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THE MUSIC TRADE
REVIEW
REVIEW
upright entirely, from present prospects it will, like the player-piano,
prove a strong competitor of the straight upright. What has been,
and is being accomplished in the marketing of the small grand is
of sufficient importance to make that newest trade factor worthy of
serious thought.
was considerably over a year ago when the question of trade
I T acceptances
was brought before the members of the piano indus-
try at a dinner of the New York Piano Manufacturers' Association,
w r hen a prominent banker not only lent his endorsement to the plan,
but explained in detail just how it tended towards improving busi-
ness generally and placing credits on a sounder basis. Since that
J. B . SPILLANE, Editor
time the question of trade acceptances has cropped up now and then
J. RAYMOND BILL, Associate Editor
AUGUST J . TIMPE
.
.
.
.
.
.
B u s i n e s s Manager
in the industry, but beyond expressing themselves as being in favor
of the system, the piano men have taken no definite action.
Executive a n d Reportorial Staff :
B. BIITTAIN WIISON, CARLETON CHACR, L. M. ROBINSON, WILSON D. BOSH, V. D. WALSH,
The movement for substitution of the trade acceptance for
W H . BRAID WHITE (Technical Editor), E. B. MUNCH, A. J. NICKLIN, L. E. BOWERS
BOSTON OFFICE:
CHICAGO OFFICE
the so-called "open book account" in mercantile transactions as sug-
JOHN H. WILSON, 324 Washington St.
E. P. VAN HARLINGEN, Consumers' Building,
gested by the provisions of the Federal Trade Act received a par-
Telephone, Main 6950.
220 So. State Street. Telephone, Wabash 5774.
HENRY S. KINGWILL, Associate.
ticularly powerful impetus at a conference held at the Hotel Astor
LONDON, ENGLAND: 1 Gresham Buildings.. Basinghall St., D. C.
NEWS SERVICE 18 SUPPLIED WEEKLY BY OUR CORRESPONDENTS
last week under the auspices of the National Association of Credit
LOCATED IN THE LEADING CITIES THROUGHOUT AMERICA.
Men, and which was attended by over 250 members, including rep-
Published Every Saturday at 373 Fourth Avenue, New York
resentative bankers, merchants and executive officers of trade
associations.
Entered at the New York Post Office as Second Class Matter.
The conference was called for the purpose of discussing the
SUBSCRIPTION (including postage), United States and Mexico, $2.00 per year;
Canada, $3.50; all other countries, $5.00.
subject of trade acceptances from all angles, and it is believed that
ADVERTISEMENTS, $4.50 per inch, single column, per insertion ,On quarterly or
yearly contracts a special discount is allowed. Advertising pages, $130.
when the sentiment has been properly crystallized in banking and
REMITTANCES, in other than currency forms, should be made payable to Edward
Lyman Bill, Inc.
mercantile circles an agreement on the general form of trade accept-
Departments conducted by an expert wherein all ques-
ances should be comparatively easy.
Player-Piano and
tions of a technical nature relating to the tuning, regu-
'lating and repairing of pianos and player-pianos are
J. H. Tregoe, secretary-treasurer of the National Association
• dealt with, will be found in another section of this
paper. We also publish a number of reliable technical works, information concerning
of Credit Men, in calling the meeting to order, explained that a trade
which will be cheerfully given upon request.
acceptance was a bill of exchange drawn by the seller on the pur-
Exposition Honors Won by The Review
chaser
of goods sold and accepted by such purchaser, and added:
Grand Prix
Paris Exposition, 1900 Silver Medal.. .Charleston Exposition, 1902
Diploma ...P*n-American Exposition, 1901 Gold Medal
St. Louis Exposition. 1904
"To
be eligible for purchase by a Federal Reserve Bank, the
Gold Medal...Lewis-Clark Exposition, 1905
bill
must
have arisen out of an actual commercial transaction, do-
LONG DISTANCE TELEPHONES—NUMBERS 6982—6983 MADISON SQ.
Connecting all Departments
mestic
or
foreign; that is, it must be a bill which has been issued
Cable address: "ElblH, New York."
or drawn for agricultural, industrial, or commercial purposes or
NEW YORK, MARCH 17, 1917
the proceeds of which have been used or are to be used for the
purpose of producing, purchasing, carrying, or marketing goods in
one or more of the steps of the process of production, manufacture,
ED1TORIAL-
or distribution. It must have a maturity at time of purchase of
not more than ninety days, exclusive of days of grace."
N another section of The Review this week, there appears a most
In view of the action taken by the credit men and the interest
interesting symposium of views of piano retailers regarding the
displayed in the matter of trade acceptances by bankers and repre-
present demand for the small grand piano, the reasons therefor,
sentative merchants generally, it would seem that the members of the
and the possibilities of future development. The opinions of the piano trade should give the matter more serious consideration, for
merchants are published just as they are presented, whether favor-
if the trade'acceptances become recognized as a factor in general
able or unfavorable, and it is, therefore, pertinent to remark that
business usage, the piano men will probably of necessity have to
the general decision appears to favor the small grand piano very
develop their business along such lines, and it is well to be prepared.
strongly.
The question of credits has always been a sore point in this in-
dustry. Anything that will tend to improve or strengthen the credit
It is naturally difficult to assign one thoroughly satisfactory
situation should be looked upon with favor, and supported not pas-
reason for the present status of the small grand, but the most gen-
sively but actively.
erally accepted reason and probably the nearest correct one is that
the concentration on that type of instrument by many manufactur-
ers has resulted in an improved product at a reduced cost. In other
EADERS of The Review may be interested to know that less
words, the small grand, so far as price is concerned, has been placed
than 6 per cent, of the total annual output of manufactured
on an almost equal basis with the high-class upright, yet possessing
articles in the United States are exported, and more than 94 per
numerous advantages that are associated solely with grand
cent, are consumed at home. The value of manufactured goods is
construction.
placed at $20,000,000,000, as against $28,000,000,000 produced in
Take the work of the Brambach Piano Co., for instance, as an the United Kingdom, Germany, France, and Austria-Hungary com-
bined. While the United States exports less than 6 per cent., the
example. This company was established for the sole purpose of
four foreign countries export annually 16 per cent, of their
manufacturing small grand pianos at a time when many manufac-
production.
turers looked askance at this particular type of instrument, although
These facts and figures are cited by J. Howard Ardrey, vice-
manufacturing it to a limited degree. Mark P. Campbell, president
president of the National Bank of Commerce in New York, not
of the company, several years ago was emphatic in his declaration
with the view of belittling America's foreign trade, but merely, as
that the field for the grand piano, particularly the small grand, was
he says, for the purpose of bringing the consideration of foreign
practically a virgin field, and that the output of those instruments
trade problems into a "proper perspective." It is necessary to bear
would be increased from hundreds to thousands annually in short
in mind, he says, that our domestic business is, and will for a long
order. Mr. Campbell's prophesy, largely through his own efforts
time remain, overwhelmingly in the majority.
in the good work of his company, has come true.
"Possibly the very skilled and entirely honest publicity which
Other manufacturers have seen the light, and while not hold-
has been given to foreign trade openings in the last few years has,"
ing themselves exclusively to the manufacture of the small grand,
he says, "here and there tended to produce a public impression
have enlarged the department in their plant devoted to the manufac-
slightly out of proportion to the facts. For example, an infinite
ture of those instruments, giving more attention to said depart-
amount of newspaper and magazine space has been given to our
ment. Although even the most enthusiastic advocate of the small
trade with South America. One hardly hears our Cuban trade men-
grand would hardly claim that that instrument would supplant the
PUBLISHED BY EDWARD LYMAN BILL, I n c .
President, C. L. Bill, 373 Fourth Ave^ New York; Vice-President, T. B. Spillane,
373 Fourth Aye., New York; Second Vice-President, J. Raymond Bill, 373 Fourth Ave.,
New York; Secretary and Treasurer, August J. Timpe, 373 Fourth Ave., New York.
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