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THE MUSIC TRADE REVIEW.
IO
Smith & Nixon Affairs.
THE ASSIGNEE'S REPORTS SHOW
SHRINKAGE
CONSIDERABLE
IN VALUES—STARTLING FIG-
URES WHICH MAY BE CLEARER AFTER
THE
LEGAL
PROCEEDINGS NOW
UNDER WAY ARE THROUGH.
T last we have been favored with au-
thentic figures relative to the assets
and liabilities of the Smith & Nixon con-
cern. Statements were filed the closing
days of last week in the Insolvency Court
at Cincinnati. They contain many sur-
prises. The following line alone, taken
from the inventory of assets, is sufficient
to "show cause" for the assignment and
the present muddle: "Open accounts, face
value $101,144, appraised at $15,641.30."
A
The value of bills receivable has shrunk
from $30,251.16 to $8,914.80, and the
common stock of the Smith & Nixon Piano'
Manufacturing Co. from $100,000 to $37,-
500.
It can be expected as a matter of course
that further reports will increase the lia-
bilities with a considerable shrinkage in
assets.
The figures are exceedingly confusing,
at least as far as getting a definite estimate
on the value of the paper or collateral.
Meanwhile they sufficiently demonstrate
how utterly the members of the Smith &
Nixon concern disregarded the elementary
principles of commercial credits in the con-
d.ict of their business.
The assignee in his report states that the
appraised value of the total assets which
have come into the possession of the as-
signee, exclusive of the Dayton (O.) in-
voice, is $183,716.52, the face value being
$417,300.69. The$i83,7i6.52 isabsolutely
all that the assignee has to pay out with,
but the total assets, of course, including
the paper in the hands of creditors, are
much larger, reaching a grand total of $1,-
i47,7i3- 62 -
This tremendous sum is made up as fol-
lows: Customers' paper under discount-
$170,000; dealers' paper under discount
(approximate), $191,000; customers' paper
pledged as collateral in addition to the
above mentioned, $262,778.70; agents' and
customers' paper pledged as collateral,
$106,643.23.
The schedule of liabilities which was
filed later show that the secured debts are
$369,412.93, and the unsecured $295,271.,
99, making a grand total of $664,684.92.
This does not include indirect liabilities of
the enormous mass of the firm's paper scat-
tered all over the country.
The amount due unsecured music trade
houses is $239,257.53. Mr. William Stein-
way is the only member of the music trade
found among the fortunate creditors se-
cured by collateral.
In accordance with the policy of THE
REVIEW, \ve have refrained from publishing
an itemized list of the amounts due the
different creditors in the trade. Its publi-
cation would serve no good end.
The schedule of liabilities, it must be re-
membered, have been estimated by friends
of the house, and is certain to show con-
siderable shrinkage, particularly as the
soundness of the collateral is questionable,
at least at the figures given.
The Court of Insolvency at a hearing
this week, authorized the employment of
stenographers and an examination of the
assignors relative to the disposition of as-
sets. Counsel agreed that the examination
of Messrs. Crawford, Ebersole and Smith
should be conducted at the office of Mr.
Thomas McDougall and at the Smith &
Nixon house, on Fourth street, where the
books are kept. It is likely that the ex-
amination will take some time, as the
heads of the respective departments in the
main as well as the branch houses and
members of the firm will be examined.
The investigation will help to throw
needed light on the manner in which the
Smith & Nixon business was run. When
all the facts of interest to the creditors have
been ascertained, a general meeting of the
creditors will be called to take such steps
as are deemed best in the premises.
E. Gabler & Bro.
JOSEPH BAREUTHER, general repre-
(J
sentative for E. Gabler & Bro., is
making an extended road trip in the West
and Northwest. He is expected to return
in about ten days. Business with E. Gab-
ler & Bro. is reported as satisfactory. A
new piano catalogue will be issued by the
firm in about a week.
F. W. Pohl Secures the ^Eolian
Agency.
F
W. POHL, of Rochester, N. Y., has
secured the agency for the ^Eolian,
0
and is making preparations to make that
instiument known on the same advanced
and characteristic lines for which other
agents of the ^ o l i a n have been noted. He
intends to fit up a handsome recital hall
where special concerts will be given, and
where the instrument, will be shown off to
the best possible advantage. Mr. Pohl is
fortunate in having secured such an admir-
able trade producer as the ^Eolian. It
dignifies the dealer handling it, and insures
the patronage of the best class of customers.
Wilcox & White Organ Co.
D
URING a call at the attractive Sym-
phony Parlors, 123 Fifth avenue, a
few days ago, we were pleased to learn
that business with the local branch of the
Wilcox & White concern is more than sat-
isfactory, considering the general condition
of trade. They report having made quite
a number of sales of Symphony organs re-
cently. There is an accentuated demand
for the cheaper styles.
The new patent self-playing piano at-
tachment, the "Angelus," which is on ex-
hibition at the warerooms, is attracting
considerable attention.
Last Saturday
they sold a magnificent piano with this at-
tachment. The purchaser expressed him-
self delighted with its possibilities.
Needham Piano and Organ Co. The McKannon Bros. & Co. the
Promoters of a New Enterprise.
/ ^ H A R L E S H. PARSONS, president
\ j
of the Needham Piano and Organ
Co., leaves for a month's trip to Europe
on July 1, sailing by S. S. Majestic, White
Star Line.
The trip is of a purely business nature.
Mr. Parsons will confer with his English
agent, Mr. Henry Ambridge, of London,
on matters relative to the Needh^m inter-
ests. He will locate in London, and be
in evidence at the forthcoming annual In-
ternational Music Trades Exhibition, to be
held in the Royal Agricultural Hall, Lon-
don, July 10 to July 21, at which the well-
known Needham pianos and organs will be
handsomely represented.
T
HE firm of McKannon Bros. & Co.,
Burlington, Yt., have just completed
arrangements for a new departure in musi-
cal interests and instruction in that city,
which, if successfully carried out, will un-
doubtedly prove of considerable value to
those musically inclined. They are to rent
the third floor of the Barrows Block, the
ground floor of which they now occupy, and
fit it up for a conservatory of music. The
front of the hall is to be made into a recital
room with a capacity for seating 200
people, while the remaining space will be
made into practicing and other rooms.
Ernest E. Whitman, recently a teacher in
the Ithaca Conservatory, will have charge
of the new conservatory.
The "Capen" Piano.
T
HE Brockport Piano Co., Brockport,
N. Y., are turning out some really
handsome instruments which should not
fail to be recognized by dealers desiring a
first-class medium grade piano, which will
be thoroughly satisfactory both as to con-
struction, finish, appearance and quality of
tone. The "Capen," which is the name of
the piano they manufacture, is just
such an instrument as would make trade
for a pushing dealer. It can be sold at a
fair price, and can be relied upon to give
undoubted satisfaction to the purchaser.
Music Publishers Meet.
T
HE Music Publishers' Association of
the United States held their annual
meeting at the Gilsey House last Tuesday.
The chair was occupied by President
Bowers, of Lyon & Healy. The most im-
portant question before the meeting was
the matter of copyright. The other officers
of the Association, Vice-President Spauld-
ing, Treasurer Cragin, of New York, and
Secretary Bayly, of Washington, D. C., as
well as a number of members, were in at-
tendance.