Music Trade Review
Issue: 1923 Vol. 76 N. 1 - Page 5
Music Trade Review -- © mbsi.org, arcade-museum.com -- digitized with support from namm.org
JANUARY 6,
1923
THE MUSIC TRADE REVIEW
Hoover Predicts Great Trade Revival
Looks for Steady Betterment Daring 1923—Finds World Outside of Europe Shaking Itself Free From War Slump—Unem-
ployment in United States Ceases to Be a Disturbing Factor—New Year Begins With Greater Economic
Strength With Production and Trade on a Larger and More Substantial Basis
The following summary of the world's eco-
nomic situation has been prepared by Secretary
of Commerce Hoover in response to numerous
requests for a New Year's statement upon this
all-important subject. It is based upon the spe-
cial investigation of the Department's repre-
sentatives in each foreign country. He says:
"In the large view the world has made dis-
tinct economic progress during the past year
and the conditions are very favorable to con-
tinued progress during 1923. There are in ex-
ception three or four states in Europe which
give continued anxiety, but these exceptions
should not obscure the profound forces of prog-
ress elsewhere over the whole world. In the
main even in these areas of uncertainty the
difficulties are to a large degree fiscal and po-
litical rather than commercial and industrial.
"During the year the world generally has
gained in social stability: Bolshevism has
greatly diminished and even in Russia has been
replaced by a mixture of socialism and indi-
vidualism; at least active war has ceased for
the first time since 1914; famine and distress
have diminished to much less numbers this
Winter than at any time since the great war
began; production has increased greatly during
the past year; unemployment is less in world
totals than at any time since the armistice;
international commerce is increasing; the world
is now pretty generally purchasing its com-
modities by the normal exchange of service and
goods, a fact which in itself marks an enormous
step in recovery from the strained movements
of credit and gold which followed the war.
"In our country unemployment has ceased to
be a problem and we are indeed upon an eco-
nomic level of comparatively great comfort in
every direction except for the lack of recovery
in some branches of agriculture. Even in this
field there has been a distinct improvement in
prices in the past twelve months and its
troubles are mostly due to overproduction in
some lines. Our manufacturing industries are
engaged well up to the available labor; indus-
trial production has enormously increased over
last year; real wages and savings are at a high
level. Our transportation and housing show
great gains in construction, though we are yet
behind in these equipments. Both our exports
and our imports are again increasing after the
great depression and are to-day far above pre-
war levels.
"Outside of Europe the whole world has
shaken itself free from the great after-war
slump. The economic wounds of Asia, Africa,
Latin America and Australia from the war were
more the sympathetic reaction from a slump
in the combatant states than direct injury.
Their production and commerce have recovered
to levels above pre-war. The enforced isolation
of many areas in Latin America and Asia dur-
ing the war has strengthened their economic
fiber by increased variety of production and has
contributed vitally to their effective recovery.
"In Europe, England together with the old
neutral nations are making steady progress
in production and diminishing unemployment.
Their trade and commerce are improving; their
governmental finances are growing stronger;
their currencies that are not already on a gold
basis are steadily approaching par, and their
exchanges are more stable. The combatant
states on the Continent are slower in recovery.
Even these nations, including Russia, have
shown progress all along the line in commer-
cial, industrial and agricultural fields, although
the harvests suffered in some spots. Some of
these nations, such as Italy, Belgium, the Bal-
tic States, Poland, Czecho-Slovakia and Hun-
gary, show increasing political and social sta-
bility and improvement in their governmental
finances. In Germany and some minor states
in Southeastern Europe governmental finance
and political difficulties threaten to overwhelm
the commercial and industrial recuperation al-
ready made.
"The continued maintenance of armies on a
greater than pre-war basis in the old Allied
states enforces political uncertainty, lowers
productivity, and retards the balancing of bud-
gets with consequent cessation of direct or in-
direct inflation. Disarmament and the con-
structive settlement of German reparations and
the economic relations of states in Southeastern
Europe are the outstanding problems of Eu-
rope, and their adjustment to some degree will
affect the progress of the rest of the world.
The more general realization during the past
year of the growing menace of these situations
and the fundamentals that underlie their solu-
tion is in itself some step toward progress.
Their solution would mark the end of the most
acutely destructive forces in the economic life
of the world which still survive the war.
"Economic forecast cannot amount to more
than a review of tendencies and a hazard in
the future. The odds are favorable for 1923;
the world begins the year with greater economic
strength than a year ago; production and trade
arc upon a larger ,and more substantial basis,
with the single exception of the sore spot in
Central Europe. The healing force of business
and commerce has gained substantial ascend-
ency over destructive political and social forces.
There is ample reason why there should be con-
tinued progress during the next twelve months."
BIG YEAR FOR J i S T E R PIANO CO.
BLOOMINGDALE INTERESTS MERGED
SUFFERS FIRE LOSS IN OMAHA
Unusually Heavy Demand for Small Grand
Pianos a Feature of 1922 Business and Neces-
sitates Expansion of Plant—Fine Outlook
Prominent Department Store of New York and
the Walters Piano Co. Have Been Merged
Blaze in Adjourning Building Damages Musical
Instrument Stock of A. Hospe Co.
The Bloomingdale Piano Co. and the Walters
Piano Co., New York, formerly conducted as
independent organizations, have been merged
into one corporation with the Arcade Realty
Co. and Bloomingdale Bros., the latter the con-
trolling organization.
OMAHA, NKB., December 30.—A fire which broke
out in the Woolworth five and ten-cent store,
401-5 West Broadway, this city, recently seri-
ously damaged the stock in the music store of
A. Hospe at 407, just across a small alley, al-
though the building itself was saved from any
considerable damage. When it was seen that
the fire was threatening the Hospe building
workmen began moving the stock and a con-
siderable part of it was moved before the fire
became too fierce to allow of their continuing.
George Miller, treasurer of the Lester Piano
Co., Philadelphia, reports that 1922 was a big
year in the history of the Lester organization
and predicts that 1923 will surpass all records.
Mr. Miller reports that as the year progressed
night and day work was necessary at the big
plant of the company at Lester, Pa., to take
care of the orders. The popularity of the
Lester small grand grew to such proportions
that it was necessary during 1922 to add a new
building to the group constituting the Lester
plant to be devoted entirely to the production
of small grand pianos. This expansion was
accomplished, as previously reported, early in
the year and luckily, too, for the demand for
Lester small grands was so great that every
facility was needed to keep up with it. In
1923 it is predicted that the production of small
grands may be doubled.
Jacob Schiller, traveling representative of the
company, returned to headquarters over the
holiday period and reported that all Lester
dealers did big holiday business and that great
confidence is generally expressed over condi-
tions throughout 1923.
AUTHORIZED TO TRADE IN NEW YORK
The Herbert Piano Co. has been authorized
to do business in the State of New York with
a capital of $50,000. The incorporators are H.
T., W. C. and J. D. Ohlsen, Sr., 7528 Morris
avenue, Bronx.
WILL DO BUSINESS IN INDIANA
The Complete Music Stores has been declared
qualified to do business in the State of In-
diana with a capital of $27,000. Edwin H.
Konold, of Mishawaka, is named as agent.
The Redline Piano & Radio Co. has been
formed at Mitchell, S. D., with a capital of
$25,000. The incorporators are C. D. Radcliffe,
P. W. Lowry and H. P. Radcliffe.
GIVES BIG ORGAN TO TOWN HALL
James Speyer Makes Gift as Memorial to His
Wife, Mrs. Ellin Speyer
James Speyer has donated an organ as a
memorial to Mrs. Ellin Speyer, his wife, ac-
cording to an announcement made by Henry
W. Taft, chairman of the board of trustees of
the Town Hall. The organ will contain 2,913
pipes, the console will have four keyboards
with complete mechanical equipment for recitals
and will cost, including installation, upward of
$35,000, according to the firm building it.
For over 25 years Specialists
in high grade Piano Cases
Paterson Piano
Case Co.
PATERSON, N. J.
JANUARY 6,
1923
THE MUSIC TRADE REVIEW
Hoover Predicts Great Trade Revival
Looks for Steady Betterment Daring 1923—Finds World Outside of Europe Shaking Itself Free From War Slump—Unem-
ployment in United States Ceases to Be a Disturbing Factor—New Year Begins With Greater Economic
Strength With Production and Trade on a Larger and More Substantial Basis
The following summary of the world's eco-
nomic situation has been prepared by Secretary
of Commerce Hoover in response to numerous
requests for a New Year's statement upon this
all-important subject. It is based upon the spe-
cial investigation of the Department's repre-
sentatives in each foreign country. He says:
"In the large view the world has made dis-
tinct economic progress during the past year
and the conditions are very favorable to con-
tinued progress during 1923. There are in ex-
ception three or four states in Europe which
give continued anxiety, but these exceptions
should not obscure the profound forces of prog-
ress elsewhere over the whole world. In the
main even in these areas of uncertainty the
difficulties are to a large degree fiscal and po-
litical rather than commercial and industrial.
"During the year the world generally has
gained in social stability: Bolshevism has
greatly diminished and even in Russia has been
replaced by a mixture of socialism and indi-
vidualism; at least active war has ceased for
the first time since 1914; famine and distress
have diminished to much less numbers this
Winter than at any time since the great war
began; production has increased greatly during
the past year; unemployment is less in world
totals than at any time since the armistice;
international commerce is increasing; the world
is now pretty generally purchasing its com-
modities by the normal exchange of service and
goods, a fact which in itself marks an enormous
step in recovery from the strained movements
of credit and gold which followed the war.
"In our country unemployment has ceased to
be a problem and we are indeed upon an eco-
nomic level of comparatively great comfort in
every direction except for the lack of recovery
in some branches of agriculture. Even in this
field there has been a distinct improvement in
prices in the past twelve months and its
troubles are mostly due to overproduction in
some lines. Our manufacturing industries are
engaged well up to the available labor; indus-
trial production has enormously increased over
last year; real wages and savings are at a high
level. Our transportation and housing show
great gains in construction, though we are yet
behind in these equipments. Both our exports
and our imports are again increasing after the
great depression and are to-day far above pre-
war levels.
"Outside of Europe the whole world has
shaken itself free from the great after-war
slump. The economic wounds of Asia, Africa,
Latin America and Australia from the war were
more the sympathetic reaction from a slump
in the combatant states than direct injury.
Their production and commerce have recovered
to levels above pre-war. The enforced isolation
of many areas in Latin America and Asia dur-
ing the war has strengthened their economic
fiber by increased variety of production and has
contributed vitally to their effective recovery.
"In Europe, England together with the old
neutral nations are making steady progress
in production and diminishing unemployment.
Their trade and commerce are improving; their
governmental finances are growing stronger;
their currencies that are not already on a gold
basis are steadily approaching par, and their
exchanges are more stable. The combatant
states on the Continent are slower in recovery.
Even these nations, including Russia, have
shown progress all along the line in commer-
cial, industrial and agricultural fields, although
the harvests suffered in some spots. Some of
these nations, such as Italy, Belgium, the Bal-
tic States, Poland, Czecho-Slovakia and Hun-
gary, show increasing political and social sta-
bility and improvement in their governmental
finances. In Germany and some minor states
in Southeastern Europe governmental finance
and political difficulties threaten to overwhelm
the commercial and industrial recuperation al-
ready made.
"The continued maintenance of armies on a
greater than pre-war basis in the old Allied
states enforces political uncertainty, lowers
productivity, and retards the balancing of bud-
gets with consequent cessation of direct or in-
direct inflation. Disarmament and the con-
structive settlement of German reparations and
the economic relations of states in Southeastern
Europe are the outstanding problems of Eu-
rope, and their adjustment to some degree will
affect the progress of the rest of the world.
The more general realization during the past
year of the growing menace of these situations
and the fundamentals that underlie their solu-
tion is in itself some step toward progress.
Their solution would mark the end of the most
acutely destructive forces in the economic life
of the world which still survive the war.
"Economic forecast cannot amount to more
than a review of tendencies and a hazard in
the future. The odds are favorable for 1923;
the world begins the year with greater economic
strength than a year ago; production and trade
arc upon a larger ,and more substantial basis,
with the single exception of the sore spot in
Central Europe. The healing force of business
and commerce has gained substantial ascend-
ency over destructive political and social forces.
There is ample reason why there should be con-
tinued progress during the next twelve months."
BIG YEAR FOR J i S T E R PIANO CO.
BLOOMINGDALE INTERESTS MERGED
SUFFERS FIRE LOSS IN OMAHA
Unusually Heavy Demand for Small Grand
Pianos a Feature of 1922 Business and Neces-
sitates Expansion of Plant—Fine Outlook
Prominent Department Store of New York and
the Walters Piano Co. Have Been Merged
Blaze in Adjourning Building Damages Musical
Instrument Stock of A. Hospe Co.
The Bloomingdale Piano Co. and the Walters
Piano Co., New York, formerly conducted as
independent organizations, have been merged
into one corporation with the Arcade Realty
Co. and Bloomingdale Bros., the latter the con-
trolling organization.
OMAHA, NKB., December 30.—A fire which broke
out in the Woolworth five and ten-cent store,
401-5 West Broadway, this city, recently seri-
ously damaged the stock in the music store of
A. Hospe at 407, just across a small alley, al-
though the building itself was saved from any
considerable damage. When it was seen that
the fire was threatening the Hospe building
workmen began moving the stock and a con-
siderable part of it was moved before the fire
became too fierce to allow of their continuing.
George Miller, treasurer of the Lester Piano
Co., Philadelphia, reports that 1922 was a big
year in the history of the Lester organization
and predicts that 1923 will surpass all records.
Mr. Miller reports that as the year progressed
night and day work was necessary at the big
plant of the company at Lester, Pa., to take
care of the orders. The popularity of the
Lester small grand grew to such proportions
that it was necessary during 1922 to add a new
building to the group constituting the Lester
plant to be devoted entirely to the production
of small grand pianos. This expansion was
accomplished, as previously reported, early in
the year and luckily, too, for the demand for
Lester small grands was so great that every
facility was needed to keep up with it. In
1923 it is predicted that the production of small
grands may be doubled.
Jacob Schiller, traveling representative of the
company, returned to headquarters over the
holiday period and reported that all Lester
dealers did big holiday business and that great
confidence is generally expressed over condi-
tions throughout 1923.
AUTHORIZED TO TRADE IN NEW YORK
The Herbert Piano Co. has been authorized
to do business in the State of New York with
a capital of $50,000. The incorporators are H.
T., W. C. and J. D. Ohlsen, Sr., 7528 Morris
avenue, Bronx.
WILL DO BUSINESS IN INDIANA
The Complete Music Stores has been declared
qualified to do business in the State of In-
diana with a capital of $27,000. Edwin H.
Konold, of Mishawaka, is named as agent.
The Redline Piano & Radio Co. has been
formed at Mitchell, S. D., with a capital of
$25,000. The incorporators are C. D. Radcliffe,
P. W. Lowry and H. P. Radcliffe.
GIVES BIG ORGAN TO TOWN HALL
James Speyer Makes Gift as Memorial to His
Wife, Mrs. Ellin Speyer
James Speyer has donated an organ as a
memorial to Mrs. Ellin Speyer, his wife, ac-
cording to an announcement made by Henry
W. Taft, chairman of the board of trustees of
the Town Hall. The organ will contain 2,913
pipes, the console will have four keyboards
with complete mechanical equipment for recitals
and will cost, including installation, upward of
$35,000, according to the firm building it.
For over 25 years Specialists
in high grade Piano Cases
Paterson Piano
Case Co.
PATERSON, N. J.
Future scanning projects are planned by the International Arcade Museum Library (IAML).