been rela-
The business community feels that the international exchange
tively small. The change has been largely one of returned confi-
situation is well in hand, the receipts of gold from abroad have in-
dence and renewed determination to undertake operations consid-
creased reassurance and the financial and banking situation is felt
ered for a long time as hopeless. The change is based primarily in
to be eminently sound.
a returned belief in bettered fundamentals. A fairer attitude of
the Government at Washington toward business and its very evi-
HE recital idea which has proven so successful with a great
dent and not entirely unselfish desire for two years of pronounced
many concerns in the trade, particularly as it relates to the
prosperity, a less hostile program of legislatures against business.
exploitation of the player-piano, has been developed in a number
the marked change in the courts to an attitude of sympathetic and
of ways that adds materially to its value from a sales point of
careful attention to the rights and benefits of corporations in inter-
view. The piano department of an Eastern concern, for instance,
preting the principles of the anti-trust laws, have convinced large
features a musical hour each day, from 1 to 2 p. m., when the
numbers of business leaders that the gate has been opened in the patrons of the store are free to wander through the piano salon or
country for a period of development and construction.
rest from a busy morning at shopping in one of the many easy
While business leaders hold that there can be no boom in in- chairs distributed about. No program is given out, and no for-
dustrial and commercial activity in this country until after the war
mality observed in any particular. It is rare indeed, however, that
is finished, it is recognized that the war has not been without its
a member of the impromptu audience goes out without at least
benefits to this country. The war has not been the devastating or
passing the time of day with the salesman and frequentlv giving
blighting thing on business in the United States that the first fears
the store of information that is desired by piano prospects.
from the terrible derangement of finance seemed to indicate. Busi-
Another house in the Middle West has had a small pipe organ
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