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VOL XXIII.
No. i
Published Every Saturday, at 3 East Fourteenth Street, New York, October 17,1896,
The Weber=Wheelock Co,
THE
P
ORGANIZATION OF SUCH A COMPANY PROBABLE THE REPORT OF' THE REFEREE RECOM-
MENDATION FOR THE WEBER-WHEELOCK-STUYVESANT AND ALLIED INTERESTS UNDER
THE MANAGEMENT OF W. E. WHEELOCK AND CHARLES B. LAWSON.
URSUANT to an order issued by the
chairman of the Advisory Commit-
tee of the Weber- Wheelock-Stuyvesant
affairs, a meeting of the creditors was
held to hear the referee's report in
the office of the Weber Piano Co., 108
Fifth avenue, on last Wednesday, at two
o'clock. There has been a number of
adjournments from time to time and the
trade looked forward to this meeting- with
considerable interest,
N. T. Sprague, of the Sprague National
Bank, presided.
Referee Hubbard recommended the
adoption of the following by the Weber-
Wheelock-Stuyvesant creditors: All settle-
ments to be made with creditors on the
basis of one hundred cents on the dollar
for all indebtedness. For the Weber
Piano Co., all accounts $300 or less cash.
Three hundred or over, ten per cent, cash,
and notes amounting to forty per cent, of
the indebtedness, to run five, six, twelve,
eighteen, twenty-four, thirty and thirty-
six months at six per cent. The balance,
fifty per cent., ten years debenture bonds,
bearing six per cent, interest.
The referee further recommended the
reorganization of the corporations under
the name of the Weber-Wheelock Co.,
William E. Wheelock and Charles B.
Lawson to act in the capacity of managers,
with salaries not stated; also recom-
mended that A. B. Fletcher, attorney-at-
law, Charles T. Young, president of the
City National Bank, and Peter D. Strauch,
of Strauch Bros., to act as an advisory
committee, with power to close up the
concern at any time that they deemed the
creditors' interests jeopardized.
The Manufacturers' Piano Co., Chicago,
as follows: Forty per cent, cash settle-
ment and sixty per cent, in notes running
six, twelve, eighteen, twenty-four months,
at six per cent.
For the Stuyvesant Piano Co., New
York, fifty per cent, in cash and fifty per
:ent. in notes running six, twelve, eigh-
teen, twenty-four months, interest at six
per cent.
A number of the creditors, including
merchandise and bank creditors, were rep-
resented at the meeting. The proposition
will be submitted to the various creditors,
and their action in the matter will be
awaited with interest.
The statement given out by the Weber
Piano Co. at the time of its failure was:
Total assets, $581,985.24: total liabilities,
$315,987.38. The Stuyvesant Piano Co.
showed a surplus of $59,361.88, with con-
tingent liabilities of $38,500. The Manu-
facturers' Co., of Chicago, has made an
excellent showing.
That is the Weber situation up to date.
It is interesting to quote a little Weber
history of recent date. At a meeting held
on March 16th, the meeting was opened
by Mr. Wheelock, who explained the ob-
ject for which it was called, and in the
course of his remarks said he would never
again assume the duties of executive of
the Weber Piano Co., owing to his health,
and also to the fact that the standing of
the Weber piano had been injured through
the statement of competitors that the
Weber and Wheelock pianos were iden-
tical.
Resolutions on the Death of
Gov. Fuller.
$3.00 PER YEAR-
SINGLE COPIES, 10 CENTS
fleeted honor on
ociates and mem-
bers of the pianq
industry
everywhere,
hon-
orable citizen,
lings,
a true friend,,
leader
among men.
heartfelt
" We tender to his
sympathy. May our
y Father
comfort and sustain them in this deep
affliction.
"Voted, that a copy of these resolutions
be forwarded to the family and published
in the trade papers.
" HENRY F. MILLER,
)
"CHANDLER W. SXMITH, /-Committee."
" HENRY BASFORD,
)
Steinway's Sentiments.
AST Thursday night William Steinway
presided at a mass meeting held at
Cooper Union under the auspices of the
German-American Sound Money League.
His address was heartily applauded. In
his remarks he said: " Having commenced
the battle of life as a wage earner and a
practical mechanic myself, and having en-
joyed the closest and most harmonious re-
lations with labor in all its forms for a
period of over forty-six years, I can most
confidently say that the interests of the em-
ployer and employee go hand in hand and
are thoroughly identical, and woe to the
man who by insincere and demagogic ap-
peals will seek to break up and destroy
such relations."
L
Receiver Davenport's Inventory.
J
OHN DAVENPORT, Receiver of the
Keller Bros. & Blight Piano Co., has
filed his inventory of the estate with Judge
T a meeting of the Boston Music Prentice. The assets were real estate
Trade Association on Tuesday, Oct. $6,000; book accounts $12,000; stock on
13, 1896, the following resolutions were hand $1,100, making a total of $19,100.
This was subject to mortgages aggregating
unanimously passed:
" We sincerely lament the death of our $4,900. It is unknown whether a reorgan-
friend and associate, Colonel Levi Knight ization will be effected or not.
Fuller, vice-president of the Estey Organ
Co., of Brattleboro, Vt.; and we desire to
C. H. EDDY, of Chickering & Sons, was
honor his memory and pay our tribute to in town the early part of the week, he left
one of the most distinguished members of for Boston on Thursday last; H. Metzger,
our trade, as well as the ex-Governor of a of Gallup & Metzger, Hartford, Conn., and
sister State: a man who in honoring Mr. Eccles, of Mann & Eccles, Providence,
himself and his State has conferred a re- R. I., were also in town.
A