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THE MUSIC TRADE REVIEW.
many Southern and Western members.
There is undoubtedly a majority in the
Senate and House favorable to bankruptcy
legislation, but a difference of opinion LETTER FROM OUR SPECIAL CORRESPONDENT—PECULIARLY TANGLED CONDITION OF AFFAIRS
— A DISPASSIONATE ANALYSIS OF THE SITUATION SAID THAT GILDEMEESTER
exists as to the voluntary and involuntary
& KROEGER ARE NOT CREDITORS—APPRAISERS APPOINTED
systems. The bill to be voted on to-day
LATEST PARTICULARS.
has been endorsed by all the leading com-
CINCINNATI, O., April 29, 1896.
mercial bodies of the United States, and
to Mr. Sidwell, the party that hastened the
assignment by a threat to institute a fore-
carefully and equitably protects the rights
H E latest developments anent the Smith closure suit against the firm. This pre-
of debtor and creditor alike.
& Nixon failure do not tend to make cipitated the failure in order to save other
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any clearer the peculiarly tangled condition creditors.
Reports from the different organ fac- of matters here. Notwithstanding that the
In the Insolvency Court Judge McNeill
liabilities are placed at $800,000, and the
tories both East and West indicate that gross assets at one million, nothing specific has appointed Frank A. Lee, of the John
there is a lively demand for organs, not or reliable can be stated until the appraise- Church Co., Samuel Hale, and B. D. Bart-
lett, well-known merchants, as appraisers
only for export but domestic trade. Wheth- ment is made and the figures filed in court.
of the business, with instructions to file
The assets are supposed to cover stock their report. Upon the affidavits of Messrs
er this is due to the apparent scarcity of
money or the peculiar commercial condi- on haud, negotiable notes given in part Lee, Hale and Bartlett "that it would be for
tions which exist these days, matters little; payment of goods by piano purchasers, and the best interest of said estate that pianos
the piano factory in Chicago.
belonging to said estate appraised by us
it is gratifying, however, that the predic-
Now, as far as the stock is concerned, it should be offered and sold at private sale,
tions made by some wiseacres that the or- is not as large as generally supposed, and
and that the highest and best prices could
gan business would be "wiped out" owing it is said the Steinway pianos are not in- be obtained in that way, as they verily
to the prevalence of the cheap piano, have volved.
believe," as well as the affidavit of C. L.
Next, the negotiable notes have been Ament, music trade dealer, confirming the
not been realized. The reed organs which
are being manufactured to-day are superior traded out to banks and others as security foregoing, about seventy-five pianos of
for loans advanced to Crawford, Ebersole
in quality to anything heretofore placed on & Smith, and it is questioned whether they Smith & Nixon's stock have been appraised
without filing the usual inventory. This
the market, not only in tonal effects, but in can be considered available assets.
was done to permit them to continue busi-
artistic design of case and finish.
Again, the Chicago piano factory is esti- ness temporarily.
mated to be worth almost twice its actual
The appraisement of the remainder of the
value.
Foster & Co. Contradict,
stock has not been completed, and it will
And the strangest thing in this connec- not be possible to do so before the end of
tion is that the Smith & Nixon Piano Manu- this or the early part of next week.
N an article on the Smith & Nixon assign- facturing Co. claim that this factory was
I am informed by a party who seems to
ment in the last issue of the Courier, purchased by them last Februaiv, and is in
be on the inside, that the new Smith &
the following was published among a num- no way affected or involved by the failure.
Nixon Piano Co. will possibly assume the
ber of other rumors and surmises:
When these matters are weighed it looks assets of the defunct firm, and by arranging
It is reported here, but not confirmed at as if the assets would dwindle down consid- to liquidate the liabilities continue in busi-
the time of going to press, that Foster & erably.
ness. This would insure them securing a
Co., piano manufacturers, of Rochester,
The connection of the two companies in- good paying property at a low price.
have assigned. This failure, in view of
the failures of Armstrong, Atwater & corporated some months ago, with the as-
It looks as if the Smith & Nixon Piano Co.
Clarke and Smith & Nixon, the relations signed concern, is much talked of, and it is were simplyorganized to step into the breach
between the various firms being so close involved in considerable mystification.
when the occasion required. The occasion
and complicated, appears inevitable. Fos-
It is claimed by the assignee that the has materialized.
ter & Co. and other firms allied with the failure in no way affects the Smith & Nixon
No meeting of the creditors has yet been
firms already gone cannot, as we see it,
make a successful further struggle for exist- Piano Manufacturing Co., whose factory is held, but it is likely that they will get to-
ence, and they may for the present be in- in Chicago. This is an incorporated con- gether by Saturday or Monday.
cluded in the present complications. The cern. The firm of Crawford, Ebersole &
In this letter I have simply stated the
firm was doing a comparatively small but Smith is a partnership one, and this is the
facts
as I find them. I have not made an
growing business.
business that is involved.
effort to arrive at conclusions. Matters are
Just as we close our forms the following
It is also claimed that the Smith & Nixon not sufficiently developed and are so com-
telegram reaches us. It explains itself:
Piano Co., which was incorporated for the plicated that it would be an impossible
ROCHESTER, N. Y M May i, 1896.
transaction of a general retail business, arid task to make any positive assertions about
To Music Trade Rcvietv:
which did not endeavor to engage in busi- financial matters or the result of the nego-
No. 3 East Fourteenth street, N. Y.
ness during the readjustment of the affairs tiations at present under way.
Courier statement unauthorized and in- of the now assigned company, is an entire-
Messrs. Chas. Steinway and Urchs, of
correct. We are absolutely safe. Kindly ly distinct organization.
Steinway & Sons, are in town looking after
deny malicious reports.
The Smith & Nixon Piano Co. was capi- the interests of their house. They claim
FOSTER & Co.
talized at $150,000—$50,000 preferred, and that their firm are amply secured, and their
$100,000 common stock. The latter is held loss will be comparatively light.
AN ardent votary of the bicycle craze is by the creditors of the assigned company
Mr. Alfred Meinberg, of Wm. Knabe & and it is supposed will be levied on by the
Co.'s New York house. Mr. Meinberg can assignee. The preferred stock, however,
The following particulars, bearing on the
frequently be seen skimming along the is safe, and is held by capitalists.
Smith & Nixon failure, reach us from
Boulevard attired in the latest conception
According to a statement made by Mr. other sources:
of twentieth century idea bicycle costume, Crawford, the firm of Gildemeester &
Louisville, Ky.
his "divine" calves being greatly admired Kroeger are not, as generally supposed,
by the gentler sex. He states that his creditors of the Smith & Nixon Co. Mr.
A dispatch from Louisville, Ky., says:
recent severe attack of muscular rheuma- Gildemeester's interest in the affairs of the The Louisville company of Smith & Nixon
tism has entirely been cured through the concern is due to the fact that he recom- has no connection with the Cincinnati
use of the wheel.
....-.- ~s-* _•
Smith & Nixon Developments.
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