Music Trade Review

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THE MUSIC TRADE REVIEW
JANUARY 5, 1918
the highest possible' efficiency. We may
FINANCIERS SAY BUSINESS WILL BREAK RECORDS IN 1918 with
not—probably we shall not—have goods enough
Leaders in Important Lines Predict That the Industrial Activity of the Nation Will Be on a Tre-
mendous Scale During the Year Just Beginning—An Optimistic Viewpoint Which Should
Hearten Piano Makers Throughout the Country—Must Unite Energies to Assure Early Victory
for both the home and the foreign markets; that
which is sold in foreign markets helps us to pay
our way in the war, and hence I should give the
foreign markets the preference over the do-
mestic.
B. D. CALDWEIJC, president of Wells, Fargo &
Co.—I do not believe there will -be any let-up
in the business of this country during the com-
ing year or, indeed, during the war, the end of
which does not appear to be in sight. The per-
formance of our part in the successful prosecu-
tion of the war is the greatest business we have
ever undertaken, and will require that every
enterprise which can help in the least degree
shall strive for the high-water mark in activity
and efficiency.
Demand Exceeds Supply
' Industrial and financial activity on a tre-
mendous scale is foretold for 1918 by represent-
ative men in various important lines, whose
views have been gathered for the January num-
ber of System, the "magazine of business."
Demands of the war will, of course, be of chief
importance and will engage general attention.
Income of supply agencies will be greatly aug-
mented, but the outlook in other directions is
also for prosperity because business of every
character will adjust itself to the war situation,
and the experience of 1917, in which unprece-
dented Government requirements were met
without disturbance of business, will be con-
tinued, according to the best opinion.
High
wages will be coincident with widespread econ-
omies.
Following are some of the views sent to the
magazine:
Nation's Aim Is to Win War
W. P. G. HARDING, Governor of the Federal
Reserve Board—The paramount business of the
United States at this time is the winning of the
war, and the activities of the American people
are directed to this end. The production, manu-
facture and transportation of those articles
which are necessary for the maintenance of the
population of a nation engaged in war and for
the support of its armies in the field must be
stimulated in every possible way. The Govern-
ment is the largest purchaser of supplies, the
chief customer of business, and its financial re-
quirements will be very heavy. The people are
fast learning habits of thrift, of industry and
of economy. Over 10,000,000 of them are hold-
ers of Government obligations in which they
have invested their savings and for which many
have themselves gone into debt, thus pledging
their future earnings and economies for the
support of the Government.
into industry but who will respond now to our
appeal to their patriotism.
The problem of
America is to speed up its productive machinery
to the highest possible limit.
Schwab Is Bullish
REMODEL QUARTERS IN SOUTH BEND
$3,000,000,000 TRADE BALANCE
ELBERT H. GARY, chairman of the board of
Elbel Bros. Music Store Ready to Hold Formal
Opening of Remodeled Four-Story Building
in That City—Handsomely Decorated
Figures Show Economic Resources of U. S. to
Wage Winning War
directors of the United States Steel Corp.—It
is up to us to prove our continued loyalty to
the Government; but, more than that, our loy-
alty to ourselves in the performance of duty.
If our country is defeated in the pending mili-
tary conflict your property and business and
mine will be of little value. We shall have re-
traced our national steps a century and a half.
The wealth of the country will be seized and
retained as prize money by other nations. We
have been forced into the war and we are com-
pelled to fight in defense of our persons, our
property and our sacred honor. There is no
escape. We are in the war to the end, how-
ever costly and bitter the struggle. No man,
no country, was ever engaged in a more right-
eous or a more compulsory defense.
Business Dominated by War
FRANK A. VANDESLIP, president of the National
CHARI.ES M. SCHWAB, chairman of the board of
directors of the Bethlehem Steel Corp.—I have
always been bullish on the United States. I
can see nothing ahead to make me modify my
attitude; a tremendous significance attaches to
how squarely we meet the problems, apparent
or not yet apparent, which lie before us. We
can think only of the successful prosecution of
the war—in its every phase—for the end of the
war is nowhere in sight. We shall be success-
ful in the measure that we put business before
pleasure.
CHARLES H. SABIN, president of the Guaranty
Trust Co.—Demand for additional capital is
greater than ever because of general business ac-
tivity, but the Government's demand for money
also is unprecedented, so the bankers must
bear the double strain of colossal loan
flotations and the financing of unexampled trade
activities. In addition, a considerable volume
of maturing obligations must be provided for.
Fortunately, the machinery for relieving much
of the pressure exists in our strong, centralized
banking system and its great credit resources.
ALBA B. JOHNSON, president
of the Baldwin
Locomotive Works—War involves prodigious
expenditures and these produce business ac-
tivity. Therefore, as long as the present condi-
tions of war exist, there must continue to be a
demand exceeding the supply, resulting in
strongly sustained prices.
CHARLES E. MITCHELL, president of the National
City Co.—When the exigencies of the times
have come home to all, then will America awake.
She will bear taxation without grumbling. She
will treat her railroads fairly, that they may
wax strong for her needs. She will stamp out
sedition, which now flames about her very
skirts. She will lend every assistance to her
corporations that they may produce in abund-
GEORGE E. SMITH, president of the Manufac- ance. She will, while demanding fair play for
turers' Export Association—We must buy from her laborer, insist that he toil unremittingly for
neutral countries in order to carry on our own the common good.
war preparations; if we buy from them we
R. GOODWIN RHKTT, president of the Chamber of
must also sell to them or we shall not be able Commerce of the United States—There is noth-
to pay for what we buy. Therefore, I think ing unhealthy about the financial situation. On
that it is a very high duty to develop our ex- the contrary, there is evidence of great inherent
port trade in the most intensive fashion and strength in it.
SOUTH BEND, IND., December 31.—The elab-
orately remodeled quarters of the Elbel Bros.
Music Store are now ready for formal opening.
The company has been established in this city
for a number of years, and the changes in its
building were necessitated by the growing busi-
ness. Its entire structure has been practically
rebuilt in order to provide for the rearrange-
ment of all departments.
One of the features of the store is the special
player-piano department, as well as the music
roll and sheet music departments in the base-
ment. Special demonstrating rooms have been
provided for both instruments and rolls, and
special attention has been paid to both the con-
venience and comfort of the customer. On the
first floor is the Victrola department, also with
an extensive equipment of demonstrating booths,
and with space provided for a regular stock of
18,000 records, and for a surplus stock of 10,000
records. The offices arc also located on the
first floor. The second floor has been laid out
as piano warerooms and divided into four beau-
tifully decorated and handsomely furnished
showrooms. The storeroom and shipping de-
partment are on the fourth floor.
City Bank—The business situation in 1918 will
be dominated by the war, and the energies of
this country must be concentrated as fully as
possible upon winning the war. In the aggre-
gate the production of the industries both in
•quantities and values will be enormous; they
will be greater than ever before, employment
will be complete and the aggregate of payments
in wages will be far ahead of any previous year.
The income of our farmers will be larger than
ever, before. There will be an unusual distribu-
tion of income among the masses of the peo-
NEW INCORPORATION
ple, and this purchasing power will make a
large market for necessities and essentials, not
The Phonograph Clearing House, Inc., of
to speak of what may be classed as luxuries. Manhattan, has been incorporated by Jacob
There is a great resource as yet hardly touched Tarlow, S. N. Rosenstein and Elsie Rosenstein,
in the army of women who have never gone of New York City.
WINTER & CO.
PIANOS AND PLAYER-PIANOS
WASHINGTON', D. C, December 31.—America's
exports were estimated to-day at the Depart-
ment of Commerce to have passed the $6,000,-
000,000 mark in 1917, a new high record. .Im-
ports were below $3,000,000,000, and the trade
balance in favor of the United States probably
will be more than $3,150,000,000.
The country's gold supply showed less in-
crease than last year because of the substitu-
tion of credits for cash in handling allied pur-
chases after the United States entered the war.
Imports of gold in March amounted to $139,-
000,000, but in November were less than $3,-
000.000. The total for the year was estimated
at $537,000,000, compared with $686,000,000 in
1915.
Exports of gold showed a heavy increase over
the preceding twelve months, due chiefly to
the large movement to Japan, Spain and South
American countries. The total was estimated at
$374,000,000, compared with $155,000,000 last
year.
The trade balance of more than $3,000,000,000
with the country at war was regarded by of-
ficials as the best evidence that this country has
the economic resources necessary to defeat Ger-
many.
CHAS. DUERK CO. INCORPORATED
The Chas Duerk Co., New York, has been in-
corporated with a capital stock of $10,000 to
manufacture and deal in pianos. The incor-
porators arc A. A. F. and C. Duerk.
RUDOLF
PIANOS AND PLAYER-PIANOS
22O SOUTHERN BOULEVARD, NEW YORK