Presto

Issue: 1929 2218

February 2, 1929
PRESTO-TIMES
16
U N E M P L O Y E D MUSICIANS.
"What are we going to do with the 10,000 musi-
cians displaced by sound devices?" asked Senator
Couzens at a Senate hearing recently. "Put them to
digging ditches or send them back to the farm?"
How to take care of the man shoved out of his job
by a machine—a sound device for reproducing music
in theaters—is a problem the Senator would like to
solve.
The Growth
of Your Business in
Band and Orchestra Instruments
Depends on the Prestige of the
Manufacturer in Producing Meri-
torious Goods.
That Is Why an Agency for
the Products of
C. G. CONN, Ltd.
ELKHART, IND.
is an Assurance of Success in
the Band and Orchestra In-
strument Field.
The Successes of C. G. Conn,
Ltd., Are Due to the Perfect
Scientific Processes in Pro-
ducing Instruments of the
Highest Tonal Value.
DISCRIMINATING MUSICIANS
Appreciate Their Tone.
WORLD-FAMED BANDMASTERS
Proudly Proclaim Conn Instruments to
Be the Greatest Aids to the Best Band
Music.
SUCCESSFUL MUSIC DEALERS
Attribute Their Triumphs in Selling
Band and Orchestra Instruments to the
Potency of the Name and World-Known
Merits of the Great Line Made by
THE BUSINESS
OUTLOOK A TOPIC
In Talk of General Interest Delivered Before
the Lions Club, E. F. Lapham Gives Views
on Conditions, Causes and Possible
Developments for 1929.
E. F. Lapham, widely known to the music trade,
in which he spent a number of years, some time
since engaged in another form of business. But Mr.
Lapham expresses the belief that his experiences in
the music business equipped him in an admirable way
for his new activities and this fact he is free to voice
on any occasion. In a talk before the Lions Club in
Chicago recently Mr. Lapham gave interesting facts
from his experiences to illustrate his views on busi-
ness topics. Mr. Lapham said:
I was requested to say something to you on the
trend of things or what the outlook is for 1929. A
year ago I talked of 1928 before several organiza-
tions, saying anyone who did as well in 1928 as in
1927 could be satisfied as there would be about the
same volume of business done. The year started
poorly, but it more than made up for its early slow-
ness later on. The Central Trust Company in a sum-
mary recently stated as I had forecast, that the actual
facts were that the business done in 1928 was prac-
tically the same in volume as in 1927. So you see
prosperity marked time in 1928, unless an ex-
ception be made of the stock market.
Moody's Investment Service, one of our authorities,
says, referring to stocks: "This is only the fourth
period in the history of finance when the haphazard
buying of anything and everything showed a profit.
The former periods were from 1857 to 1864, 1877 to
1881, 1897 to 1901." They believe that the next few
years should present opportunities for even larger
profits. The future should be the best in the history
of the country." The only thing the matter at the
present time is inflation of financial credits or the
high cost of money.
Mr. Harry Wheeler says the only discordant note
in future prosperity is high priced money. He does
not know why it is so high priced, but it is a dan-
gerous factor which, if it lasts, will eventually affect
the prices of commodities, and it is already affecting
collections. When merchants must pay 7 per cent
at their bank there exists a dangerous condition.
Rates of Call Money.
To my mind the high interest rate of call money
is due to two causes. First, on account of our send-
ing out of the country some $500,000,000 of gold
during the past year. The second, the fact of the
furious buying of stocks, which has increased brokers'
loans 40 per cent this year. Everybody from the ele-
vator boy up is in the stock market with the idea of
getting rich quick. As the market has gone only
one way, everyone has made money, but we must
remember that what goes up must come down, but
not back to the old level of former prices.
At this time stock prices arc selling about 16 times
their earnings per share, while in past radical bull
movements it has been only 12 times. For stocks
to be really worth their present earnings, nearly all
of their earnings would have to be paid in dividends
leaving nothing for depreciation or replacements. A
long sustained bull market is practically impossible
in the face of abnormal high interest charges for
collateral loans.
Mr. Babson recently said an}' time stocks are pay-
ing between 4 and 5 per cent and money is worth
twice these figures on call it is no time to own
stocks. However, the stock craze will not always
continue in its recent mad career and there is sure to
be a readjustment. A higher level than in the past
undoubtedly will be established for them, but there is
no evidence that major fluctuations will not occur as
usual in such a case.
While stocks hold the public attention there are
many other things to be considered that are funda-
mental to prosperity.
Speaks of Bonds.
Following stocks, I should, perhaps, speak of bonds,
which have absorbed vast sums in the last several
years. Many do not know the reason why stocks,
being so high, bonds should be off a point or two
in price. The answer is simple: large corporations,
life insurance companies, banks, etc., usually invest
or keep their capital employed by buying bonds.
But with bonds having a safe top price of 6 per cent
interest, these people now send their money to New
York on call, thus obtaining 8 per cent or more.
With a readjustment of stock prices and money on
a normal basis you will see bonds immediately ad-
vance in price.
It may be of interest to state the consensus of
opinion is that the best class of bonds to purchase
are utilities. Not. however, the pyramided holding
companies which are so high in construction that one
who tries to analyze them becomes dizzy.
Electricity is a necessity, and its constant expansion
is due largely to the steadily increasing uses which
are being found for electric energy. There are at
least three thousand uses for electricity. This is a
cash business and its financing has such large dis-
BANG!—WE'RE OFF!
Over 1000 orders were filled the past month to
Professional Artist for this "Song." In every
State of U. S. A.
THE MAN THAT CATCHES ME MUST
HAVE THE GOOD HARD CASH
(Comic with Extra Verses)
Regular Trade Price—Retails at 35c
Write for Special Introductory Rates
(Unsold copies can be exchanged.)
J. S. UNGER MUSIC HOUSE, Publishers
Reading
.
.
.
Pennsylvania
AMJSIC PRINTERS
ENGRAVERS AND LITHOGRAPHERS
PRINT ANYTHING IN MUSIC
BY ANY PROCESS
SEND FOR QUOTATION AND SAMPLES
NO ORDER TOO SMALL TO RECEIVE ATTENTION
C. G. CONN, Ltd.
Elkhart, Ind.
THE LARGEST EXCLUSIVE MUSIC PRINTER V/EST OF NEW YORK AND
THE LARGEST ENGRAVING DEPARTMENT IN THE UNITED STATES.
ESTABLISHED 1876
REFERENCE ANY PUBLISHER
THE O T T O
CINCINNATI,
ZIMMERMAN
SON
CO.JNC
OHIO.
99%
interested prospects become customers
W* ¥ p £*
A »T ^
|j"»
PERFECTION BENCHES
are used by people who have good taste, appreciate fine things and know sound values.
De Luxe
Louis XV
Send for Catalogue
1514-20 Blue Island Ave.
Chicago
Enhanced content © 2008-2009 and presented by MBSI - The Musical Box Society International (www.mbsi.org) and the International Arcade Museum (www.arcade-museum.com).
All Rights Reserved. Digitized from the archives of the MBSI with support from NAMM - The International Music Products Association (www.namm.org).
Additional enhancement, optimization, and distribution by the International Arcade Museum. An extensive collection of Presto can be found online at http://www.arcade-museum.com/library/
17
PRESTO-TIMES
February 2, 1929
PRESTO-TIMES WANT ADVS.
POSITION W A N T E D .
Tuner and player mechanic wants position anywhere.
Address Walton Quednau, 317 Vandervoort St., Ton-
awanda, N. Y.
SALESMAN W A N T E D .
Good man, who will have most of his work outside, can
find profitable reward for his activities. Splendid op-
portunity for an energetic man who can make good
on real lead to prospects. Address "Good Chance,"
care P R E S T O - T I M E S , 417 S. Dearborn St., Chicago.
POSITION W A N T E D .
Man thoroughly acquainted by extensive experience in
piano tuning and repairing in all its branches, auto-
matic, reproducing player pianos, successful sales ex-
perience and all around mechanic. Able to work in
radio department. Understands these branches from
beginning to end. Wants to make change and would
leave Chicago to locate with a good house where all
his abilities can be used. Address "Tuner-Mechan-
ic," care P R E S T O - T I M E S .
MANAGER FOR MUSIC BUSINESS.
WANTED—Capable man who understands all branches
of the music business who desires to connect with
live music house by January 1. Address " M . J., No.
19," P R E S T O - T I M E S , 417 S. Dearborn St., Chicago.
PIANO S A L E S M A N W A N T E D .
WANTED—Experienced man to follow leads of a busy
Chicago floor salesman and his associate, who have
more than they can attend to. Must have a success-
ful record and understand how to approach a high-
grade clientele. Address your reply, giving full par-
ticulars, which will be kept in confidence, to " R . J.
C , " General Manager, Cable Piano Company, W a -
bash and Jackson, Chicago.
COINOLAS
FOR
RESTAURANTS, CAFES and
A M U S E M E N T CENTERS
TUNER WANTED.
W A N T E D — A n energetic tuner and regulator; also repair
man who understands automatics and reproducing
pianos as well as every phase of the radio business.
One experienced salesman given preference. A good
salary and chance for advancement. Must have A1
reference. Please apply in own handwriting. Address
" M , " care of P R E S T O - T I M E S , Chicago, III.
POSITION W A N T E D — M a n of wide experience in all
departments of piano business; manufacturing, whole-
saling, retailing and branch store management, is
open for engagement, preferably with piano manufac-
turing concern. Would make a deal on commission
with either drawing account or part salary. Also con-
trols a valuable piano name. Address "Experience,"
care P R E S T O - T I M E S , Chicago.
SALES H E A D W A N T E D .
W A N T E D — A n optimistic, energetic director of retail
EXPERIENCED MAN.
sales. A man who can keep salesmen busy and suc-
WANTED—Young, experienced piano salesman as out-
cessfully direct their efforts. A fine position for such
side assistant in retail sales department. Interest in
a man in a large city. Address " K , " care PRESTO-
music desirable but not essential. Call F. L. Ryder,
T I M E S , 417 S. Dearborn St., Chicago.
Cable Piano Co., 301 S. Wabash, Chicago.
T U N E R W A N T S POSITION.
POSITION WANTED—Experienced tuner and repairer
wants connection with reliable music house. South
preferred. Married. Strictly sober and reliable. L. H.
Ransbuger, 664-5 Jefferson Ave., Marshall, Mo.
POSITION W A N T E D
By man capable of managing generaj music business or
piano manufacturing seeks position. Extensive ex-
perience in retail, wholesale and manufacturing lines
with important music houses. First-class references.
Address "Manager," Box 8, P R E S T O - T I M E S .
OUTSIDE SALESMAN W A N T E D .
E X P E R I E N C E D cutside piano salesman wanted. Must
be able to work country trade, selling pianos and
phonographs. Address " R . W . H.," Box 28, care
P R E S T O - T I M E S , 417 S. Dearborn St., Chicago, 111.
Refer to Presto Buyers' Guide for in-
formation about all Pianos, Players and
Reproducing Pianos.
tributiou among the people that there is no chance
of detrimental political interference.
1 believe true an article I recently read which said:
"Selective prosperity is the best characterization of
the outlook for 1929." Many firms will be very pros-
perous, while others will find their profits further cut.
The road to continued prosperity for all is mass
production and distribution scientifically arranged.
Speaks of Chain Store
This calls attention to the chain stores which have
been in competition in the past with the small dealer,
but they are now competing with each other, so it
remains to be seen how they will stand the test.
Moody says the feature of the next boom will be
a restoration of prosperity to the small dealer and
producer. It is figured that the speculation of people
in the stock market will spread to commodities.
Whenever in the past we have passed through a
period of readjustment unharmed, it has always
heightened confidence, without which no prosperity
can exist. The old cycle so much talked of in the
past has been proven an absurdity.
Now let us consider for the moment several basic
factors in prosperity. One thing of importance is that
nearly all foreign countries are now on a gold stand-
ard, which makes for soundness of our large invest-
ments in foreign countries.
Even the farming industry is in an improved con-
dition. There is now more acreage in crops, and
better prices in the past season than in several years.
A friend with large farming interests recently said:
"Yes, let the government help the poor farmer, but
the good farmer does not need any help."
The cost of money and the price obtained for our
next crop will be of all importance to the farmer.
The Automobile.
The auto industry is going strong. Though they
have been long looking for the peak, it is still beyond
our horizon, or vision. In fact, all records will prob-
ably be broken in 1929, for every owner of a car is
a prospective buyer of a higher priced car.
The auto industry, as well as many other factors,
has helped the steel industry to forge ahead at high
speed.
Savings bank deposits have increased as much as
5 to 10 per cent per year for the past five years, per-
haps due to high wages and prohibition. The credit
situation to date has helped prosperity through the
elasticity of our Federal Bank System. However, to
my mind, the credit situation is a most dangerous
factor at present, as judging from the price of money,
it seems that credits have reached almost the break-
ing point.
Our banks are prosperous, as shown by the prices
of their stock and earning statements.
There are new business possibilities or opportuni-
ties constantly opening up through the great discov-
eries and developments in science and chemistry, such
for instance as paper manufactured from corn stalks
and the rayons which everyone is familiar with.
There also is much improvement in merchandizing
methods, such as the monthly buying and the doing
away with the high pressure salesman of former
years. Merchants now making the greatest appeal or
giving the best service are the ones that will win
that most valuable of all things, good will, and they
will not need to fear competition.
Labor is well employed at high wages. Railroad
earings of some well managed railroads are increas-
ing, but are meeting stiff competition from motor
transportation. The railroads are now in the mar-
ket buying equipment which will help materially in
1929, getting under way for a good year.
Rail Stocks Have Possibilities
The building situation seems satisfactory, but on
account of high taxes, old buildings are being re-
placed by new ones so rapidly that our loop is being
overbuilt; however, our 1QO,000 a year increase in
population will soon take care of this vacant space.
In my opinion, this will be a good year in the
building of homes, with the West and Northwest sides
of our city favored.
There is no doubt of the better feeling of the
Latin American countries for us, which will greatly
increase our trade there. This effect will be due
largely to our "Lindy" and to President-elect Hoover's
visit.
Aviation is a coming industry, but not far enough
advanced to be a safe investment. There are now
one hundred and fifty companies turning out ten
thousand units, which means there must be consid-
erable elimination of weak concerns.
We Supply More Than
90%
of the Piano, Organ
and Action Trade in
U. S. and Canada
Pouch Skins
a Specialty
Write for sample book
Supply especially
for REPAIR MEN
T.L.LUTKINSIm
4 0 SPRUCE ST.. NEWYORK.N.Y
Style C-2
FROM THE BIGGEST
ORCHESTRION
TO
Tiny Colnola
THE SMALLEST
KEYLESS
Manufactured by
The Operators Piano Co.
715-721 N. Kedzie Ave.
CHICAGO
Enhanced content © 2008-2009 and presented by MBSI - The Musical Box Society International (www.mbsi.org) and the International Arcade Museum (www.arcade-museum.com).
All Rights Reserved. Digitized from the archives of the MBSI with support from NAMM - The International Music Products Association (www.namm.org).
Additional enhancement, optimization, and distribution by the International Arcade Museum. An extensive collection of Presto can be found online at http://www.arcade-museum.com/library/

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