It was founded as The Music Trade Journal in 1877 in New York City by Charles Avery Welles (1848–1913).
It was renamed in 1879 as The Musical Critic and Trade Review, then received its final name around 1883.
In the late 1800s, it was owned by "Colonel" Edward Lyman Bill (1862–1916).
More than 2,000 issues are held in digital form by the International Arcade Museum Library.
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