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THE MUSIC TRADE REVIEW
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PUBLISHED BY EDWARD LYMAN BILL, Inc.
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WM. BRAID WHITE (Technical Editor), E. B. MUNCH, A. J. NICKLIN, L. E. BOWERS
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Vol. LXVIII
NEW YORK, FEBRUARY 15, 1919
No. 7
EDITORIAL 1
and financial circles are not enthusiastic over the new
B USINESS
Revenue bill which is now practically awaiting the signature of
the President to become a law, largely because it imposes severe obli-
gations on business men at a time when they desire support rather
than hindrance to their progress. If there are any compensatory
features in this bill, however, they are to be found in the fact that
it compels innumerable people, including a great many dealers in
the music industry, to obtain a definite understanding of their finan-
cial resources, their expenditures, and their general cost of doing
business. In other words, it is going to force them to keep books
and in this way they are compelled to get a very excellent knowledge
of what it costs them to do business, with the result that a great deal
of "lost motion" is eliminated.
Selling on long time at low terms and at no, or small, interest is
due to the fact that there are a few dealers who do not figure out
their expenses correctly, or else do not know whether they are
making or losing money. Revenue laws for the last year or two
have compelled people in private, as well as bus.iness life, to keep
track of their income and expenses, and this has conduced to busi-
ness health and business stability. The old saying has it "out of
evil cometh good," and while we can denounce the drastic features
of the new Revenue bill, and the undesirability of taxing business
at a time when it needs support, yet it is well to acknowledge that
it has brought about some good.
DDED impetus has been given to the constantly growing inter-
A
est in export trade by the action of the United States Shipping
Board in releasing as rapidly as possible vessels from Government
service and placing them back in trade service again. The chief
drawback to the development of export trade during the past three
years has, of course, been the scarcity of bottoms available for non-
war commerce, but now that vessels are rapidly being placed at
the disposal of manufacturers there should be a quick increase in
the volume of export business done by America. The recent cutting
of ocean freight rates, announcement of which was made in the last
FEBRUARY 15,
1919
issue of The Review, has reduced the cost of transportation to for-
eign countries by an appreciable amount, and it now remains for
American manufacturers to grasp the opportunity thus afforded
them to establish themselves permanently in foreign markets. The
piano trade is showing a lively interest in the possibilities for export
trade, especially in South America, and the consensus of opinion of
those men in the industry who are far-sighted and who read the
signs of the times aright is that there never before has existed a
better opportunity to entrench American-made musical instruments
in foreign markets. At the present time, of course, manufacturers
are striving to keep pace with the demand for instruments to supply
the domestic trade, but the manufacturer wiho is looking ahead to
the time when production will equal home demand must realize that
the export trade offers him a wonderful opportunity to dispose of
the increased production which will be possible as soon as industry
has reorganized itself firmly on a peace basis. The export field is
an especially fertile one for manufacturers of musical instruments,
and those manufacturers who do not appreciate the opportunity con-
fronting them, and make their plans accordingly, will eventually
regret their short-sightedness and lack of initiative.
T
HE elevation of James F. Bowers to the presidency of Lyon
& Healy, Chicago, is a matter of direct interest, not only to the
members of that company, but to the various divisions of the music
industry at large, for Mr. Bowers has for years taken an active
interest in practically all the recognized divisions of the trade, and
enjoys, we believe, the distinction of being the only man who has
held official positions in the associations of the piano, talking machine
and music publishing trades.
Mr. Bowers has full rights to the title of veteran in the trade,
for he first joined the forces of Lyon & Healy forty-eight years ago,
and it was not many years before he became a prominent factor in
that organization, and for that matter the industry at large. Mr.
Bowers is perhaps best known to the trade at large for his activities
in Association matters during the years he has been high in the
official councils of the National Association of Piano Merchants.
He has been, and is, one of the leading factors in the National
Association of Talking Machine Jobbers, and has served as president
of that organization, and was likewise one of the founders and for
years president of the Music Publishers' Association of the United
States.
He is a man of strong convictions, with the ability to gain a
quick grasp of the facts as they are presented in discussion. More
than one discussion that has lasted for hours has been settled by a
few terse and logical remarks from Mr. Bowers, and his willingness
at all times to defend his position and stand up for a principle has
won him the wholesome respect of not only those who have been
lined up with him, but those who have at times opposed him.
Mr. Bowers enjoys a country-wide reputation for wit, and there
is no record of an occasion when he lacked the proper words to
meet the situation, especially when presiding as toastmaster or chair-
man of a meeting.
It is well to say, therefore, that, due to his national prominence,
the election of Mr. Bowers to the presidency of Lyon & Healy is
a matter of more than ordinary interest, and it is a question who is
to be most congratulated—Mr. Bowers, the company, or the in-
dustry at large.
F^INDING America no better prepared for peace than she was
* for war, when it came, the American Exchange National Bank
in its monthly letter urges a national stock taking that our resources
may be revealed and a decision reached as to what can be done as
soon as the Government clears the way. Adverting to the reabsorp-
tion in industry of some 3,500,000 men from our military forces,
the bank remarks: "If every man and woman who is capable of
engaging in productive work can be employed in producing real
wealth in the form of commodities and finished merchandise, con-
sumption will keep pace with production. In this country there
should be work for every one, and there will be if our trade and
industries are under proper direction. Our business men should be
free to work out their own salvation with as little interference on
the part of the Government as possible. Government direction de-
stroys initiative, which is the most valuable characteristic of the
American people. We should not fear a disturbance of business
and labor conditions because our armies are about to be disbanded."