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THE MUSIC TRADE REVIEW
funds to meet current expenditures, because a
money scare prevails and capital has sought a
temporary hiding place until the clouds roll by.
Under ordinary circumstances, the firms that
have gone to the wall would have kept right on
making money and distributing it. From so
causeless a panic—if it may be called a panic—
the business interests of the country may be
safely expected to quickly recover. Again, there
are other reasons why business should be good
this fall, provided Congress makes the much
needed legislation. For over a year past the
merchants in every line have been allowing
their stocks to run low ; they have been buying
sparingly. This applies not only to the music
trade, but to business generally. They must
need generous replenishing this fall. Then,
again, the manufacturers, as a rule, have not
been running full time, therefore, have not ac-
cumulated their usual amount of stock for fall
trade. When the fall is with us there is every
reason to predict an unusual activity all along
the line. While writing on this subject it may
be well to give the views of James H. Eckels,
the Comptroller of the Currency, as expressed in
the North American Review for August.
Comptroller Eckels takes a most hopeful
view of the situation. The present financial
depression he regards as something unique in
our history. While the strain has been of
"unprecedented length and great severity"
there has been nothing approaching a panic
such as has characterized other years in similar
circumstances. There has been a general feel-
ing of distrust in our moneyed institutions,
" but there has been no unusual excitement,"
than which no stronger proof could be had of
the '' vast resources of the country and the
available wealth of the people." It demon-
strates that " no matter how bad the outlook,
there can be no general bankruptcy distress
like that of 1837, 1857 and 1873. In all the
circumstances surrounding the present situation
" it is equally at variance with other periods of
liquidation." It has developed at a time when
there is an abundance of agricultural produce
and of manufactured products on every hand.
'' Ordinary business in mercantile lines,'' Comp-
troller Eckels assures us, " is up to, and in some
trades above, the standard of the same months
in times of marked prosperity, while the actual
amount of money in circulation per capita is as
great as that of recent years." Another note-
worthy fact is that in a majority of the failures
that have occurred in legitimate lines thus far
" the assets reported of the failed concerns have
been largely in excess of their liabilities, and
of such a character as to cause comment that
institutions holding them should have been
forced to suspend.'' The Comptroller continues :
As these facts come to the knowledge of the
people the situation is slowly but surely under-
going a change for the better. It is true it is
not a radical one, but it is sufficiently notable
to attract the attention of even a casual obser-
ver. Evidence of this improved condition is
plainly apparent. The people are getting over
their scare sufficiently well to calmly take an
inventory of the solvent institutions that are in
every State and Territory, and to realize that
they are so far in excess of the numbers that
have been forced to the wall that many more
might be put into liquidation and our country
still remain the wealthiest in all the catalogue.
They are coming to know that many of the fail-
ed institutions are in sections of the country
where booms have been the order of the day and
legitimate business growth looked upon as quite
out of date. They are turning to staid New
England and observing that not a national
bank within her borders has closed its doors ;
that but two have gone into liquidation in New
York, one through the misuse of the privileges
so easily granted those connected with the in-
stitutions and the other because of mismanage-
ment ; none in Pennsylvania, New Jersey, Wis-
consin, Minnesota and other Northwestern and
Western States, and that the failures in the
South are but few. They have learned that the
three in Illinois, one of which carried down a
now re-opened bank in Indiana, were forced to
suspend more because of internal causes than
from outside pressure, and that the same causes
worked the failures of one in Ohio, one in In-
diana, two in Michigan, three in the Dakotas,
one in Kansas, three in Nebraska, two in
Georgia, three in Texas and one in North Caro-
lina, and that two in Tennessee, one in Mon-
tana and one in Utah were wrecked by pecula-
tions.
Another thing to note is that in the States of
Washington and California " t h e resultant
effect of laying out cities for future purposes
instead of present needs is the breaking of
banks that carried paper of the projectors of
such magnificence," while reopened banks in
certain Western and Southern States "under
favorable conditions and of greater strength,
too, having reassured the public."
The action of the President in calling an
extra session of Congress has imbued "all
classes with the belief that the radically bad
legislation of three years since is to be speedily
undone." When toother signs of encourage-
ment it is added that " banks are lending more
freely and that frightened depositors who with-
drew their money are redepositing it with the
same institutions, " and "that the savings in-
stitutions are again putting out money, that
millions of new currency are being ordered for
circulation by national banks upon bonds de-
posited, that there is less call upon the East for
help on the part of the West and South, and
that the borrower can secure accommodations
on bonds other than those of the United
States, " these are " indications of better times
in the near future that must convince even the
most pessimistic."
"There! " said a well-known tenor, as he
heard two cats fight at midnight, "there! If I
could only hold that high C as loflg as those
cats can I could get $500 a night."
Miss Budd (to famous pianist): " That music
was truly divine, monsieur."
Monsieur: "Ah, mam'selle, that is indeed
praise ; for who but an angel would know
divine music? "
CUSTOM HOUSE, BOSTON,
Collector's Office, July 24, 1893.
Exportations of Musical Instruments from the
Port of Boston, Month ending June, 1893.
To Netherlands:
$1,837
Twenty-eight (28) organs
To England :
Eighty-one organs (81) -
$5-792
One (1) Piano
-
-
-
450
All other and parts of -
- 1,806
$8,048
To Scotland :
Two (2) organs
. . .
-
$78
To Nova Scotia, etc., six
(6) organs -
-
-
-
&<;oo
All other and parts of
152
Total -
10,615
I m p o r t a t i o n s of M u s i c a l I n s t r u m e n t s i n t o t h e
P o r t of B o s t o n , M o n t h of J u n e , 1893.
Countries :
Austria
-
-
-
-
-
-
$468
France
-
-
-
-
-
-
242
Germany -
-
-
-
-
-
7,083
England
.
-
.
.
-
-
579
Total
5-372
WRITING of the trouble in Gildemeester &
Kroeger's shop, the News of July 26th remarks :
Some of the piano manufacturers are threaten-
ing again to introduce female labor. The piano
makers are complaining of their low wages and
uncertain and irregular employment. They also
object to the large number of apprentices. The
experiment of making women serviceable in the
industry was made a year ago by a few firms
above the Harlem. They were put to work
making actions. This is a lazy work. Although
the employers said the trials showed the women
to be a success, they were not retained. The
men protested against working with them. A
month is expected to elapse before Gildemeester
& Kroeger's strike will be settled and the shops
reopened. The other shops, which are closed
or running on half time, are taking stock, and
it will take some time before they will be in
full operation again.
THE fifty-first annual anniversary picnic of
the employees of Charles M. Stieff's piano
factory was held at Darley Park, on July 24th,
and the day was given over to unrestricted
merrymaking. Early in the afternoon each of
the children present was given a box of candies.
One thousand boxes were distributed.
The
larger children were given an abundance of ice-
cream and cake. Mr. Frederick P. Stitff, of the
firm, was present, but Mr. John Stieff was un-
able to attend, owing to a slight illness. The
exercises at four o'clock were as follows: Ad-
dress in English by Mr. John C. Price ; music
by Weber's orchestra ; address in German by
Mr. Henry Schultz; address in German by
Rev. F. Sterger ; address in English by Fred.
P. Stieff, and an address by Mayor Ferdinand
C. Latrobe. The Fourth regiment Band ren-
dered a military concert program. The dancing
pavilion was well filled during the evening,
and all the other sources of amusement were
well •patronized. At five o'clock lunch was
served.