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THE
MUSIC
TRADE
REVIEW
PUBLISHED BY EDWARD LYMAN BILL, Inc.
President and Treasurer, C. L. Bill, 373 Fourth Ave., New York; Vice-President,
J. B. Spillane, 373 Fourth Ave., New York; Second Vice-President, Raymond Bill, 37i
Fourth Ave., New York; Secretary, Edward Lyman Bill, 373 Fourth Ave., New York;
Assistant Treasurer, Wm. A. Low.
J. B. SPILLANE, Editor
RAY BILL, B. B. WILSON, BRAID WHITE, Associate Editors
WILSON D. BUSH, Managing Editor
CARLETON CHACE, Business Manager
L. E. BOWERS, Circulation Manager
Executive and Rcportorial Staff
EDWARD VAN HARLINGEN, V. D. WALSH, E. B. MUNCH, LEE ROBINSON, C. R. TIGHE,
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Pi an ft and
Departments conducted by an expert wherein all ques-
-IlallU allU
tions of a technical nature relating to the tuning,
llpnartniPntC
regulating and repairing of pianos and player-pianos
V c u a l U l l C U i a a r e dealt with, will be found m another section of
this 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
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Dil'lonui
Paris Exposition, 1900
Silver Medal. . . .Charleston Exposition, 1902
Pan-American Exposition, 1901
Gold Medal
St. Louis Exposition, 1904
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LONG DISTANCE TELEPHONES—NUMBERS 5982—5983 MADISON SO..
Connecting all Departments
Cable Address: "Elbill, New York"
Vol. LXX1V
NEW YORK, JANUARY 7, 1922
No. 1
THE YEAR-END LUNCHEON IDEA
T
HE Year-End Luncheon of the New York piano trade, which
has become an accepted annual event, is an idea that reflects
distinct credit upon those who keep the plan alive by their interest
and their presence. For competitors to get together once a year
around the luncheon table to talk over- the business results of the
past twelve months and to wish each other good fortune during the
twelve months to come means the introduction of idealism into the
piano trade in a thoroughly practical sense.
The Year-End Luncheon idea is one that might be adopted with
advantage by members of the music industry in every city in the
country if only to get away from cold business facts for an hour or
two at the end of the year and meet competitors in the proper holiday
spirit. It doesn't cost much in either time or money, but the results
that have been proven in the case of the New York men are well
worth while. The spirit of camaraderie at the Year-End Luncheon
is one that is not duplicated at any other trade gathering throughout
the year.
PROTECTING THE TRADE ACCEPTANCE
F
OR several years the leading bankers, financial men and business
men of the country were strong in their endorsement of the trade
acceptance idea as a means of stabilizing credits, with the result that
the acceptance lias come into almost universal use. It is but natural
that the unscrupulous should seek to devise means for adapting the
sound trade acceptance to questionable uses for their own ends—to
secure money through dishonest practices.
The bright spot in this cloud of doubt, however, has been the
energy shown by the National Association of Credit Men in sup-
porting banks and others engaged in the prosecution of those who
have issued, or endorsed, trade acceptances with dishonest purposes
in view.
In New York at the present time, in the Court of General Ses-
sions, there is scheduled for trial an action brought by a local bank
against two former clothing manufacturers on the charge of issuing
REVIEW
JANUARY 7, 1922
fraudulent trade acceptances. One of the defendants discounted
trade acceptances amounting to over $5,000, which were accepted by
the other defendants. When the latter was called upon for payment
he refused on the ground that he had signed the acceptances merely
as accommodation to his friends. The banker recovered judgment
in civil action and the defendants have now been indicted for fraud
in the transaction.
The National Association of Credit Men has emphasized par-
ticularly to the District Attorney of New York the importance of
this case, which is held to be the first real test of the integrity of the
trade acceptance, and it is believed that if the case is proven against
the defendants and they are severely punished the lesson will not be
lost on others who may contemplate putting into effect the same
shrewd practices.
The trade acceptance has been welcomed as the means of putting
credits on a sound basis, providing liquid assets instead of stagnant
book accounts for active business houses, and eliminating many of
the dangers that lie in the open account. The success of the trade
acceptance in the future depends upon the energy with which its in-
tegrity is upheld by the courts.
THE GENERAL MUSIC STORE
D
EVELOPMENTS during the past year have demonstrated most
emphatically the advantages possessed by the general music store
as against the store devoted entirely to the sale of one type of musical
instrument in the scramble for such business as was available, or
could be unearthed.
The real reason for the success of the general music store was
that the demand appeared to vary during the year, first turning to
pianos, then to talking machines, then to musical merchandise, etc.
From late Spring until early Fall those stores fortunate enough to
handle musical merchandise reported that that was about the only
active department in their establishment. Then came the revival of
general busines's and an increased demand for the more expensive
instruments, pianos and talking machines, which reached a normal
status, or better, by Christmastime.
The experience of the year would seem to encourage the average
retailer to ask why by confining himself to one line he should be
compelled to remain inactive for certain periods of the year while
waiting for the dbnand to develop for his particular line. If musical
merchandise will sell in the Summer months, when larger instruments
are not so much in demand, why not take advantage of the fact to
handle small goods and do business? The sales organization is there,
and might as well be working as resting.
There is no question but that the general music store idea has
gained strength and has proven itself to be logical. The music
industry has devoted itself earnestly to the development of musical
appreciation with a view to creating a demand for musical instru-
ments, and it would seem that the proper thing to do is to be ready
to meet that demand after it is created and not be in a position to
serve only a certain proportion of it.
THE TARIFF SITUATION
T
H E progress of the hearings on the tariff in Washington offers
much material for the earnest consideration of the business men
of the country, including those of the music industry who are inter-
ested in having enacted a measure that will offer suitable protection
to the industries of the country without bringing about new com-
plications.
The passage of a new tariff bill has always been attended with
considerable excitement and argument, for at best the majority of
the clauses in such a measure are included for selfish reasons and
the average business man is quite as anxious to see that the materials
he buys abroad are duty free or subject to a very low tariff as he is
that his manufactured products receive the fullest protection against
foreign goods.
The opportunity is presented for the drafting of a tariff measure
that is broad enough to protect American interests without leaving
our manufacturers open to the charge of developing monopolj
and sufficiently sound to make it desirable as a permanent fact
Failing to pass such an ideal measure the next best thing is for
business men to see to it that any new tariff act is sound in princip^
simple in construction and devoid of freak clauses that are inserted
to meet certain domestic demands that are not workable in actual
practice.