Music Trade Review
Issue: 1896 Vol. 23 N. 3 - Page 9
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THE MUSIC TRADE REVIEW.
A New York Banker on Credit.
J. G. CANNON OF THE FOURTH NATIONAL SAYS THAT NEVER IN THE HISTORY OF AMERICAN
COMMERCE HAS THERE BEEN SUCH A CLOSE SCRUTINY OF CREDITS AS
IS NOW BEING MADE INTERESTING REMARKS.
N the able and scholarly address recent- factor is appearing in business circles in
ly delivered by Mr. J. G. Cannon, vice- the shape of industrial and commercial cor-
president of the Fourth National Bank, of porations as applicants for credit. The
this city, at the Convention of the Nation- personal and friendly element existing be-
al Association of Credit Men, in Detroit, tween debtor and creditor is eliminated,
Mich., we find much that throws light on and corporations, said to have no souls, are
the position of the banks in the matter of rapidly being organized in place of part-
credit, and some pretty sound points that nerships. Thus the question of family
every progressive business man should prestige and the protection of a family
study. In his address Mr. Cannon dwelt at name are fast ceasing to be factors. Men
length on "Credit, Credit Men and Credi- who would struggle to maintain their fam-
tors," and the extract herewith, covering ily honor and keep their family name from
the first division of his address, will prove the records of the bankrupt court, as stock
of interest to the trade, at this time partic- holders and managers of corporations have
ularly, when prevailing conditions have not the same incentives to pay their debts
forced financial conservatism among man- one hundred cents on the dollar. The his-
ufacturers as well as bankers; in fact, the tory of our country is replete with instan-
issue is forced on all that the greatest care ces of men compelled to succumb to disas-
in the dispensing of credit is absolutely ter who later on achieved financial success
essential to business stability, if not exist- and proudly paid their indebtedness,
principal and interest. Men who own—or
ence.
Mr. Cannon said: "The humblest citizen, mainly own—and control corporations that
as well as the greatest manufacturer, feels fail, have no need to fight for their family
the power and recognizes the influence of honor. Instead, they pose before the pub-
credit. Credit enters into the life of every lic as unfortunate investors in a disastrous
business man in this country, and it enterprise, claiming sympathy for their
should be the aim and purpose of this or- losses, with no thought that there rests
ganization, when it comes to its full scope upon them an honorable obligation to sat-
of usefulness, to restrain credit within safe isfy the corporation's creditors out of any
limits. More failures are caused by too funds that fortune in the future may enable
much than by too little credit. The rapid them to accumulate. Personal credit and
development of this country is largely due personal honor thus screen themselves be-
to the liberality with which for many years hind joint-stock companies and corpora-
credit had been granted, furnishing the bold tions, and the giver of credit is subjected
aggressive business men with means to ac- to greater labor and is compelled to scruti-
complish results which otherwise they nize more closely in order to protect him-
could not have reached. Credit is indis- self from loss.
pensable, and whether it be given in the
As time goes on the margin of profit in
way of money or merchandise, it aug- all lines of business seems to be constantly
ments the public wealth, advances the narrowing, and in view of this condition of
prosperity of the country, and insures prog- affairs, we all find that we cannot afford to
ress so long as it is given judiciously and stand the losses we formerly sustained
wisely. On the other hand, if it be ex- through failures, consequently the lines
tended to parties who are unworthy, and must be closely drawn and every precaution
who, because of the lack of character, abil- possible taken to eliminate from the mer-
ity, honesty, or capital, become embar- cantile community those concerns that are
rasse ', the result is extremely detrimental. unworthy of credit, and whose existence
Some one has truty said that "credit constitutes a standing menace to reputable
never knocks at the door of the indolent, and legitimate business enterprises.
never lingers under the shadow of indeci-
Credit can hardly be classed among the
sion, never smiles on good intentions that sciences, and certainly it cannot be said to
are barren of results."
be an exact science, because it is not gov-
Credit oftentimes becomes too cheap, erned by any fixed, definite laws. I am sure,
and is too readily obtained. As a result, a however, you will agree with me that the
period of inflation follows, until the bubble dispensing of credit has become a profess-
bursts and a panic ensues, which is disas- ion in itself, and the study of the subject is
trous alike to debtor and creditor. As becoming more and more of a necessity to
dispensers of credit, therefore, we should those who are engaged in its pursuit.
be particular to bear in mind that it is high-
ly dsiirable to curb the spirit of over-trad-
Guild's Catalogue.
ing, th3 results of which are injurious not
HE Guild Piano Co. of Boston and
only to us but to those who seek favor at our
Lynn, Mass., have done themselves
hands.
proud
in their first catalogue, which has
Never in the history of American com-
just
reached
us. It is a neat sample of
merce has there been such close scrutiny of
letter
press
throughout
and it has much to
credits as is now being made; and I be-
commend
it
from
a
literary
point of view.
lieve one of the reasons to be that a, new
I
T
The fourteen distinct improvements which
Mr. Guild has patented and which are used
exclusively in the Guild pianos, as well as
the new and beautiful styles of cases which
the company are now finishing, are illus-
trated and adequately described.
According to the introductory, when Mr.
Guild conceived the idea of giving up the
manufacture of the square piano, and to
make uprights exclusively, he took into
consideration the very imperfect construc-
tion of the upright at that time, and felt
that if their manufacture was to be a suc-
cess, some very radical changes and im-
provements must be made in their con-
struction, and that they should be brought
to a higher state of perfection even than
the square or grand had been.
The instruments which are now being
made by the Guild PianoCo. are a consumma-
tion of years of improvement. They contain
such exclusive features as the patent string-
ing and tuning device, the patent sound-
ing board bridge, the patent combination
plate bridge and pin block, and the new
American action—the most vital contribu-
tion of them all. These improvements are
of great utility and ingenuity and should
win a great success for the Guild Co.
Destroyed by Fire.
A. MANVILLE'S piano and organ fac-
tory, Towanda, Pa., was destroyed
by fire last week. The damage is esti-
mated at $7,000, and an insurance of $4,500
was carried. There were some twenty-five
pianos and organs in various stages of com-
pletion, which were damaged beyond re-
pair. Mr. Manville says that as soon as in-
surance is adjusted he will rebuild.
J
#
The Celebrated Kimball Pianos.
HE Kimball piano has made a particu-
larly favorable impression in Sioux
Falls, S. D , judging from the following ex-
cerpt from the "Press" of that city. It says:
"Prof. Emil Liebling, the renowned pi-
anist, who so delighted the audience at his
concert on Thursday evening, being justly
rated as one of the great pianists of the
age, is particularly well qualified to judge
of the merits of different instruments. It
will be a matter of interest to musicians
generally to know that Prof. Liebling uses
the celebrated Kimball pianos exclusively
in his work, and this after the most care-
ful and exhaustive tests of other well
known instruments. Prof. Liebling's abil-
ity as a great pianist is thoroughly estab-
lished in this country, and it does not in
the least detract from his reputation in
that respect to conclude that the marvel-
ous effect which he produces is due in a
great measure to his choice of the Kimball
piano. This fact, which was developed by
the visit and concert given by the noted
gentleman in Sioux Falls, must certainly
be.gratifying to the many friends of these
pianos everywhere, and especially so to
Frank T. Williams, of Sioux Falls, who is
the State agent for the Kimball instru-
ment."
T
THE MUSIC TRADE REVIEW.
A New York Banker on Credit.
J. G. CANNON OF THE FOURTH NATIONAL SAYS THAT NEVER IN THE HISTORY OF AMERICAN
COMMERCE HAS THERE BEEN SUCH A CLOSE SCRUTINY OF CREDITS AS
IS NOW BEING MADE INTERESTING REMARKS.
N the able and scholarly address recent- factor is appearing in business circles in
ly delivered by Mr. J. G. Cannon, vice- the shape of industrial and commercial cor-
president of the Fourth National Bank, of porations as applicants for credit. The
this city, at the Convention of the Nation- personal and friendly element existing be-
al Association of Credit Men, in Detroit, tween debtor and creditor is eliminated,
Mich., we find much that throws light on and corporations, said to have no souls, are
the position of the banks in the matter of rapidly being organized in place of part-
credit, and some pretty sound points that nerships. Thus the question of family
every progressive business man should prestige and the protection of a family
study. In his address Mr. Cannon dwelt at name are fast ceasing to be factors. Men
length on "Credit, Credit Men and Credi- who would struggle to maintain their fam-
tors," and the extract herewith, covering ily honor and keep their family name from
the first division of his address, will prove the records of the bankrupt court, as stock
of interest to the trade, at this time partic- holders and managers of corporations have
ularly, when prevailing conditions have not the same incentives to pay their debts
forced financial conservatism among man- one hundred cents on the dollar. The his-
ufacturers as well as bankers; in fact, the tory of our country is replete with instan-
issue is forced on all that the greatest care ces of men compelled to succumb to disas-
in the dispensing of credit is absolutely ter who later on achieved financial success
essential to business stability, if not exist- and proudly paid their indebtedness,
principal and interest. Men who own—or
ence.
Mr. Cannon said: "The humblest citizen, mainly own—and control corporations that
as well as the greatest manufacturer, feels fail, have no need to fight for their family
the power and recognizes the influence of honor. Instead, they pose before the pub-
credit. Credit enters into the life of every lic as unfortunate investors in a disastrous
business man in this country, and it enterprise, claiming sympathy for their
should be the aim and purpose of this or- losses, with no thought that there rests
ganization, when it comes to its full scope upon them an honorable obligation to sat-
of usefulness, to restrain credit within safe isfy the corporation's creditors out of any
limits. More failures are caused by too funds that fortune in the future may enable
much than by too little credit. The rapid them to accumulate. Personal credit and
development of this country is largely due personal honor thus screen themselves be-
to the liberality with which for many years hind joint-stock companies and corpora-
credit had been granted, furnishing the bold tions, and the giver of credit is subjected
aggressive business men with means to ac- to greater labor and is compelled to scruti-
complish results which otherwise they nize more closely in order to protect him-
could not have reached. Credit is indis- self from loss.
pensable, and whether it be given in the
As time goes on the margin of profit in
way of money or merchandise, it aug- all lines of business seems to be constantly
ments the public wealth, advances the narrowing, and in view of this condition of
prosperity of the country, and insures prog- affairs, we all find that we cannot afford to
ress so long as it is given judiciously and stand the losses we formerly sustained
wisely. On the other hand, if it be ex- through failures, consequently the lines
tended to parties who are unworthy, and must be closely drawn and every precaution
who, because of the lack of character, abil- possible taken to eliminate from the mer-
ity, honesty, or capital, become embar- cantile community those concerns that are
rasse ', the result is extremely detrimental. unworthy of credit, and whose existence
Some one has truty said that "credit constitutes a standing menace to reputable
never knocks at the door of the indolent, and legitimate business enterprises.
never lingers under the shadow of indeci-
Credit can hardly be classed among the
sion, never smiles on good intentions that sciences, and certainly it cannot be said to
are barren of results."
be an exact science, because it is not gov-
Credit oftentimes becomes too cheap, erned by any fixed, definite laws. I am sure,
and is too readily obtained. As a result, a however, you will agree with me that the
period of inflation follows, until the bubble dispensing of credit has become a profess-
bursts and a panic ensues, which is disas- ion in itself, and the study of the subject is
trous alike to debtor and creditor. As becoming more and more of a necessity to
dispensers of credit, therefore, we should those who are engaged in its pursuit.
be particular to bear in mind that it is high-
ly dsiirable to curb the spirit of over-trad-
Guild's Catalogue.
ing, th3 results of which are injurious not
HE Guild Piano Co. of Boston and
only to us but to those who seek favor at our
Lynn, Mass., have done themselves
hands.
proud
in their first catalogue, which has
Never in the history of American com-
just
reached
us. It is a neat sample of
merce has there been such close scrutiny of
letter
press
throughout
and it has much to
credits as is now being made; and I be-
commend
it
from
a
literary
point of view.
lieve one of the reasons to be that a, new
I
T
The fourteen distinct improvements which
Mr. Guild has patented and which are used
exclusively in the Guild pianos, as well as
the new and beautiful styles of cases which
the company are now finishing, are illus-
trated and adequately described.
According to the introductory, when Mr.
Guild conceived the idea of giving up the
manufacture of the square piano, and to
make uprights exclusively, he took into
consideration the very imperfect construc-
tion of the upright at that time, and felt
that if their manufacture was to be a suc-
cess, some very radical changes and im-
provements must be made in their con-
struction, and that they should be brought
to a higher state of perfection even than
the square or grand had been.
The instruments which are now being
made by the Guild PianoCo. are a consumma-
tion of years of improvement. They contain
such exclusive features as the patent string-
ing and tuning device, the patent sound-
ing board bridge, the patent combination
plate bridge and pin block, and the new
American action—the most vital contribu-
tion of them all. These improvements are
of great utility and ingenuity and should
win a great success for the Guild Co.
Destroyed by Fire.
A. MANVILLE'S piano and organ fac-
tory, Towanda, Pa., was destroyed
by fire last week. The damage is esti-
mated at $7,000, and an insurance of $4,500
was carried. There were some twenty-five
pianos and organs in various stages of com-
pletion, which were damaged beyond re-
pair. Mr. Manville says that as soon as in-
surance is adjusted he will rebuild.
J
#
The Celebrated Kimball Pianos.
HE Kimball piano has made a particu-
larly favorable impression in Sioux
Falls, S. D , judging from the following ex-
cerpt from the "Press" of that city. It says:
"Prof. Emil Liebling, the renowned pi-
anist, who so delighted the audience at his
concert on Thursday evening, being justly
rated as one of the great pianists of the
age, is particularly well qualified to judge
of the merits of different instruments. It
will be a matter of interest to musicians
generally to know that Prof. Liebling uses
the celebrated Kimball pianos exclusively
in his work, and this after the most care-
ful and exhaustive tests of other well
known instruments. Prof. Liebling's abil-
ity as a great pianist is thoroughly estab-
lished in this country, and it does not in
the least detract from his reputation in
that respect to conclude that the marvel-
ous effect which he produces is due in a
great measure to his choice of the Kimball
piano. This fact, which was developed by
the visit and concert given by the noted
gentleman in Sioux Falls, must certainly
be.gratifying to the many friends of these
pianos everywhere, and especially so to
Frank T. Williams, of Sioux Falls, who is
the State agent for the Kimball instru-
ment."
T
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