Music Trade Review

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THE MUSIC TRADE REVIEW
TWENTY-SECOND YEAR.
and men who deal in commercial paper say
"THE REAL TRUST RULER"
that the amount of commercial paper on the
~~ man who con- " y HE
of a
The
trols the hundreds of
market is now fully one-fourth less than last
great strike in
thousands of human
beings engaged in
year, and that is considered a very conserva-
which
all of the employ-
making steel-Will the
tive estimate. Not a few brokers assert that
man arise who will
ees of the great steel
defy /lorgan?
there
is
one-third
less
business
transacted
in
trust
would become in-
EDWARD LYMAN BILL,
EBITOR AND PROPRIETOR.
commercial paper than in this period a year volved, happily has been averted, by making
J . B. S P I L L A N E , MANAGING EDITOR
ago.
concessions to the men. Along these lines
While
discussing
this
matter
with
a
well-
THOS. CAMPBELL-COPELAND
Arthur Brisbane has been attracting con-
WALDO E. LADD
Executive Staff:
known banker of this city, and one who is siderable attention by his editorials in the
GEO. W. QUERIPEL
A. J. NICKLIN
a recognized authority on the subject of com- Journal.
mercial
paper, he said: "It means that the
"Not Morgan, or Rockefeller, or all the
Every Satnrday at 3 East 14th Street, New Yort
SUBSCRIPTION (including postage). United States, Mexico
merchants
are
in
excellent
shape.
They
are
power
of all the banks and of all the great
and Canada, S2.00 per year; all other countries, $4.00.
ADVERTISEriENTS, $2.00 per inch, single column, per
-DOU
}ou
saop
siqx
•Mojjoq
o}
pajpduioo
}ou
fortunes controls the steel trust, now that it
insertion. On quarterly or yearly contracts a special discount
is allowed. Advertising Pages $jo.oo, opposite reading matter,
essarily follow that they are making money is born.
$75.00.
REniTTANCES, in other than currency form, should be
made payable to Edward Lyman Bill.
out of their business, but it would certainly
"The ruler of the steel trust is the man
Entered at the New York Post Office as Second Class Matter appear that their collections were better than
who can control the tens of thousands and
in the past."
NEW YORK, MAY I I , 1901.
hundreds of thousands of human beings en-
TELEPHONE NUMBER, 1745-EIQHTEENTH STREET.
The fact must not be lost sight of that all gaged in the production of steel.
THE
On the first Saturday of each
business affairs of the country have shown
"The great financiers have congratulated
ARTISTS 1
month The Review contains in its
DEPARTMENT " Artists'Department" all the cur-
material prosperity during the past year. themselves on putting all their eggs in one
rent musical news. This is effected
Men are branching out in other lines of busi- basket. They view with delight a situation
without in any way trespassing on the size or ser-
vice of the trade section of the paper. It has a
ness
and the small speculator is showing an which puts at their mercy all industries de-
special circulation, and therefore augments mater-
ially the value of The Review to advertisers.
interest in the tremendous activity which is pendent on steel.
DIRECTORY OF
The directory of piano manu-
now manifest in Wall street.
"But they deceive themselves, and an
p A
J !l! io , r „_,.
„ facturing firms and corporations
It
was
not
so
long
ago
that
business
men
awakening
is ahead of them.
MANUFACTURERS r
j
MI i_
r
j.
found on page 33 will be of great
seemed loath to acknowledge that they were
"They have staked eleven hundred million
value as a reference for dealers and others.
DIRECTORY OF
A directory of all advertisers
speculating
in
stocks.
Many
merchant
n
dollars
on one single set of workingmen.
ADVERTISERS
* The Review will be found o n
page 49
speculators had all communications sent from
"To pay interest on their vast capital they
their brokers to a private address. To-day must earn more than seventy million dollars
all that is changed, and merchants and busi- a year.
EDITORIAL
ness men no longer seek to hide the fact that
"Their trust can only exist, they can only
they, in common with persons in other pur- pay those dividends, so long as their army
TRADE CONDITIONS DISCUSSED.
suits, are making large investments in stocks. of workmen consent to make steel.
'
T
RADE
conditions
The stock craze has spread so that it com-
"They have put all the steel plants into
Marked Improve-
ment In the retail
h a v e materially passes all lines of society. It was only re- one organization.
department of indus-
try—Scarcity of com-
mercial paper—Busi-
improved
during the cently while on a business trip we found it
"They have also put all the steel workmen
ness men in better
financial condition—
past week.
Reports necessary to visit a number of smaller towns, into one organization.
The speculation in
stocks.
from various important and at the railway stations the chief topic of
"The capable leader of that vast army of
discussion
among
the
residents
of
towns
men
may not be visible to-day. But he is
piano distributing centers show that the bet-
terment has reached the retail department of seemed to be the rise and fall of certain bound to appear.
the music trade, and dealers are more actively stocks. They evinced as much interest in
"Great opportunity always finds the great
engaged in distributing musical instruments studying the bulletin as old time metropoli- man.
tan speculators. Three years ago these
than for some weeks past.
"When the man shall appear capable of
There is no doubt but the Spring will be same men had no money to take little flyers acting as leader of the steel makers, you will
further emphasized by business activity in in the stocks.
see the head of the steel trust, and not be-
Of course the old timers say that there fore.
all lines. There is no cloud visible on the
trade horizon which portends the coming of will be a bigger slump than that of Tuesday,
"When one hundred concerns made steel,
but
as
long
as
people
buy
with
the
same
in-
a storm which will threaten to obscure pros-
a strike in one concern meant little. Nine-
terest that they are exhibiting to-day, there ty-nine concerns were at work.
perity in any way.
One of the surest indications of the general is no danger of an immediate crash.
"But Rockefeller's genius has fonced every
To return to the subject of commercial able steel maker into one great organization.
prosperity of the country, certainly so far
as the mercantile community is concerned is paper, its scarcity shows that commercial
"How will Rockefeller's genius reply when
the scarcity of commercial paper on the mar- houses are in good condition but it does not he shall find himself confronted by a leader
ket. It is a matter of common knowledge in mean that the banking business is falling off. able to say:
financial circles that there is now a less It means a greater volume of banking busi-
" 'Mr. Rockefeller, I represent all the men
amount of negotiable paper on the market ness is being done in other channels. The in America capable of making steel. I am,
than for a long time heretofore. Not only banks are lending money daily to capitalists, therefore, as you will easily understand, the
is this true, but the money market is growing brokers and investors. Money is needed to head of the steel trust, and, hereafter, unless
easier all the time. There is but One infer- finance the big schemes which are being you want your eleven hundred million dollars
On the to melt, unless you want your dividends to
ence to be drawn from the fact that this pushed through to completion.
condition prevails and that is that the mer- whole the outlook is most optimistic for the stop, unless you want such a panic as this
chants are so well supplied with funds that business affairs of this great big country of country has never seen, you will please take
they do not need to borrow. Money brokers ours.
my instructions as to the steel trust manage-