Music Trade Review
Issue: 1908 Vol. 46 N. 4 - Page 4
Music Trade Review -- © mbsi.org, arcade-museum.com -- digitized with support from namm.org
THE: MUSIC TRADE
REVIEW
EDWARD LYMAN BILL - Editor and Proprietor
J. B. SPHXANE, Managing Editor
Executive and Reportorlal Staff:
On). B. KMT.T.iiit,
L. B. BOWHBS,
W. H. DYKES,
F. H. THOMPSON.
J. HAYDEN CLARENDON.
B. BBITTAIN WILSON,
L. J. CHAMBEBLIN,
A. J. NICILIN.
BOSTON OFFICE:
CHICAGO OFFICE:
B. P. VAN HABLINGEN, 195-197 Wabash Ave.
TELEPHONES : Central 414 ; Automatic 8tf43.
MINNEAPOLIS and ST. PAUL:
ST. LOUIS:
BSNBST L. WAITT, 278A Tremont 8 t
PHILADELPHIA t
E. W. KAurrifAN.
ADOLF EDBTBN.
SAN FRANCISCO:
CHAS. N. VAN BUBBN.
S. H. GRAY, 2407 Sacramento S t
CINCINNATI. O.: NINA PUGH-SMITH.
BALTIMORE, MD.: A. ROBERT FRENCH.
LONDON. ENGLAND:
69 Baslnghall S t , B. C.
W. Lionel Sturdy, Manager.
Published Every Saturday at 1 Madison Avenue, New York
Entered at the New York Post Office ms Second Class Matter.
SUBSCRIPTION, (including postage). United States and Mexico, $2.00 per year;
Canada, $3.50; all other countries, $1.00.
ADVERTISEMENTS, $2.00 per Inch, single column, per Insertion. On quarterly or
yearly contracts a special discount Is allowed. Advertising Pages, $60.00; opposite
reading matter, $75.00.
REMITTANCES, In other than currency form, should be made payable to Edward
Lyman Bill.
_^
D l r — f r y ol PI—o
The directory of piano manufacturing firms and corporations
~
~ ~
found on another page will be of great value, as a reference
m m u c l n r t r i
f o r dealers and others.
Exposition Honors Won by The Review
Grand Prim
Paris Exposition, 1900 Silver Medal. Charleston Exposition 1902
Diploma.Pan-American Exposition, 1901 Gold Medal.. . S t Louis Exposition, 1904
Gold Medal. ...Lewis-Clark Exposition, 1905.
LONG DISTANCE TELEPHONES-NUMBERS 4677 and 4678 GRAMERCY
Connecting all Department*.
Cable address: "ElblU New York."
NEW
YORK, JANUARY 25, 1908
EDITORIAL
B
USINESS conditions are steadily improving and while there
may not be at the present time the buoyancy in financial
matters which we desire yet indications are not wanting of the
early return of normal conditions in the financial world. Not-
withstanding the large sums paid out in connection with disburse-
ments of record-breaking volume, which took place at the end of
the year, the deficit which for some weeks has prevailed in the
reserves of the New York banks has been eliminated. The end of
the premium on currency has already been reached and rates of
money are now lower than at any time since the close of October.
The action of the banks of England and France has been reflected
in the lowered money rates of this country. The numerous out
of town banks which by a statement asked for by the Controller
of Currency were shown to be among the chief hoarders of cur-
rency have either realized their responsibility in this direction or
have come to the conclusion that there is no need for this action
on their part and in consequence have placed the idle funds in
circulation. In a number of places banks have removed from their
checks the stamped notices which permit their payment through
clearing houses only and this action is in line with the policy which
the New York banks have for some time pursued of making all
payments in cash whenever it has been required.
REVIEW
blame great speculation, others attribute the whole trouble to
Roosevelt and are never tired of saying that the President himself
called the panic into existence through his platform talks on great
corporations and malefactors of great wealth. Of course, each
particular theorist or doctor believes that he has solved the reason
for the panic. Many of these theories may. be correct because they
all may have played some part in bringing about the panic. Still
if we improve, our currency and remedy our stock issues to the
greatest possible extent yet will there not be even then a recurrence
of financial and industrial crises from time to time?
E
CONOMISTS may figure all sorts of panaceas and explana-
tions, but it seems back of all these theories there is a
peculiar element in human nature which should be considered.
When prices are going up there is a great opportunity to profit by
speculation, the gambling spirit is aroused and men are prone to
speculate. It may not be all in stocks or bonds, but just the same
in real estate and in business they gamble to the extent of taking
big chances in anticipating continued prosperity. When the
gambling instinct reaches the point' where a large proportion of the
population attempts to live without producing then it's time to
whistle "down brakes," for there's sure to be trouble ahead.
Speculation, if carried far enough, results in a crisis and depres-
sion. It may be of long or short duration, but these conditions
are bound to occur, brought about, to our minds through the
gambling instinct which lurks in a greater or lesser degree in the
average human breast. All of these other points named by econo-
mists may of course be contributing factors.
We probably will have a new flood of theories every month
until things are adjusted, but as a matter of fact the number of
men who clearly predicted the last panic were very few indeed.
William J. Bryan, who is getting in shape for his third run for the
Presidency, was not one of those who believed in the panic. He
stated in his paper, The Commoner, no later than last August,
"there is no danger of a panic. Those who are predicting it over-
look the fact that the world's volume of money is increasing.
Rising prices follow an increase in currency and it is impossible
to have a general panic when prices are rising." Taken all in all
the financial problem is a pretty difficult one for anyone to suc-
cessfully solve.
A
DEALER, commenting upon an article which appeared in
last week's Review anent the value of attractively fitted up
warerooms as a selling force, stated: "I believe that it's a subject
which a trade publication should advocate. My experience has
been identical with that of the gentleman named in your article.
Years ago I did not believe in putting any special amount of money
in wareroom betterment, it seemed cash wasted, but I thought I
would try it out on a new plan and the results have been more
than pleasing to me. I believe sales are easier made in warerooms
where the surroundings are harmonious and attractive than in dull,
dingy places where the stock does not show to good advantage."
No doubt of it. An unattractive wareroom has a depressing
effect upon callers and every man who relies upon retail pur-
chasers for patronage should figure that they can be best served
by having his wares shown with attractive environments. It gen-
erally will be found that in dingy warerooms the stock itself is
poorly kept, the pianos are liable to be covered with dust and not
arranged in a way to interest and hold the attention of customers.
Recently we were in a wareroom of a Southern dealer who com-
plained bitterly of the falling off of his trade. The reason for the
reduction in business to our mind was clear and could not be
charged up to the panic. His stock was kept in a most shocking
manner. Pianos were placed so close together that it was like
walking through a lane to go by them. They were so covered
IEWING the situation broadly it presents many grounds for
with dust that in entering the store and walking back to the office
encouragement to business men no matter in what section of
to pay her account a lady's wraps were completely covered with
the country they may be located. Now that the panic is over and
dust which came from the pianos which she had to squeeze by in
its effects rapidly passing nearly all of the economists and theorists
order to get to the office. Small wonder that the man complained
have been anxious to tell us why the panic came and what would
have prevented it. Never were doctors less agreed either as to of loss of trade. It was surprising that he retained any.
the cause or remedies for the disease. Some blame the tariff,
N direct contrast was the store of an adjoining dealer who was
others say that the great loss of capital in the Russian and Japanese
in a most optimistic frame of mind and stated that notwith-
wars, the California earthquake and great fires have been creators
of the trouble. Others say the panic is due to the peculiar con- standing the panic he had closed an excellent .year's trade, in fact,
his business reports showed an increase of 30 per cent, over 1906.
ditions, notably an unsound banking system and lack of confidence
Comparing the two establishments it would not take long to figure
jn banking and overwatered corporations. Still other theorists
V
T
THE: MUSIC TRADE
REVIEW
EDWARD LYMAN BILL - Editor and Proprietor
J. B. SPHXANE, Managing Editor
Executive and Reportorlal Staff:
On). B. KMT.T.iiit,
L. B. BOWHBS,
W. H. DYKES,
F. H. THOMPSON.
J. HAYDEN CLARENDON.
B. BBITTAIN WILSON,
L. J. CHAMBEBLIN,
A. J. NICILIN.
BOSTON OFFICE:
CHICAGO OFFICE:
B. P. VAN HABLINGEN, 195-197 Wabash Ave.
TELEPHONES : Central 414 ; Automatic 8tf43.
MINNEAPOLIS and ST. PAUL:
ST. LOUIS:
BSNBST L. WAITT, 278A Tremont 8 t
PHILADELPHIA t
E. W. KAurrifAN.
ADOLF EDBTBN.
SAN FRANCISCO:
CHAS. N. VAN BUBBN.
S. H. GRAY, 2407 Sacramento S t
CINCINNATI. O.: NINA PUGH-SMITH.
BALTIMORE, MD.: A. ROBERT FRENCH.
LONDON. ENGLAND:
69 Baslnghall S t , B. C.
W. Lionel Sturdy, Manager.
Published Every Saturday at 1 Madison Avenue, New York
Entered at the New York Post Office ms Second Class Matter.
SUBSCRIPTION, (including postage). United States and Mexico, $2.00 per year;
Canada, $3.50; all other countries, $1.00.
ADVERTISEMENTS, $2.00 per Inch, single column, per Insertion. On quarterly or
yearly contracts a special discount Is allowed. Advertising Pages, $60.00; opposite
reading matter, $75.00.
REMITTANCES, In other than currency form, should be made payable to Edward
Lyman Bill.
_^
D l r — f r y ol PI—o
The directory of piano manufacturing firms and corporations
~
~ ~
found on another page will be of great value, as a reference
m m u c l n r t r i
f o r dealers and others.
Exposition Honors Won by The Review
Grand Prim
Paris Exposition, 1900 Silver Medal. Charleston Exposition 1902
Diploma.Pan-American Exposition, 1901 Gold Medal.. . S t Louis Exposition, 1904
Gold Medal. ...Lewis-Clark Exposition, 1905.
LONG DISTANCE TELEPHONES-NUMBERS 4677 and 4678 GRAMERCY
Connecting all Department*.
Cable address: "ElblU New York."
NEW
YORK, JANUARY 25, 1908
EDITORIAL
B
USINESS conditions are steadily improving and while there
may not be at the present time the buoyancy in financial
matters which we desire yet indications are not wanting of the
early return of normal conditions in the financial world. Not-
withstanding the large sums paid out in connection with disburse-
ments of record-breaking volume, which took place at the end of
the year, the deficit which for some weeks has prevailed in the
reserves of the New York banks has been eliminated. The end of
the premium on currency has already been reached and rates of
money are now lower than at any time since the close of October.
The action of the banks of England and France has been reflected
in the lowered money rates of this country. The numerous out
of town banks which by a statement asked for by the Controller
of Currency were shown to be among the chief hoarders of cur-
rency have either realized their responsibility in this direction or
have come to the conclusion that there is no need for this action
on their part and in consequence have placed the idle funds in
circulation. In a number of places banks have removed from their
checks the stamped notices which permit their payment through
clearing houses only and this action is in line with the policy which
the New York banks have for some time pursued of making all
payments in cash whenever it has been required.
REVIEW
blame great speculation, others attribute the whole trouble to
Roosevelt and are never tired of saying that the President himself
called the panic into existence through his platform talks on great
corporations and malefactors of great wealth. Of course, each
particular theorist or doctor believes that he has solved the reason
for the panic. Many of these theories may. be correct because they
all may have played some part in bringing about the panic. Still
if we improve, our currency and remedy our stock issues to the
greatest possible extent yet will there not be even then a recurrence
of financial and industrial crises from time to time?
E
CONOMISTS may figure all sorts of panaceas and explana-
tions, but it seems back of all these theories there is a
peculiar element in human nature which should be considered.
When prices are going up there is a great opportunity to profit by
speculation, the gambling spirit is aroused and men are prone to
speculate. It may not be all in stocks or bonds, but just the same
in real estate and in business they gamble to the extent of taking
big chances in anticipating continued prosperity. When the
gambling instinct reaches the point' where a large proportion of the
population attempts to live without producing then it's time to
whistle "down brakes," for there's sure to be trouble ahead.
Speculation, if carried far enough, results in a crisis and depres-
sion. It may be of long or short duration, but these conditions
are bound to occur, brought about, to our minds through the
gambling instinct which lurks in a greater or lesser degree in the
average human breast. All of these other points named by econo-
mists may of course be contributing factors.
We probably will have a new flood of theories every month
until things are adjusted, but as a matter of fact the number of
men who clearly predicted the last panic were very few indeed.
William J. Bryan, who is getting in shape for his third run for the
Presidency, was not one of those who believed in the panic. He
stated in his paper, The Commoner, no later than last August,
"there is no danger of a panic. Those who are predicting it over-
look the fact that the world's volume of money is increasing.
Rising prices follow an increase in currency and it is impossible
to have a general panic when prices are rising." Taken all in all
the financial problem is a pretty difficult one for anyone to suc-
cessfully solve.
A
DEALER, commenting upon an article which appeared in
last week's Review anent the value of attractively fitted up
warerooms as a selling force, stated: "I believe that it's a subject
which a trade publication should advocate. My experience has
been identical with that of the gentleman named in your article.
Years ago I did not believe in putting any special amount of money
in wareroom betterment, it seemed cash wasted, but I thought I
would try it out on a new plan and the results have been more
than pleasing to me. I believe sales are easier made in warerooms
where the surroundings are harmonious and attractive than in dull,
dingy places where the stock does not show to good advantage."
No doubt of it. An unattractive wareroom has a depressing
effect upon callers and every man who relies upon retail pur-
chasers for patronage should figure that they can be best served
by having his wares shown with attractive environments. It gen-
erally will be found that in dingy warerooms the stock itself is
poorly kept, the pianos are liable to be covered with dust and not
arranged in a way to interest and hold the attention of customers.
Recently we were in a wareroom of a Southern dealer who com-
plained bitterly of the falling off of his trade. The reason for the
reduction in business to our mind was clear and could not be
charged up to the panic. His stock was kept in a most shocking
manner. Pianos were placed so close together that it was like
walking through a lane to go by them. They were so covered
IEWING the situation broadly it presents many grounds for
with dust that in entering the store and walking back to the office
encouragement to business men no matter in what section of
to pay her account a lady's wraps were completely covered with
the country they may be located. Now that the panic is over and
dust which came from the pianos which she had to squeeze by in
its effects rapidly passing nearly all of the economists and theorists
order to get to the office. Small wonder that the man complained
have been anxious to tell us why the panic came and what would
have prevented it. Never were doctors less agreed either as to of loss of trade. It was surprising that he retained any.
the cause or remedies for the disease. Some blame the tariff,
N direct contrast was the store of an adjoining dealer who was
others say that the great loss of capital in the Russian and Japanese
in a most optimistic frame of mind and stated that notwith-
wars, the California earthquake and great fires have been creators
of the trouble. Others say the panic is due to the peculiar con- standing the panic he had closed an excellent .year's trade, in fact,
his business reports showed an increase of 30 per cent, over 1906.
ditions, notably an unsound banking system and lack of confidence
Comparing the two establishments it would not take long to figure
jn banking and overwatered corporations. Still other theorists
V
T
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