Music Trade Review

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THE
ffUJIC TIRADE
VOL. LXYII. No. 23
Published Every Saturday by Edward Lyman Bill, Inc., at 373 4th Ave., New York. Dec. 7, 1918
Single Copies 1* CeaU
$8.0© Per Year
The Period of Readjustment
A FTER the business uncertainties existing during the several years of war the great majority of business
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men, all of them, in fact, are finding new problems to be faced in the approaching period of recon-
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% struction, or, as one piano man more properly terms it, the period of readjustment.
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There are, of course, conflicting views regarding what may be expected by business men, and
particularly by piano men, both manufacturers and retailers, during the next couple of years, and until con-
ditions really get back to normal. There are, of course, the pessimists, who see nothing but a demoralization
of industry and of labor during the process of readjustment and reallocation. The great majority, however,
are optimists, who believe that conditions for the next few years will be such as to secure at least some measure
of prosperity.
The optimists, may it be said, appear to have the balance of argument in their favor. There will, of
course, be many millions of men returned from military service and direct war work into the pursuits of
peace, but this does not in any sense indicate that there is going to be any tremendous drop in their earning
power. Wages will have to be stabilized in a certain measure, but the losses incurred by war workers in the
matter of wages will be more than offset by the earnings of the several million men who, while in military
service, have been consumers rather than producers, and who dropped out temporarily from the purchasing
element.
The big argument in favor of future prosperity is the fact that construction and development work of
all kinds has been at a standstill in Europe for over four years, due directly to the war, and in America for a
similar period, due both directly and indirectly to the conditions surrounding the conflict, the high cost of
materials and labor in particular making it dangerous to speculate in developments with a possible early drop
in value.
- In other words, the greater part of the world has been standing still, or possibly going back, for a period
of four years, and it will be the task for a number of years to come to make up for this period of lethargy, and
bring the developments up to the normal point where they would have been under ordinary conditions of
progress.
America for the next two years is going to be the market place of the world. From this country all
Europe must draw a large percentage of their building materials for purpose of reconstruction, their agri-
cultural and industrial material, and even their food, for it will be some time before the agricultural situation
abroad can be adjusted.
This all means that the demand upon our material resources is going to be heavy, that labor is going to
be employed steadily and at substantial wages, and that those in industrial and agricultural pursuits will
have a fair supply of money to put into circulation. It means that piano manufacturers and dealers are,
barring the unexpected, going to find substantial fields available for their products, even though increased
production now possible will enable them to keep closer to the demand for musical instruments than under war
conditions.
Perhaps there will be no tremendous labor prosperity, but it is quite certain that there is little likelihood
of a financial or industrial panic raising its head before us. It is a recognized fact that after all the wars of
the past century there has been a substantial period of good times. There is no reason to assume that the
same rule should not hold good after the greatest war in history. Certainly there is great work to be done.
Work means demand for materials and labor and demand for materials and labor means money in circulation.
Undoubtedly the piano men will get their share of the prosperity which is already discernible to those who
read the signs of the times aright.