Music Trade Review
Issue: 1899 Vol. 28 N. 23 - Page 16
Music Trade Review -- © mbsi.org, arcade-museum.com -- digitized with support from namm.org
THE MUSIC TRADE REVIEW
J8
Declaring t Against Trusts.
At the coining political conventions the
rising tide of trusts promise to be import-
ant questions for consideration. At the
Ohio Republican t State Convention last
week a plank was embodied declaring
against trusts. The Ohio State Journal, a
dignified and conservative organ,advocated
this plan in a vigorous editorial, from
which we quote:
"While recognizing that capital is enti-
tled to fair consideration and that its rights
should be given the fullest measure of pro-
tection," says^this paper, "we believe that
trusts as generally organized are inimical
to the best interests of the country.
" That concentration of capital is a logical
result of competition and inevitable is no
longer a theory. It is generally accepted
as a business axiom. Legitimate concen-
tration of capital cheapens the cost of pro-
duction without increasing the price of the
products to the consumer and without
widening]the opportunities for speculation.
The trusts, however, in the great majority
of instances, are not legitimate combina-
tions. They are capitalized at figures far
in excess of the actual value of the indus-
trial or business establishments which they
control. To make the trusts self-sustaining,
therefore, the industries concerned are re-
quired to earn more than would be a rea-
sonable profit upon the actual investment.
This is not possible except by the creation
of monopolies by which all competition is
stifled and consumers compelled to pay ex-
orbitant prices.
" I t must be evident to every thinking
person that the principle of such combina-
tions is wrong. An immense fabric is
built upon unnatural and forced condi-
tions. The vast quantities of watered
stock are made the basis of speculation by
the promoters of the trusts. The value of
these stocks is not gauged by actual in-
vestments but by the ability of the specu-
lators to influence the market quotations.
The present industrial conditions of the
country are favorable to these speculators.
In nearly every line of industry the de-
mand is greater than the production and
prices are therefore easily controlled.
"These conditions also make the trusts a
prey for speculators on the outside. Inde-
pendent establishments are started with a
view to forcing their purchase by the trusts.
The advance in prices render it possible to
operate these independent industries profit-
abl} r and yet market their products more
cheaply than the trusts.
The result is
that the trusts to retain a monopoly must
buy these independent plants at the owners'
valuation. This process only adds to the
vast capital of the combinations and will
ultimately so overburden them that they
will collapse of their own weight.
" The trusts will have their course with
the first evidence of stagnation in the mar-
ket for their products, because a reduc-
tion in earnings means a corresponding
weakening in the combination. Conserva-
tive business men and capitalists have fore-
seen the financial disaster which the trusts
will ultimately precipitate, and they have
already begun to exercise caution in hand-
ling industrial securities. The result has
been two serious breaks in industrials on
Wall street within two months. Immense
amounts of these speculative stocks have
been placed upon the market, and though
many people have heeded the warning, the
collapse of the trusts is likely to bring finan-
cial ruin to thousands of innocent investors.
' 'The Republican party owes it to the peo-
ple to make an emphatic declaration
against trusts and the speculation they
breed. They are a menace, not only to
the rights of the people, but to sound and
continued prosperity."
Bradstreet's talking of the trust situation
this week, has this to say: "An immediate
effect of the drop in"industrial stock prices,
and the increasing evidences that the public
is more disposed to liquidate its holdings
than to increase them, is the halt which
has occurred in the formation of new in-
dustrial combinations. A decided check
has been administered to the whole move-
ment. In some cases it is understood that
the financiers and manufacturers jointly
interested in such matters will carry them
out, although a delay will most probably
be considered a wise course.
"On the other hand, some promising
schemes, involving the bringing together
of all, or nearly all, of the individual plants
engaged in certain lines of manufacturing
industry, have been practically abandoned,
since the present conditions offer little or
no encouragement to either the promoters,
who get them up, the bankers who organ-
ize the syndicates or the manufacturers,
themselves, who have been induced to give
options upon their plants by the induce-
ment of a high price for the same in secu-
rities for which a ready market could be
obtained. The indications at the moment,
are that the so-called "trust" movement
will from now on assume a much slower
and more conservative aspect, if, indeed,
for a little while there is not an almost
complete cessation of the process of bring-
ing out new companies."
The Lindeman Piano Co.
The Lindeman exhibit of 1899 styles now
on view at the factory and warerooms, 548-
550 West Twenty-third street, is, without
doubt, one of the brightest and most cred-
itable in the city, viewed from any stand-
point.
Mr. W. L. P. Norris has labored earnest-
ly and unceasingly to enhance the good
reputation of the Lindeman products, per-
sistently maintaining a high standard of
style, tone, and construction. This is be-
ing widely recognized by dealers who pre-
fer to cultivate the patronage of discrim-
inating music lovers.
J. F. Peck will to-day open a piano store-
on East Main street, Warsaw, N. Y.
A Needham Creation in Upright Grands.
The above illustration represents the Need-
ham Piano and Organ Co.'s new style 54, Up-
right Concert Grand, one of the firm's great-
est successes, with every promise of a long
run. It is among the handsomest uprights
now on the market, and is in good demand
in all woods. New Style 54 is being made-
in ebonized, figured mahogany, quartered
oak, Circassian walnut and Hungarian ash.
There are three sunken panels in the ends,
moulded. The instrument is double cross,
veneered outside and inside.
THE MUSIC TRADE REVIEW
J8
Declaring t Against Trusts.
At the coining political conventions the
rising tide of trusts promise to be import-
ant questions for consideration. At the
Ohio Republican t State Convention last
week a plank was embodied declaring
against trusts. The Ohio State Journal, a
dignified and conservative organ,advocated
this plan in a vigorous editorial, from
which we quote:
"While recognizing that capital is enti-
tled to fair consideration and that its rights
should be given the fullest measure of pro-
tection," says^this paper, "we believe that
trusts as generally organized are inimical
to the best interests of the country.
" That concentration of capital is a logical
result of competition and inevitable is no
longer a theory. It is generally accepted
as a business axiom. Legitimate concen-
tration of capital cheapens the cost of pro-
duction without increasing the price of the
products to the consumer and without
widening]the opportunities for speculation.
The trusts, however, in the great majority
of instances, are not legitimate combina-
tions. They are capitalized at figures far
in excess of the actual value of the indus-
trial or business establishments which they
control. To make the trusts self-sustaining,
therefore, the industries concerned are re-
quired to earn more than would be a rea-
sonable profit upon the actual investment.
This is not possible except by the creation
of monopolies by which all competition is
stifled and consumers compelled to pay ex-
orbitant prices.
" I t must be evident to every thinking
person that the principle of such combina-
tions is wrong. An immense fabric is
built upon unnatural and forced condi-
tions. The vast quantities of watered
stock are made the basis of speculation by
the promoters of the trusts. The value of
these stocks is not gauged by actual in-
vestments but by the ability of the specu-
lators to influence the market quotations.
The present industrial conditions of the
country are favorable to these speculators.
In nearly every line of industry the de-
mand is greater than the production and
prices are therefore easily controlled.
"These conditions also make the trusts a
prey for speculators on the outside. Inde-
pendent establishments are started with a
view to forcing their purchase by the trusts.
The advance in prices render it possible to
operate these independent industries profit-
abl} r and yet market their products more
cheaply than the trusts.
The result is
that the trusts to retain a monopoly must
buy these independent plants at the owners'
valuation. This process only adds to the
vast capital of the combinations and will
ultimately so overburden them that they
will collapse of their own weight.
" The trusts will have their course with
the first evidence of stagnation in the mar-
ket for their products, because a reduc-
tion in earnings means a corresponding
weakening in the combination. Conserva-
tive business men and capitalists have fore-
seen the financial disaster which the trusts
will ultimately precipitate, and they have
already begun to exercise caution in hand-
ling industrial securities. The result has
been two serious breaks in industrials on
Wall street within two months. Immense
amounts of these speculative stocks have
been placed upon the market, and though
many people have heeded the warning, the
collapse of the trusts is likely to bring finan-
cial ruin to thousands of innocent investors.
' 'The Republican party owes it to the peo-
ple to make an emphatic declaration
against trusts and the speculation they
breed. They are a menace, not only to
the rights of the people, but to sound and
continued prosperity."
Bradstreet's talking of the trust situation
this week, has this to say: "An immediate
effect of the drop in"industrial stock prices,
and the increasing evidences that the public
is more disposed to liquidate its holdings
than to increase them, is the halt which
has occurred in the formation of new in-
dustrial combinations. A decided check
has been administered to the whole move-
ment. In some cases it is understood that
the financiers and manufacturers jointly
interested in such matters will carry them
out, although a delay will most probably
be considered a wise course.
"On the other hand, some promising
schemes, involving the bringing together
of all, or nearly all, of the individual plants
engaged in certain lines of manufacturing
industry, have been practically abandoned,
since the present conditions offer little or
no encouragement to either the promoters,
who get them up, the bankers who organ-
ize the syndicates or the manufacturers,
themselves, who have been induced to give
options upon their plants by the induce-
ment of a high price for the same in secu-
rities for which a ready market could be
obtained. The indications at the moment,
are that the so-called "trust" movement
will from now on assume a much slower
and more conservative aspect, if, indeed,
for a little while there is not an almost
complete cessation of the process of bring-
ing out new companies."
The Lindeman Piano Co.
The Lindeman exhibit of 1899 styles now
on view at the factory and warerooms, 548-
550 West Twenty-third street, is, without
doubt, one of the brightest and most cred-
itable in the city, viewed from any stand-
point.
Mr. W. L. P. Norris has labored earnest-
ly and unceasingly to enhance the good
reputation of the Lindeman products, per-
sistently maintaining a high standard of
style, tone, and construction. This is be-
ing widely recognized by dealers who pre-
fer to cultivate the patronage of discrim-
inating music lovers.
J. F. Peck will to-day open a piano store-
on East Main street, Warsaw, N. Y.
A Needham Creation in Upright Grands.
The above illustration represents the Need-
ham Piano and Organ Co.'s new style 54, Up-
right Concert Grand, one of the firm's great-
est successes, with every promise of a long
run. It is among the handsomest uprights
now on the market, and is in good demand
in all woods. New Style 54 is being made-
in ebonized, figured mahogany, quartered
oak, Circassian walnut and Hungarian ash.
There are three sunken panels in the ends,
moulded. The instrument is double cross,
veneered outside and inside.
Future scanning projects are planned by the International Arcade Museum Library (IAML).