Music Trade Review

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THE M'JSTC TRADE REVIEW
any movement organized essentially to cut
much favor, and don't even recognize them
down expenses in every field of effort, to
as the
destroy competition, to lessen the chances
conditions.
of selling one's abilities in a free market,
curtails the incomes of the great majority
of the people, and their purchasing power
to the bare necessities of life.
This is why
Mr. Graham's claim that we suffer from
"under consumption" instead of "overpro-
duction" has a logical basis.
The fact is we are suffering from an
over production of trusts, and an under
production of earnings among the healthy,
ambitious middle class who have always
been the backbone of this great country,
—the purchasers of pianos and such luxu-
ries.
AND,
speaking about trusts brings to
mind that among the subjects to be
investigated by the Industrial Commission
now in session in Washington, will be that
of trusts, not only as they affect interstate
traffic, but as relating to the public wel-
fare.
The Commission has secured the services
of Prof. Jenks, of the faculty of Cornell
University, who will submit an analysis of
the effect of trusts upon trade, their con-
trol of markets, and their influence upon
prices and quality of the product.
Other
testimony will be gathered and recommen-
dations may be made for legislation both
national and state.
It also looks now as if the conservative
attitude of lenders of money in regard to
industrial securities may impose a check
which may soon be needed upon the whole
industrial corporation movement.
Some of the recent instances in connec-
tion with the flotation of new industrial
combinations go to show that the progress
of the movement is not attended by uni-
form success, or that the financial public's
support of them can be unhesitatingly re-
lied upon.
During the past few weeks many in-
stances have come to light of
concerns
practically organized that have been capi-
talized too heavily, and hence went
pieces.
to
The firms interested as well as the
money lenders are less susceptible to the
wiles of
the " promoter," and this is a
healthy sign.
Another point
worthy
of note is that
banks, and not only the banks, but the
moneyed
interests of New
York,
have
evinced a disposition to discriminate against
industrial securities as collaterals for loans.
Speaking on the subject of combinations
before the Industrial Commission in Wash-
ington
this week, Theodore
P. Search,
President of the National Association of
Manufacturers, surprised many by stating,
"I do not look on these organizations with
natural
evolution
of
economic
They are speculative rather
than a necessity.
They are growing here
Buyers Throng to New York.
MERCHANTS'
ASSOCIATION
REPORTS
A TRE-
MENDOUS INCREASE IN GENERAL BUSINESS
—MOST EXTENSIVE SINCE 1892.
The great increase in business which is
bringing
joy to the hearts of New York
There are large aggregations of capital in
merchants was summed up this week in a
foreign countries, as we all know, but they
statement sent out by the Merchants' As-
are not the result of combinations." A sociation of New York to the effect that a
great many others think as does Mr. larger number of buyers are now coming
to this city than ever before in the history
Search.
of the association. While figures showing
HP HE recent movement in England toward the increase in business cannot be had until
the end of the buying season, it is esti-
the establishment by the government
mated that the total will exceed by millions
of a commercial intelligence office for the of dollars that of former years.
securing and diffusion of information re-
"Trade is in better shape than at any
garding foreign trade has given rise to con- time since 1892," said William R. Corwine,
siderable discussion among the English of the Merchants' Association. "The vol-
trade papers. The business of the office is ume of trade increase is remarkable. We
to be the gathering of general information have reports from many big merchants
that their business has increased in volume
of interest and value to the English mer-
more this season than at any time since
chant with a foreign trade, and especially 1892.
Others declare that they are selling
of pointing out new ways for the extension more goods than at any time in a dozen
of foreign commerce and calling attention years, and still others report that never
to possible new markets for English goods. before in their history have the orders
A number of schemes have been proposed, come in so rapidly and in such large
amounts.
among others that of sending an expert
"This is proved by the" fact that many
once every year or two to the different
firms that are in shape to handle his orders
foreign "trade areas," for the purposes of are 'way behind in forwarding goods.
collecting information and samples, and of Everywhere in the wholesale district on
giving a trustworthy estimate of its com- Broadway and the adjacent cross streets
mercial prospects; another, that of extend- you can see to-day cases of goods piled as
high as one's head. Orders are coming in
ing the consular reports in such a manner
so fast that the merchants are simply un-
as to compass the same ends. There is
able to get the goods shipped.
considerable opposition to the scheme from
"In 1892 business was good, but from
some branches of business, where it is held that time until 1897 it was practically at a
that no one is so likely to get hold of useful standstill. The reason of this was that
information as the trader himself, and that that the country merchants were carrying
small stocks and could not* be induced to
the publishing of such Government reports
buy in large quantities for fear that they
as the scheme contemplates would result in
would be unable to sell. During the sum-
giving the information to foreign as well as mer the fall trade of 1897 was fair, but the
English traders, and thus negative what- country merchant still held off and did a
ever advantage might come to the English shelf business. He carried little in stock, as
merchant from his individual discovery of his confidence was not by any means re-
stored.
a valuable market.
" Eighteen ninety eight opened well,
but the war, coupled with a fear of foreign
LJAVING completed his tour of the complications, checked the boom, and as a
South and the Pacific Coast, Edward result business all over the country fell
Lyman Bill is now on his homeward run flat. The summer trade was affected by
the suffering of the soldiers and the pub-
visiting principal cities en route. He will
licity that was given to the mismanagement
probably reach the home office before
of the war in certain departments, but now
April 1 st.
confidence has been fully restored and the
entire country is entering upon a period of
No More Strikes in Foundries. prosperity.
The increase is felt in every
Representatives of the National Iron line of trade.
Founders' Association and of the 22,000
" In answer to our invitation to visit the
members of the Iron Moulders' Union of city and buy, merchants from the South-
North America met at the Murray Hill west, West and Central West are pouring
Hotel Wednesday to adopt the principle of into New York and purchasing goods in
arbitration as a means of settling all future large quantities. We have arranged re-
disputes. The plan as agreed on will be duced rates on the railroads in these
submitted to a referendum vote of both sections, but have been unable to induce
organizations.
the Southern roads to make any arrange-
ment in this line. The North will be heard
At the concert of those clever little art- from a little later in the season. So far
ists, the Silberfeld children last week, the the number of merchants registering at our
Sohmer concert grand piano afforded great rooms has exceeded any spring trade in
our history."
satisfaction.
as they grow nowhere else in the world.