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shipments of gold to Europe have been wholesome
rather than otherwise. They have led our own import-
ers not to overstock themselves with foreign goods lest
the balance of trade should be against us. No, Europe
will draw no more money from us. With improved
rates for money here—and, by the way, this is but
natural at our crop-moving time—money will flow in
from London, Liverpool, Vienna, Berlin, and Amster-
dam. I believe firmly that we shall have all the money
necessary, and more, too."
President Edmund D. Randolph, of the Continental
National Bank, remarked that there was no danger of
any stringency. " The Western banks," said he, " have
large balances on deposit in New York, and the Western
disbursing cities are well provided with funds. These
will be fed out to move the Western crops. The South
will have to come to New York to a very much larger
extent than the West. As the rates for money harden
here, funds from other centres, Europe especially, will
be attracted. I do not believe that it will be necessary
to look to the Government. I want it clearly under-
stood that 1 do not believe we will have any particular
stringency in the money market."
President William H, Male, of the Atlantic Trus 1
Company, formerly President of the old Union Nation-
al Bank, thinks that the West is every year becoming
more capable of taking care of itself financially, and
that the establishment of reserve centres there makes
the moving of the crops a much easier task for New
York bankers than formerly. The promptness with
which funds can be transferred to New York, not only
from domestic centres, but from Canada and from Eu-
rope, is, with the present low rates of money abroad,
one of the best guarantees against any protracted strin-
gency.
President John A. Stewart, of the United States
Trust Company, expects an increased activity in the
money market, but no stringency. The shipments of
gold abroad had ceased, and no more are to be antici-
pated at present; rather the reverse, in fact, in view of
the probable large foreign demand for American bread-
stuffs. Since Chicago has now become a great money
centre there is no reason to fear any sudden withdrawal
of cash from New York when the crops begin to move.
President H. W. Cannon, of the Chase National
Bank, said that the cotton crop was abundant, and
about three weeks earlier than last year, so that bank-
ers were already beginning to anticipate cotton ex-
change.
The agent of one of the large Canadian banks in Wall
street said that they anticipated an active demand for
their money during the next few months, but could see
no prospect of any unusual stringency. Money would
be needed in the West to handle the crops, and much
would be drawn from New York for that purpose, but
Chicago is also at present a financial reservoir, and this
fact would relieve to an extent the demand upon New
York. Plenty of money could be drawn into New York
at a few hours' notice to ease the market should any
sudden large demands from the West tighten cash se-
riously.
First Vice-President H. C. Fahnestock, of the First
National Bank, said that as a banker he would like to
see a more active money market, but that he could see
nothing in the situation to warrant apprehensions of
stringency. Relying upon the press despatches relative
to the abundant crops this country is harvesting, and
also those telling of the heavy shortage in Europe, he
had come to the conclusion that the country would
financier itself while our breadstuffs are being taken in
large quantities by Europe. He thought there was
enough money in the country to move the surplus of
the crops to the seaboard without causing any disturb-
ance at this centre.
President Jacob D. Vermilye, of the Merchants' Bank,
thought that 5 and 6 per cent, money was due pretty
soon. " But everything is all right," Mr. Vermilye ad-
ded, " and nobody will experience any stringency. The
West has lots of money in New York and more in her
own cities. As our rates are advanced by natural
causes, the crop-moving period, more money will flow
into New York. We can get the cash from Europe in
a week, and the cable is a quick agent. We have not
been materially affected by the shipments of gold to
Europe. I do not think any more will go out." Mr.
Vermilye said there was no need for the slightest ap-
prehension. He thought if by any possible means it
became necessary the Government could be relied upon
to buy all the bonds offered.
Other statements than the above (most of which we
have condensed) were made to the Sun's represent-
atives, but we have quoted sufficient to show that the
commercial outlook is by no means unsatisfactory.
Our manufacturers of musical instruments have reason
to be of good cheer, and should lose no time in com-
pleting their preparations for a brisk fall and winter
trade.
* *
CONCERNING OUR SPECIAL FALL NUM-
BER.
THE resuscitation of musical industries by which the
approach of fall is always marked in this country, fur-
nishes sufficient reason for the appearance of this mag-
nificent number of THE MUSIC TRADE REVIEW.
THE MUSIC TRADE REVIEW.
In the present issue will be found a mine of informa-
tion relating to the music trades of the United States,
together with other interesting matter of a cognate
order.
It is seldom that the trade are treated to so exten-
sive and exhaustive a series of descriptions of and com-
ments upon subjects which, from a business point of
view, are of paramount interest to them. Outside of
THE MUSIC TRADE REVIEW, in fact, such a compre-
BRILLIANT, ENTERPRISING, AND STER-
LING.
TREMENDOUS OUTPUT OF PIANOS AND ORGANS BY THE
STERLING COMPANY, DERBY, CONN.—THEIR NEW
STYLES IN BOTH LINES—A PIANO THAT WILL
SET THE TRADE AGOG.
EVERAL years had elapsed, prior to last week*
since we experienced the pleasure of inspecting
the factory of the Sterling Company, at Derby,
Conn. A few days ago, however, we had occasion to
alight at Derby, and through the courtesy of manager
Rufus Blake were enabled to spend half an hour in
looking over the immense establishment of which he
is the directing genius. On every hand the signs of
progress were observable.
A faint idea of the great facilities of the Sterling
concern may be obtained when we state that the floor-
age of their factory covers no less than one hundred
thousand square feet, and that every room is stocked
to its fullest limit with materials used in the construc-
tion of pianos and organs. It is barely possible, in fact,
to proceed through the various stories with comfort,
owing to the vast quantity of material therein stored.
The entire building teems with life and activity.
MUSIC TRADE REVIEW.
Still, we were hardly prepared for the statement,
It would be extremely ungracious on our part were made and verified by Mr. Blake, that the business done
we to fail in duly acknowledging the important services by the company in the month of July last was $10,000
in excess of that transacted in the same month of last
rendered by our printers in the production of this year. This is indeed a proof of almost unprecedented
splendid issue. The magnificent and truly artistic dis- prosperity, but even so wondrous an advance is thrown
play of the advertisements, and the astonishing clear- into the shade by the increase of their trade of the
ness, beauty, and perfection of the typographical work, present month over that of August, 1888—an increase
prove that our compositors and pressmen are thorough which, as it now turns out, will be represented by no
less a sum than $20,000.
and competent workmen, and right worthy practitioners
After being furnished with these figures it was not so
in the "art preservative of all arts ;" they also demon- much of a surprise to us to learn that the output of
strate the superb taste and judgment that have been Sterling pianos has arisen to the astonishing weekly
exercised in the selection and purchase of the numer- total of sixty, and that the still more startling number
ous fonts of display types, ornaments, etc., used in the of four hnndred organs are shipped from the factory
every month. " Excelsior" is the motto of the Ster-
elaboration of our advertising pages.
ling firm, and there is every indication that twenty of
In a word, our special fall number furnishes the latest the latter kind of instruments will be turned out per
link in a long chain of evidence that, as a production of diem ere many moons have waned.
Notwithstanding this enormous yield, no deteriora-
literary and artistic excellence, THE MUSIC TRADE
tion in the quality of the Sterling products is possible.
REVIEW is superior to every other trade newspaper in
This fact is due to the presence in the factory of the
existence to-day.
finest skilled workmanship, the most conscientious and
rigid scrutiny of all work done, and the employment of
materials that cannot be excelled in any particular.
In point of style, moreover, the pianos and organs
OUR remarks concerning the American Musician and
made by the Sterling Company are as remarkable as
Caspar's Directory seem to have somewhat worried the
they are in point of number. We were especially in-
editors of the former publication. It will be remem- terested in the fancy piano cases of .oak and walnut,
bered that in our last issue we challenged the state- which are as attractively elegant as any to be found
ment of Caspar that the Musician has a guaranteed cir- throughout the country. Some fancy styles of organ
culation of 15,000 copies per week. We also offered to cases are also being gotten out which, when presented to
the attention of the trade, will be certain to call forth
deposit any amount of money the editors of the Musi-
extensive and unaffected expressions of admiration.
cian might name, against a sum, equal to half such
Of particular examples of brilliant case-work we
amount, to be deposited by them, and to forfeit our would like to mention that of an organ fitted, in the
money deposited if those editors would prove the as- centre, with beveled plate mirror, furnished on either
sertion made by Caspar as to the circulation of their side with receptacles for books and sheet music, and
provided with jewelry case, glove box, and other sim-
paper. Our offer has not been accepted, and Mr. Cas- ilarly convenient and ornamental desiderata.
par should expunge from his directory his "guarantee"
The new styles are all constructed upon ideas that
statement relative to the circulation of the above men- originated in the prolific mind of Mr. Rufus Blake.
Style 801 of the company's organs, which has been
tioned journal.
upon the market but a short time, is in very great de-
mand. One of its most worthy features is a mouse-
proof attachment covering the pedals, and fitting close-
OF late we have received several inquiries from Mil- ly to the floor. This attachment is operated simultan-
waukee as to who may be the constructors of the Rohlf- eously with the fall-board, rising when the latter is
opened, and falling again whenever it is closed.
ing piano. Possibly some of our readers in this city
Though it is difficult to understand how Mr. Blake
may be able to enlighten these querists.
can find time, amid his multifarious occupations, for
the projecting and carrying out of one new idea after
another, yet it is a fact that he is getting out a new
baby grand piano, to be ready for inspection about
THE services of Mr. E. P. Hawkins, for some years September 1st. Up to the present he has said but little
past at the head of the Smith American Organ and about this new piano, desiring to spring a surprise upon
Piano Company's (Boston, Mass.,) London, (Eng.) the trade. We had the pleasure, however, of listening
branch, have been secured by the Emerson Piano Com- to its splendid tone, and of investigating its mechan-
pany, of the former place. Mr. Hawkins returns to this ism, and can say with considerable confidence that it is
country on account of the damaging effect of the Eng- the greatest achievement in the line of piano manufac-
lish climate on the health of his wife. As has been an- ture ever accomplished by the aid of the skill, genius
nounced in these columns, the post vacated by him and originality with which the Sterling company are so
is now occupied by Mr. John Merrill.
plentifully blessed.
hensive array of musical industrial facts and observa-
tions is never offered.
In this special fall number will be found a vast
amount of original matter directly relating to musical
instruments, their manufacture and their manufactur-
ers. Further, the interesting character of the few arti-
cles selected from other publications will enhance the
pleasure naturally following upon the perusal of a
work, which, as a whole, will be scarcely less attractive
to the general reader than to the thousands of manu-
facturers and dealers in all parts of the United States,
each of whom will receive a copy of this issue, and all
of whom were long ago united in keen appreciation and
approval of the power and influence exercised by THE
S