Music Trade Review

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THE: MUSIC
TRADE
REVIEW
prototype, in thousands of cases all over the land, where it occupies
a position of a finishing part in the decorations of the home, to be
seen and not to be used save at rare intervals.
In this connection we have put forth more literature bearing
upon the player-piano in a.single month than all of the other trade
publications in a year;': arid, so far as we view the trade field there
is no other trade newspaper institution which is engaged in creating
literature \vhich is an admitted aid to not only the dealers and sales-
men, but tQ-the users of player-pianos as well.
EDWARD LYMAN BILL - Editor and Proprietor
J. B. SPILLANE, Managing Editor
Executive and Reportorlal Stall:
Gn>. B. K n i x m ,
B. BRITTAIM WILSON,
W. H. DTKBS,
A. J. NICKLIN,
L. B. B o w i n ,
R. W. SIMMONS,
AUGUST J. TIMPB.
WM. B. WHITE.
BOSTON OFFICE:
CHICAGO OFFICE:
E. P. VAN HABLINGBN, 1B6 Wabash ATC
G. W. HENDERSON, 178 Tremont 8 t
Room 806,
Room 12.
Telephone, Central 414.
Telephone, Oxford 1159-2.
PHILADELPHIA:
MINNEAPOLIS and ST. PAUL:
ST. LOUIS:
R. W. KADITMAH,
ADOTJ- EDSTBN,
CHAS. N. VAN BUBBN.
SAN FRANCISCO: S. H. GRAY, 88 First Street.
CINCINNATI. O.:
BALTIMORE, MD.:
JACOB W. WAI/TEHS.
A. ROBERT FRENCH.
LONDON, ENGLAND: 69 Basinghall St., E. C.
W. LIONEL STURDY, Manager.
Published Every Saturday at 1. Madison Avenue, New York
Entered at the New York Post Office as Second Class Matter.
SUBSCRIPTION, (Including postage), United States and Mexico, $2.00 per year;
Canada, $3.50 ; all other countries, $4.00.
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, $76.00.
REMITTANCES, in other than currency forms, should be made payable to Edward
Lyman Bill.
An important feature of this publication is a complete sec-
devoted to the interests of music publishers and dealers.
tion
PlilVPP jlllll
Departments conducted by an expert wherein all ques-
• lajci aiiu
tions of a technical nature relating to the tuning,
To/>hni/> 1 C l l l l l l l d l inrffdl UllCllto. a r e dealt with, will be found in another section of this
paper. We also publish a number of reliable technical works, information concerning
which will be cheerfully given upon request.
Exposition Honors Won by The Review
Grand Prim
Paris Exposition, 1900
Silver Medal. Charleston Exposition, 1902
Diploma..Pan-American Exposition, 1901
Gold Medal.. .Bt. Louis Exposition, 1904
Gold Medal
Lewis-Clark Exposition, 1905.
LONG DISTANCE TELEPHONES—NUMBERS 4«77 and 4678 GRAMERCY
Connecting a l l Departments.
Cable a d d r e s s : M ElblU, N e w York."
NEW YORK, DECEMBER 1 7 , 1910
A CONSIDERABLE number of men in the music trade have
* V n °t 'been believers in the corporation tax. One reason for
opposition has. been that the inside affairs of a corporation might
be exposed to those who would use unfairly the knowledge gained.
It is not likely that there will be many pilgrims to Washington
to examine returns made under the corporation tax law. For, in
the first place, it must be a personal visit. No stockholder or
person wishing to get at possible inside facts about some listed cor-
poration, or one whose stock is being advertised for sale, can give
another his proxy. And, in the second place, the returns now
open to restricted inspection are for the calendar year 1909. Few
can be wildly curious in December, 1910, to study some aged corpo-
ration statistics. It is a question whether anybody could get from
them any information which would help him or harm anybody else.
It is true that by March 1 of next year the returns showing
this year's business should be on file in the office of the Collector
of Internal Revenue. They will be considerably fresher than those
now open to inspection.
B
UT it must not be forgotten that perhaps no returns will be
made. The fate of the corporation tax is still doubtful. A
Supreme Court, some of whose members have just been appointed,
will hear arguments the month after next and a decision should not
be long delayed. But if the tax shall be upheld no honest corporation
has anything to fear from the guarded and restricted measure of
publicity embodied in the government regulations. The returns
will not be open to men actuated only by idle or malevolent curiosity.
If a corporation hides from a stockholder information to which he
is entitled, and which the return gives, he should be permitted to
see it. If a corporation whose securities are in the market holds
back from the public facts it is important for a prospective buyer
to know, but which it puts in its return, that buyer should have an
opportunity to inform himself.
P
ROMPT collections are a vital feature of business—no matter
how great the volume of sales, the profits will not be in equal
EDITORIAL
ratio unless collections are kept up to a standard consistent with
the volume of business done. Profits in merchandising are made
by
quick turnovers of capital, but unless collections are promptly
O one can deny the fact that the player-piano is growing
made,
turnovers cannot be had as frequently as they should be.
steadily in favor.
Interest
on capital consumed by bills being paid sixty to ninety
Leading men of the trade recognize that it has not only come
days
after
they
fall due instead of on their due dates is an item of
to stay, but that it will continue to grow in importance as a factor
importance,
so
that
prompt collection of accounts receivable is a
in the production of musical instruments.
matter
which
needs
careful attention, as it enables the executive
Recently while discussing player possibilities, Col. E. S. Con-
head
of
the
business
to
take advantage of discounts in paying bills,
way remarked: "The inside player in the piano has come to stay
as well as affording an opportunity to branch out and secure larger
and within a very few years the player mechanism in the piano will
(
be looked on as essentially a part of the piano as the hammers and returns on capital invested.
actions are to-day."
Now, these are the words of a man who has a keen grasp of
A NOTHER year of prosperity and solid growth for American
the music trade situation and by reason of his intimate knowledge
l \
banks is recorded in the annual report of the Comptroller
of trade conditions and his close grasp of the trade pulse, Col. Con-
of the Currency, presented to Congress last week. Not only the
way is in an excellent position to judge of player possibilities, and
national banks which come directly under the control and super-
when he makes such optimistic remarks they are well worthy of
vision of the Currency Bureau are included in the comprehensive
careful consideration by those who have hitherto viewed the player-
review of banking conditions, but State banks, savings banks, trust
piano as an ephemeral creation.
companies and other financial institutions—some 15,950 others—are
represented.
:
During the fiscal year of 1910 the combined resources of the
HPHIS publication long ago predicted the steady rise of the player-
7,000 national banks of the United States grew to approximately
X piano and in that connection we have urged the necessity
$1,000,000,000. On September 1 last their loans and discounts had
of dealers and salesmen acquainting themselves thoroughly with
reached the immense sum of $5,400,000,000—an amount never be-
player mechanism so that they could not only demonstrate its musi-
fore equaled in the history of the national banking system since its
cal possibilities, but that they could be in a better position to keep
creation in 1864. At the same time they were counting nearly $30,-
alive the interest of player purchasers in their product.
Interest must be maintained, for, if that is permitted to cease 000,000 of overdrafts in their assets, a practice which there is no
the player-piano will become a dead piano just the same as its old law to stop.
N