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DECEMBER 18,
1920
THE MUSIC TRADE
REVIEW
$100,000,000 CORPORATION TO FINANCE EXPORT TRADE
NEW PENNSYLVANIA ASSOCIATIONS
New Organization Formed Under the Provisions of the Edge Law at Meeting Held in Chicago
Last Week—Expected to Be Ready to Operate Soon After January 1
Movements Now on Foot to Organize Music
Dealers of Philadelphia and Lancaster Into Lo-
cal Associations as a Result of the Movement
for the Organization of a State Body
CHICAGO, III., December 13.—With the object
of financing long-term foreign loans to build up
the export trade of the United States the For-
eign Trade Financing Corp. was launched here
last week and a committee of thirty was named
to perfect the organization immediately. John
McHugh, vice-president of the Mechanics and
Metals National Bank of New York, was
named to head the committee and has consented
to serve as permanent chairman of the board of
directors.
The general plan for the Foreign Trade
Financing Corp. was set forth at length in a
special article m The Review last week and rep-
resented the idea as presented at the conference
in this city.
Following addresses by leading American
bankers, industrial and agricultural heads a com-
mittee on plan and scope presented its conclu-
sions to the conference, which was called by
the American Bankers' Association. The com-
mittee named a permanent organization commit-
tee of thirty prominent business men, recom-
mended organization of a corporation capital-
ized at $100,000,000, with a potential capacity of
$1,000,000,000, and asked for an immediate
$100,000 subscription to underwrite the corpora-
tion's organization activities.
The report of the committee was unanimously
adopted, and following adjournment of the con-
ference the permanent committee went into ses-
sion for its preliminary work. It is planned to
perfect organization and have the corpora-
tion in operation by January 1, 1921.
The plea for an underwriting subscription was
answered immediately and the total amount of
$100,000 raised within ten minutes.
The conference unanimously adopted a report
of the committee on plan and scope. The cor-
poration directors are to be chosen as represent-
ative of commerce, finance, agriculture and in-
dustry, with due regard to geographical repre-
sentation.
The committee named to supervise the for-
mation of the corporation includes John Mc-
Hugh, Herbert Hoover, Paul Warburg, Charles
H. Sabin, Fred I. Kent, A. T. Bedford, George
l\. Smith, Louis E. Pierson, John S. Drum,
James B. Forgan, Thomas E. Wilson, Arthur
Reynolds, Alexander Legg, Joseph de Frees, F.
O. Watts, J. R. Howard, J. B. Culberson, Levi
L. Rue, Philip Stockton, Oscar Wells, Julius H.
Larnes, Herbert Myrick, John S. Lawrence, E.
M. Herr, Roy D. Chapin, John J. Raskob,
Charles A. Hinsch, Peter W. Goebel, Thomas B.
McAdams and John Sherwin.
"This meeting marks the opening of a new
day," said William C. Redfield, former Secretary
of Commerce, after the conference. "1 hope that
the time will come when every industry will look
back on this occasion as the time when things
began."
Willis H. Booth, of the Guaranty Trust Co.
of New York, characterized the decision as "the
thing most necessary for the re-establishment of
confidence both in Europe and the United
States, to keep business going sanely and labor
properly employed.
"It is a unique financial corporation," he went
on, "inasmuch as it is the largest banking busi-
ness ever organized and has been started in the
open without financial profit to its originators
and broadly participated in by leaders in bank-
ing, industry and agriculture alike. It should
have the immediate effect of restoring better
feeling in this country by showing the way for
release of congested surpluses, both of farm
products and manufactured goods."
THOS. 0 . BAKER ARRIVES IN JAPAN
of piano and organ supplies, particularly piano
actions, player actions, electric player-piano
actions, keys and hammers. The prices should
be quoted f. o. b. American port of shipment.
His temporary address is Thomas G. Baker,
care J. R. Geary, 23 Water street, Yokohama,
Japan.
Well-known Piano Man Takes Charge of Plant
of Nishikawa Musical Instrument Mfg. Co. in
Yokohama—Wants Catalogs of American
Piano and Organ Supplies of All Sorts
Word has just been received by The Review
from Thomas G. Baker, well-known piano fac-
tory superintendent and piano builder, from
Yokohama, Japan, where Mr. Baker arrived on
November 22, to take charge of the plant of
the Nishikawa Musical Instrument Co., Ltd.,
manufacturers of pianos, organs, harmonicas,
violins and other instruments.
The company with which Mr. Baker is asso-
ciating himself is one of several in Japan en-
gaged in the manufacture of pianos and is large-
ly controlled by Americans. It is stated that
there are excellent prospects for developing a
substantial home market for Japanese-made in-
struments, as the stocks of imported musical
instruments brought in during the period of
war inflation are depleted.
The Nishikawa Musical Instrument Co. em-
ploys about 250 hands in its factory and the
entire force was on hand to welcome Mr. and
Mrs. Baker upon their arrival in Yokohama.
The local newspaper men were on the job and in
the Tokio Evening News of November 24 there
appeared the portrait of Mr. Baker, together
with the story of his coming to Japan. Mr.
Baker is the first foreigner to arrive in Japan
to associate himself directly with the manufac-
ture of pianos. Although the newspaper story
has the appearance • of a laundry ticket, it is
probably very interesting to those who are able
to read Japanese hieroglyphics.
Mr. Baker advises The Review that he is go-
ing to start immediately organizing and equip-
ping the Japanese factory and is anxious to
secure catalogs from American manufacturers
THE BEST KNOWN
MUSICAL
NAME
IN THE. WORLD.
VETERAN PRAISES ASSOCIATION
John W. Cunningham, of Portland, Ind., a
Music Dealer for Seventy-three Years, Writes
of the Benefits of Trade Association Work
The following letter of unusual interest was
received recently by C. L. Dennis, secretary of
the National Association of Music Merchants,
from John W. Cunningham, the veteran music
dealer of Portland, Ind., who has been engaged
in the retail music business for seventy-three
years, and with that record probably enjoys the
right of being termed the dean of the retail
trade. In his letter to Mr. Dennis Mr. Cun-
ningham writes:
"The writer wishes to express to you, and
through you, his thanks and good will for the
work of your association, for the interests of
present and future generations, in our glorious
cause, the general dissemination of the most
efficient and pleasing help to civilization—music.
"We have helped to remove the forests, the
frog ponds and in their stead build the churches,
schools and the roads that lead to them, yes,
and to instruct the pupils and improve their
lives, and make death less feared. Seventy-
three years in this service (from infancy) is
quite a while.
"You know I am interested in your business
and mine, but I have never felt like assuming the
responsibilities such as you people in organiza-
tion assume. I am too old now."
As a result of the efforts being made to have
a large attendance of music dealers of Penn-
sylvania at the meeting called in Pittsburgh on
January 17 and 18, when steps will be taken
to form a State association, there has been
brought about a revival of interest in local asso-
ciations in Pennsylvania cities, particularly
Philadelphia and Lancaster.
In Lancaster S. Z. Moore, of Kirk, Johnson &
Co., has displayed much interest in the move-
ment for a local association and his company
has expressed a willingness to take up the work
of bringing the local trade together for the
purpose of forming such a body.
In Philadelphia G. C. Ramsdell, of Ramsdell
& Sons, has already taken the initiative and has
approached the other piano and music dealers
of the city regarding the formation of a local
association, securing responses that have been
most encouraging.
Other letters which have come to Secretary
C. L. Dennis, of the National Association of
Music Merchants, who is co-operating with of-
ficers of the Piano Merchants' Association of
Pittsburgh in stimulating interest in the State
organization, point out very clearly how much
there is to be done to create a proper spirit of
co-operative competition among the merchants
of Pennsylvania, as in other States. The suc-
cess of the Ohio Association has been an incen-
tive to the organizers of the Pennsylvania move-
ment.
"Cut-throat competition of the worst kind"
is charged by one merchant, who sees the need
of outside influence for the benefit of the local
trade. He says further:
"I only recently became identified with the
music trade and soon discovered that an or-
ganization of interests in this vicinity is an abso-
lute necessity, for some of the errors in the
method of conducting business are most expen-
sive and the fundamental reason for their elimi-
nation should be brought before the people by
someone not identified with the local interests,
and, therefore, any assistance which you can
give us will be much appreciated.
"Briefly, some of the things which should be
remedied are as follows:
"1. No limiting time to lease paper, some
leases running as high as fifty-four months.
"2. No interest charged on unpaid balances.
"3. Salesmen's remuneration altogether un-
scientific.
"4. Free tunings given for a year.
"5. No limit to the amount of music rolls and
records given away free.
"6. War tax absorbed by the dealer.
"7. Piano moving done without pay.
"8. On a prospective sale with all competing
the competition is entirely void of ethical or
moral principles. Competition is cut-throat of
the worst kind."
The Music Industries Chamber of Commerce,
of which the National Association of Music
Merchants is the retail division, is giving every
aid possible toward the formation of the Penn-
sylvania Association.
SPECIAL CLUB MEETING JANUARY 6
Notices have been sent out by C. W. Bowers,
secretary of the Piano Club of New York, that
there will be a special meeting of the members
of the Club at the club rooms, January 6, 1921,
at 1.30 o'clock, for the purpose of voting upon
the following proposed amendment: "Section
1 of Article III is hereby amended so as to read
as follows: The number of members, exclusive
of gentlemen connected with the piano or its
allied trades, shall not exceed seventy-five."
THE BEST PROFIT
PRODUCER FOR THE
DEALER IN THE TRADE.