Music Trade Review
Issue: 1913 Vol. 57 N. 3 - Page 4
Music Trade Review -- © mbsi.org, arcade-museum.com -- digitized with support from namm.org
THE
MUSIC TRADE REVIEW
REVIEW
EDWARD LYMAN BILL - Editor and Proprietor
J. B. SPILLANE, Managing Editor
Executive and Reporter!al Stall t
B BXITTAIN W l L U X ,
A. J. NicKLix,
CAILXTOM C B A C B .
AUGUST J. T I U M ,
L. M. KOSINSOM,
Wii. B. WHITE,
BOSTON OFFICE:
L. E. Bowns.
CHICASO OFFICBt
Telephone, Main 8BB0.
R o o m a 0 J 7 Telephone, Central 414
PHILADELPHIA:
MINNEAPOLIS u 4 ST. PAUL:
ST. LOUIBi
R. W. KAUFFMAN.
ADOLF EDSTXX.
SAN FRANCISCO: S. H. GBAT, 8» First St.
CINCINNATI. O.: JACOB W. WALTBU.
BALTIMORE. MD.i A. ROBEIT FBEXCH.
CLTM J»XXIXO»
DETROIT. MICH.: H o u i i J. WHITE.
INDIANAPOLIS. I N D J STANLBY H. SMITB
MILWAUKEE. W I S . : L. I . M B Y H .
LONDON. ENGLAND: 1 Gresham Buildinfs, Basinffhall St., E. C.
Published Every Saturday at 171 Fonrtta A venae, New York
Entered at the New York Poti Office as Second Chut MatUr.
SUBSCRIPTION, (including postage), United States and Mexico, $1.00 per year; Canada,
18.60; all other countries, $4.00.
ADVERTISEMENTS. $1.60 per inch, staple column, per insertion. On quarterly oi
yearly contracts, a special discount is allowed. Advertising Pages, $75.00.
REMITTANCES, in other than currency forms, should be made payable to Edward
l.vman Rill.
^
P l a n A anil
Departments conducted by an expert wherein all ques
r i a i l U OUU
t j o n g o f a technical nature relating to the tuning, regu
Iionai*tm4>llfa
lading and repairing of pianos aad player-pianos nrr
ueparnnems.
d e a h with
wilI b e f o u n d i n tnot her
section of this
paper. We also publish a number of reliable technical works, information concerning which
will he cheerfully given upon request.
Exposition Honors Won by The Review
Grand Prix
Paris Exposition, 1900
Silver Medal.. .Charleston Exposition, 190?
Diploma
Pan-American Exposition, 1901
Gold Medal
St. Louis Exposition. 1904
Gold Jfydai..Lewis-CUrt Exposition. 1906
LONG DISTANCE TELEPHONES-NUMBERS 8 9 8 t - S 9 8 S MADISON SQUARE
Connecting • U Departments.
Cable a d d r e a a : " E l n m , N e w York."
NEW YORK, JULY
19,1913
EDITORIAL
R
EPORTS received at The Review office from various parts of
the country during the past week indicate that while busi-
ness is experiencing a seasonable summer dulness, it does not suffer
in comparison with other years.
Future trade shows more promise and sentiment is improved.
Tariff changes seem to be losing their force as a disturbing factor,
and recent developments in the money market lead to the belief
no undue stress will be felt during the crop-moving period.
Crops hold out prospects of an abundant yield, with the pos-
sible exception of spring wheat, which was given a low condition
in the recent Government report. Latest advices to the grain trade,
however, show improvement in spring wheat. Cotton and corn
crops furnish the basis of optimism in the South and West.
Bradstreet's says: "Seasonable quiet prevails in the larger
lines of trade, and salesmen are off the road for vacations. On the
other hand, brilliant weather and holiday demands, plus clearance
sales, have greatly stimulated retail distribution. What is probably
more significant is the fact that sentiment as to the future appears
to be more encouraging. There is less timidity, and the major note
is one of conservative optimism.
"Buyers are beginning to appear in the various wholesale
markets, and it is apparent that more business has been done, espe-
cially in dry goods and shoes, on future account than was earlier
apparent. Next week should produce additional impetus. As yet
the West, Northwest and Southwest reflect greatest activity in
future operations, and in those sections buyers have taken hold in
a large way, the result being that in various lines trade exceeds that
of last year."
Dun's Review says: "While business generally reflects the
quietness usual at this period, commercial tendencies are mainly in
the direction of improvement and confidence in the future has
strengthened.
"This (indicated prosperous crop year) augers well for the
business outlook, but the spirit of conservatism is still manifest in
most quarters, owing chiefly to the restrictive influence of tariff
legislation. On the other hand, evidences of expansion are not
wholly lacking, alihougn conditions seldom show any miporiant
change at midsummer."
C
OPIES of the resolution of the banking and currency com-
mittee of the Chamber of Commerce of the United States
approving the Owen-Glass currency bill as "a piece of constructive
legislation," and offering suggestions for its improvement, will be
forwarded to Washington to be submitted to Democratic leaders
in the House and Senate for their consideration.
The bill provides for a Federal reserve board of seven mem-
bers, one of whom at least shall have had banking experience. The
committee feels that this element of banking experience can be
strengthened without weakening the element of public control. It
suggests that the Federal reserve board be increased to nine mem-
bers, the extra two to be chosen by the seven others, subject to the
approval of the President, and that the board thus constituted shall
elect its governor and vice-governor. Says the committee:
"The members of the Federal reserve board should be the
equals in point of character, ability and experience of the principal
banking officers of this country and Europe. The question of com-
pensation should therefore have the serious consideration of Con-
gress. The compensation of the governor and vice-governor should
be fixed by the board. While men of requisite qualifications might
be found who would be satisfied with a moderate salary in such
positions, what is wanted is the highest quality of service. In
dignity the Federal reserve board should rank with the Supreme
Court and it should be equally free from any suspicion of political
control. This is in accordance with the best banking experience
and practice in all parts of the world."
To provide a definite method of voicing, for the consideration
of the Federal reserve board, the judgment of banking and busi-
ness interests and keeping the board in constant touch with business
and trade requirements everywhere the committee suggests the
organization of a Federal reserve council, elected by and represent-
ing the directors of the Federal reserve banks and serving in an
advisory capacity. This council should confer with the Federal
reserve board at stated periods, its president and vice-president
would live in Washington and, without vote, sit at meetings of the
board, and compensation of its officers and members would be fixed
and paid by the reserve banks.
*
So much for control and management. As to creation of the
reserve bank system, the committee points out that in important
districts containing cities naturally qualified to be reserve cities the
aggregate banking capital is as yet insufficient to permit the estab-
lishment of reserve banks under the requirements of a m per cent,
investment and a minimum capital of $5,000,000. And in other
districts, says the committee, the capital requirement may be so
barely met that a reserve bank so capitalized would be far inferior
in capital and resources to several of the now existing local banks.
HE Merchants' Association of New York is do ; ng splendid
work in stimulating interest in the New York market among
merchants throughout the country. The reduced railroad rates
secured for the benefit of merchants and their representatives de-
siring to visit New York o.ver the Trunk Line territory for fall
buying, announced in last week's Review, afford opportunities to
piano merchants and others throughout a large area of the country
to visit New York between July IQ and September q, as set forth
in detail in the circular.
The Merchants' Association has been developing this end of
their colossal campaign for the advancement of the interests of the
city, for almost fifteen years, and each year has shown a greater
success in bringing buyers to market at ;>n early date, and thus
help manufacturers to plan their manufacturing campaign so as to
meet subsequent demands for the winter season's goods.
Piano merchants have not availed themselves as much as they
should of these special reduced fares. This is largely due to the
fact that a great many piano manufacturers in New York are not
as much alive to their own interests and the interests of the city,
as they should be by tak : ng a more active interest in the excellent
work which the Merchants' Association is accomplishing, not' only
in securing lower railroad rates for buyers to visit the New
York market, but in a number of other public spirited movements
which mean much for the better government of the city and the
welfare of taxpayers generally.
T
THE
MUSIC TRADE REVIEW
REVIEW
EDWARD LYMAN BILL - Editor and Proprietor
J. B. SPILLANE, Managing Editor
Executive and Reporter!al Stall t
B BXITTAIN W l L U X ,
A. J. NicKLix,
CAILXTOM C B A C B .
AUGUST J. T I U M ,
L. M. KOSINSOM,
Wii. B. WHITE,
BOSTON OFFICE:
L. E. Bowns.
CHICASO OFFICBt
Telephone, Main 8BB0.
R o o m a 0 J 7 Telephone, Central 414
PHILADELPHIA:
MINNEAPOLIS u 4 ST. PAUL:
ST. LOUIBi
R. W. KAUFFMAN.
ADOLF EDSTXX.
SAN FRANCISCO: S. H. GBAT, 8» First St.
CINCINNATI. O.: JACOB W. WALTBU.
BALTIMORE. MD.i A. ROBEIT FBEXCH.
CLTM J»XXIXO»
DETROIT. MICH.: H o u i i J. WHITE.
INDIANAPOLIS. I N D J STANLBY H. SMITB
MILWAUKEE. W I S . : L. I . M B Y H .
LONDON. ENGLAND: 1 Gresham Buildinfs, Basinffhall St., E. C.
Published Every Saturday at 171 Fonrtta A venae, New York
Entered at the New York Poti Office as Second Chut MatUr.
SUBSCRIPTION, (including postage), United States and Mexico, $1.00 per year; Canada,
18.60; all other countries, $4.00.
ADVERTISEMENTS. $1.60 per inch, staple column, per insertion. On quarterly oi
yearly contracts, a special discount is allowed. Advertising Pages, $75.00.
REMITTANCES, in other than currency forms, should be made payable to Edward
l.vman Rill.
^
P l a n A anil
Departments conducted by an expert wherein all ques
r i a i l U OUU
t j o n g o f a technical nature relating to the tuning, regu
Iionai*tm4>llfa
lading and repairing of pianos aad player-pianos nrr
ueparnnems.
d e a h with
wilI b e f o u n d i n tnot her
section of this
paper. We also publish a number of reliable technical works, information concerning which
will he cheerfully given upon request.
Exposition Honors Won by The Review
Grand Prix
Paris Exposition, 1900
Silver Medal.. .Charleston Exposition, 190?
Diploma
Pan-American Exposition, 1901
Gold Medal
St. Louis Exposition. 1904
Gold Jfydai..Lewis-CUrt Exposition. 1906
LONG DISTANCE TELEPHONES-NUMBERS 8 9 8 t - S 9 8 S MADISON SQUARE
Connecting • U Departments.
Cable a d d r e a a : " E l n m , N e w York."
NEW YORK, JULY
19,1913
EDITORIAL
R
EPORTS received at The Review office from various parts of
the country during the past week indicate that while busi-
ness is experiencing a seasonable summer dulness, it does not suffer
in comparison with other years.
Future trade shows more promise and sentiment is improved.
Tariff changes seem to be losing their force as a disturbing factor,
and recent developments in the money market lead to the belief
no undue stress will be felt during the crop-moving period.
Crops hold out prospects of an abundant yield, with the pos-
sible exception of spring wheat, which was given a low condition
in the recent Government report. Latest advices to the grain trade,
however, show improvement in spring wheat. Cotton and corn
crops furnish the basis of optimism in the South and West.
Bradstreet's says: "Seasonable quiet prevails in the larger
lines of trade, and salesmen are off the road for vacations. On the
other hand, brilliant weather and holiday demands, plus clearance
sales, have greatly stimulated retail distribution. What is probably
more significant is the fact that sentiment as to the future appears
to be more encouraging. There is less timidity, and the major note
is one of conservative optimism.
"Buyers are beginning to appear in the various wholesale
markets, and it is apparent that more business has been done, espe-
cially in dry goods and shoes, on future account than was earlier
apparent. Next week should produce additional impetus. As yet
the West, Northwest and Southwest reflect greatest activity in
future operations, and in those sections buyers have taken hold in
a large way, the result being that in various lines trade exceeds that
of last year."
Dun's Review says: "While business generally reflects the
quietness usual at this period, commercial tendencies are mainly in
the direction of improvement and confidence in the future has
strengthened.
"This (indicated prosperous crop year) augers well for the
business outlook, but the spirit of conservatism is still manifest in
most quarters, owing chiefly to the restrictive influence of tariff
legislation. On the other hand, evidences of expansion are not
wholly lacking, alihougn conditions seldom show any miporiant
change at midsummer."
C
OPIES of the resolution of the banking and currency com-
mittee of the Chamber of Commerce of the United States
approving the Owen-Glass currency bill as "a piece of constructive
legislation," and offering suggestions for its improvement, will be
forwarded to Washington to be submitted to Democratic leaders
in the House and Senate for their consideration.
The bill provides for a Federal reserve board of seven mem-
bers, one of whom at least shall have had banking experience. The
committee feels that this element of banking experience can be
strengthened without weakening the element of public control. It
suggests that the Federal reserve board be increased to nine mem-
bers, the extra two to be chosen by the seven others, subject to the
approval of the President, and that the board thus constituted shall
elect its governor and vice-governor. Says the committee:
"The members of the Federal reserve board should be the
equals in point of character, ability and experience of the principal
banking officers of this country and Europe. The question of com-
pensation should therefore have the serious consideration of Con-
gress. The compensation of the governor and vice-governor should
be fixed by the board. While men of requisite qualifications might
be found who would be satisfied with a moderate salary in such
positions, what is wanted is the highest quality of service. In
dignity the Federal reserve board should rank with the Supreme
Court and it should be equally free from any suspicion of political
control. This is in accordance with the best banking experience
and practice in all parts of the world."
To provide a definite method of voicing, for the consideration
of the Federal reserve board, the judgment of banking and busi-
ness interests and keeping the board in constant touch with business
and trade requirements everywhere the committee suggests the
organization of a Federal reserve council, elected by and represent-
ing the directors of the Federal reserve banks and serving in an
advisory capacity. This council should confer with the Federal
reserve board at stated periods, its president and vice-president
would live in Washington and, without vote, sit at meetings of the
board, and compensation of its officers and members would be fixed
and paid by the reserve banks.
*
So much for control and management. As to creation of the
reserve bank system, the committee points out that in important
districts containing cities naturally qualified to be reserve cities the
aggregate banking capital is as yet insufficient to permit the estab-
lishment of reserve banks under the requirements of a m per cent,
investment and a minimum capital of $5,000,000. And in other
districts, says the committee, the capital requirement may be so
barely met that a reserve bank so capitalized would be far inferior
in capital and resources to several of the now existing local banks.
HE Merchants' Association of New York is do ; ng splendid
work in stimulating interest in the New York market among
merchants throughout the country. The reduced railroad rates
secured for the benefit of merchants and their representatives de-
siring to visit New York o.ver the Trunk Line territory for fall
buying, announced in last week's Review, afford opportunities to
piano merchants and others throughout a large area of the country
to visit New York between July IQ and September q, as set forth
in detail in the circular.
The Merchants' Association has been developing this end of
their colossal campaign for the advancement of the interests of the
city, for almost fifteen years, and each year has shown a greater
success in bringing buyers to market at ;>n early date, and thus
help manufacturers to plan their manufacturing campaign so as to
meet subsequent demands for the winter season's goods.
Piano merchants have not availed themselves as much as they
should of these special reduced fares. This is largely due to the
fact that a great many piano manufacturers in New York are not
as much alive to their own interests and the interests of the city,
as they should be by tak : ng a more active interest in the excellent
work which the Merchants' Association is accomplishing, not' only
in securing lower railroad rates for buyers to visit the New
York market, but in a number of other public spirited movements
which mean much for the better government of the city and the
welfare of taxpayers generally.
T
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