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THE MUSIC TRADE REVIEW
EDWARD LYMAN BILL - Editor and Proprietor
J. B. SP1LLANE, Managing Editor
Executive and Reportorlal Stall:
B. BKITTAIN WILSON,
A. J. NicKLiN,
<"A»LETON CHACE,
AUGUST J. TIMPE,
L. M. ROBINSON,
W K . B. WHITE,
GLAD HENDMSOW,
I-. E. BOWERS.
BOSTON OFFICE
CHICAGO OFFICE:
fr,-»TTWTi«rn. H i Wuhinirtnn Si
E. P. VAH HARLINGIN, Consumers' Building.
fo.M H. WILSOM, » 4 Washington &t.
280 go g ^ Street
Te ,
h
W a b a s h 6774
Telephone, Main 8950.
HENRY S. KINGWILL, Associate,
LONDON, ENGLAND: 1 Gresham Buildings, Basinghall St., E. C.
NEWS SERVICE I S SUPPLIED WEEKLY BY 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.
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REMITTANCES. In other tkan currency forms, should be made payable to Edward
Lyman Bill.
PlflVPF-PiiHIA Jinil
I lOJCl I laUV aUU
Departments conducted by an expert wherein all ques-
technical nature relating to the tuning, regu
lating and repairing of pianos and player-pianos are
t ; o n s o f a
.
dealt with( W |J! be f o u n £ in a n ( , t h e £ gection of t y 8
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, 1900
Silver Medal.. .Charleston Exposition, 1901
Pan-American Exposition, 1901
Gold Medal
St. Louis Exposition, 1904
Gold Medal.. Lewis-Clark Exposition, 190S
_ _
tLOVCI DISTAWCE TELEPHONES—NUMBERS
5982—5983 HASIIOH SQ.
Connecting 1 all Departments
Cable address: "ElbiU. N i w York."
NEW
YORK,
JANUARY
23, 1915
EDITORIAL
I
'"INHERE is now a well developed plan for the formation of a
-L
permanent organization composed of members of the sup-
ply trade. The official title is "The Piano Supply Manufacturers'
Association." A. L. Hernstein is general manager, and he states
that the association has for its object "the purpose of curtailing
losses, as well as to overcome certain abuses that are at present
existing in the trade." He has secured the signatures of some
well-known members of the supply trade to the association, which
briefly proposes to maintain complete records of the ledger experi-
ences of each member of the association, and to furnish credit in-
formation to such members upon request. To procure periodically
from manufacturers of pianos signed financial statements and fur-
nish copies of such statements to members of the association. To
secure co-operative action among members of the association with
the view to preventing indiscreet and promiscuous institution of
bankruptcy proceedings against debtors, and render to worthy
debtors such assistance as may be necessary to enable them to dis-
charge their obligations.
In accomplishing the foregoing purposes, according to the
subscription agreement, it is the intention of the association that
all members shall be placed on a footing of absolute equality.
A number of prominent supply men have expressed their be-
lief in the good resulting from an organization formed for mutual
protection.
T must he apparent to all interested parties that the time lost in
the adjustment of the H. P. Nelson Co.'s affairs means a
material lessening of the assets.
Since the company encountered financial difficulties there have
been frequent meetings between the creditors and their legal rep-
resentatives, but as a whole, no satisfactory get-together policy has
been decided upon. This delay has caused a great depreciation
in a valuable piano producing property, and idle drifting means a
greater loss. Every week which is lost in discussion as to policies,
without action, means a still further shrinkage.
It would seem as if the men whose business interests are in-
volved should be fully aware of the fact that one practical man at
the head just now would be worth a good deal to the creditors,
much more than a bunch of theorists.
H. P. Nelson, through his representative, at the first creditors'
meeting, asked to be placed at the head of the producing end of
the enterprise, while the financial affairs of the company be placed
in the hands of men who were trained in that particular field. If
this plan had been accepted immediately, it would have aided mate-
rially in the debt-paying power of the business.
People who know H. P. Nelson well realize that there is not
his superior in this country as a factory manager. His special
ability in this field has been clearly demonstrated, and it would
seem that the best way to place the H. P. Nelson business so that
the creditors would realize quickly would be to accept the proposi-
tion as originally proposed by Mr. Nelson. There is nothing that
we have seen thus far that approaches it.
There are plenty who believe that had not Mr. Nelson met
with the unfortunate automobile accident his business enterprise
would have been successfully continued under his direction. Mr.
Nelson was not a trained financier, and the great mistake which
he made was in attempting to conduct the end of his vastly de-
veloped business to which by training and education he was an
entire stranger. Had he confined his energies to the manufactur-
ing department, as he proposes to his creditors now to do, giving
them charge of the financial end, it is probable the H. P. Nelson
history of the past few months would not have been recorded.
C
ONDITIONS in the music trade industry for the opening
weeks of the new year' show a distinctly upward trend, and
a feeling of optimism prevails that i< well revealed in the tenor of
the correspondence reaching The Review from all parts of the
country. The pessimism which held sway the greater portion ot
last year in trade circles, and which undermined the confidence and
fa th of many on the future of the country, is being successfully
dissipated. Developments are significant of the improving tenden-
cies in business. In a financial and trade sense the United States
to-day holds a large part of the rest of the world in the hollow of
her hand. Last week gold arrived here, or has been consigned
here, from China, Japan, London, Canada and Cuba, and credits
have been established, meaning subsequent gold imports, with
Russia, Italy, Holland and Spain. No present phase of the New
York money market is so conspicuous as its internationalism.
Last week's exports of merchandise from the port of New
York were among the largest in known value on record, while
the credit balance of the entire country for the first half of Jan-
uary is estimated at between $50,000,000 and $60,000,000. No
wonder exchange from practically every point on the globe is in
favor of New York.
So abrupt has been the change with respect to London that
whereas she was inclined to compel gold shipments from us of
great size in November, she is now worried lest we exact payment
in kind for current purchases. In the four months to November
30 imports from the United Kingdom to the United States were
$95,722,590, as against $87,961,269 for the same period of 1913.
In a like period exports to the United Kingdom were $215,892,297,
against $304,405,644 the year before, so our credit in the August-
November term was less by nearly $100,000,000 than in 1913.
However, in the following six weeks the old proportions have been
re-established. This holds true in even greater degree with conti-
nental countries, to which our foodstuffs, raw materials, machinery,
war munitions, horses and automobiles have become a necessity.
There is no doubt that the better treatment of the railroads
has had a most potent effect in creating an easier feeling in business
circles. The railroads arc now going ahead with confidence, placing
orders for supplies and opening up their repair shops, with the
result that a large army of men have been put to work.
The piano trade, of course, will not feel the improved condi-
tions as quickly as other industries, but, inasmuch as stocks are low,
the very smallest degree of betterment will be felt immediately
by manufacturers, for dealers must place orders.
The larger cities complain of an unusual amount of idle peo-
ple, but efforts are being made on all hands to start public enter-
prises and give employment, all of which should have a beneficial
effect, not only in the piano trade but in other lines of business.
The outlook, broadly considered, for the year so recently
opened is most gratifying and everything points to a more active
resumption of business in the spring. There is a feeling of hope
and confidence in the air—the true American spirit.