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THE
BUSINESS CONDITIONS ANALYZED.
Chicago Bank in Annual Summary Reports
Trade Conditions Improved Over Last Year
—Some Banner Crops Offset Others—Wheat
and Corn Hurt, but Cotton May Break All
Records—New Awakening to Duty and Re-
sponsibility on Part of Business Men.
(Special to the Review.)
Chicago, 111., August 7, 1911.
Once a year, when the principal cereal crops are
nearing the harvest time, the Commercial National
Bank of this city makes a canvass of the agricul-
tural and business situation. The report for this
year year, which has just been issued by President
Cieorge M. Reynolds, takes a favorable view of
both the crop prospects and the commercial out-
look, although unfavorable conditions and influ-
ences are not overlooked.
In a general summary he declares that an ex-
tensive drought which last year visited what was
once called the Great American Desert swept East-
ward this year and brought to the country a most
irregular production of crops. The breaches in
the average production, however, are only in some
products, and the losses in one harvest are com-
pensated for by gains in another. Early crops, re-
quiring little rainfall, suffered scarcely at all, and
the nation's production of wheat and rye is well
above the average.
Fundamental business conditions, the report says,
are much better than a year ago; money is plenti-
ful in the banks; the foreign trade shows a credit
balance of about $500,000,000, and the cotton crop,
a big factor in the country's export trade, by its
immensity, demonstrates the ability of the nation
to import gold when needed.
The deficiency from normal moisture, which
ranged from 25 per cent, east of the Alleghenies to
70 per cent, in the Far West, caused a big drop
in the production of summer crops everywhere.
Abnormally high temperatures and hot breezes that
absorbed the surface moisture practically ruined
the wheat, oat and barley crops of South Dakota
and part of Minnesota, and North Dakota likewise
A satisfied customer
is a real profit maker
—the best salesman a
piano dealer can possibly
have
Every Packard owner is a Packard
booster. He is more than satis-
fied—for he has received more
than "full value" for his money
That's the reason Packard pianos
are easy to sell—and that's the
reason you will find profit and
pleasure in selling them. Also it's
the reason why we are finding it
easy to get the better dealers
everywhere to handle them. Write
The Packard Company, Fort
Wayne, Indiana—to-day. If we
are not already represented in
your territory, we may be glad
to make agency arrangements
with you—and it may mean for
you the one big opportunity.
MUSIC TRADE
REVIEW
suffered. Winter wheat made no headway in the
West, and in the territory embracing Nebraska,
Kansas, Oklahoma and northern Texas the corn
crop was almost a complete failure. Over the en-
tire country the oat crop suffered in proportion to
the lack of lain.
The country's total wheat production was 642,-
000,000 bushels, 50,000,000 more than the country-
requires for bread and seed, but 53,000,000 bushels
less than last year's yield. The oat crop was 324,-
000,000 bushels, or about 300,000,000 less than it
was the year previous, while the corn crop, which
it is estimated will reach about 2,828,000,000 bushels,
will probably show a drop of about 10 per cent.
Pleasing reports are given of the probable cot-
ton crop, which, without unforeseen climatic con-
ditions to impair it, may reach a record production
of 15,000,000 bales. As it is now, those who have
been watching the cotton crop say it promises to
aggregate 14,700,000 bales.
In the commercial world, the report says, con-
ditions have improved steadily. An increased
friendliness on the part of Europe toward Ameri-
can securities is making it easier to sell bonds
across the Atlantic, the iron and steel trade is
showing a decided improvement in volume of busi-
ness, the Government has demonstrated its ability
to float the 3 per cent. Panama bonds without arti-
ficial stimulus, railroad earnings have exceeded ex-
pectations, and there has been a material reduction
of the excess of loans in banks over deposits.
A policy of economy adopted by large corpora-
tions, and especially by the railroads, with savings
deposits ever on the rise; a general disposition to
liquidate indebtedness, and the elimination of dis-
turbing uncertainties by the anti-trust decisions and
the settlement of the freight rate controversy are
making business throughout the nation take on a
more hopeful tone.
The following are given as retarding factors, off-
setting somewhat the other favorable influences, in
the bank's epitome of its report: The approach of
a Presidential year and the activity of the partisan
leaders in seeking campaign material; the continua-
tion of investigation into past corporation .man-
agement; the uncertainty as to the late crops and
as to the ultimate outcome of the railroad rate
decisions; the effects of the agitation for tariff
revision; a tendency "of the more irresponsible"
to create distrust of all vested interests, and the
disposition of investors to discriminate in favor
of bonds yielding large returns instead of in favor
of new underwritings.
The business world, it goes on, has been under-
going a "slowing down" process during the past
year, due to a cry for funds which followed large
land speculations, heavy investment in irrigation
bonds and other immobile investments. The warn-
ing was heeded, the report has it, due to the mem-
ory which the moneyed men had of the unpleasant-
ness of 1007 and to the necessity for applying a
curb on account of an unfavorable international
trade situation.
Concluding, the report says of the business situa-
tion :
"The thought seems to be general that the busi-
ness community now is paying the debts incurred
through overindulgence; just as the human body
must pay in sickness for the violation of laws of
nature. Economic laws are just as exacting as arc
the laws of health. In this resourceful country,
full of vigor and opportunity, the tendency to disre-
gard well-established economic principles has grad-
ually grown until it reached a point where these
laws of economics began to assert themselves and
demand a reckoning. Fortunately this disregard
has not reached a chronic state. It is exceedingly
reassuring to note the favorable tone'and tenor
of the letters from bankers and business men of
all classes and sections toward this remedial work,
the awakening to a new order of duty, responsi-
bility and citizenship."
DEATH OF J. A. TURNER, SR.
(Special to the Review.)
Tampa, Fla., August 7, 1911.
John Andrew Turner, father of J. A. Turner.
Jr., head of the Turner Music Co., this city, and
a resident of Tampa for many years, died last
week at the age of seventy-five. Mr. Turner, Sr.,
was born in Middletown, Conn., and came to'
Tampa in 1HJW. He was bead of the Turner Jew-
elry Co.
SAMUEL NORDHEIMER INJURED.
The Veteran Piano Man of Toronto Badly
Shocked as a Result of Recent Accident.
(Special to the Review.)
Toronto, Canada, Aug. 7, l!)li.
Samuel Nordheimcr, head of thfe Nordheimer
Piano Co., representatives of the Steinway piano
in Toronto, with a host of admirers in New York,
had a narrow escape recently from a very serious
accident. While running across King street, near
Yonge, in an effort to avoid an approaching car,
the veteran piano man fell and was seriously in-
jured. Owing to his age—he is 8G—he suffered
severely from shock. He was badly bruised and
his hip was fractured. He was carried into : a
been the Nordheimer physician for forty years,
was summoned, and he accompanied the injured
man in a taxi to bis home on Davenport road.
The many friends of Mr. Nordheimer in the
States will be pleased to learn that the injured
man has been resting well and is steadily improv-
ing. Mr. Nordheimer was the German Consul in
Toronto for many years. There are few men more
widely known and respected than this estimable
member of the piano trade.
PIANOS FOR TENNESSEE SCHOOLS.
The Starr Piano Co., Richmond, Ind., recently
captured the contract for six uprights and one
grand piano for the Tennessee Normal Schools.
The instruments are divided between the State
Normal schools at Murfreesboro and Johnson
City.
The Ebersole Piano Co. have moved to new
quarters in Cincinnati at 240 East Fourth avenue.
I
THEY
COST
MORE
BUT
THEY'RE
WORTH
IT
To the manufacturer who
values his reputation, and to
the dealer who wants his cus-
tomer's confidence, demand
them in the pianos you han-
dle—especially in the players
—made of superior German
felt.
401-424 E. 163d St., New York
Chicago Office: Republic Bldg.