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THE MUSIC TRADE REVIEW
The Wilcox & White Co., flake an Assignment,
cellent. In concluding he said the financial
life of the concern was worth conserving.
No concern in the country has the large
L. J. DOOLITTLK NAMED AS TRUSTEE
DIRECT LIABILITIES WILL NOT EXCEED $ 7 5 . 0 0 0
A
number of special features that this one
SPLENDID
IiUSINESS SHOWING FOR THESE TIMES—SHOULD HAVE WON SUPPORT
FROM LOCAL CAPITALISTS — AN EFFORT WILL BE MADE TO REORGANIZE.
has, all of which have made decided hits,
and are continually in demand.
[Special to The Review. |
and then came the final effort to secure the
The employees of the concern when they
Meriden, Conn., June 8, 1897.
new blood. About $65,000 or $70,000 was reported for work yesterday, were notified
The Wilcox & White Organ Co. made promptly subscribed by the old stockholders that the shop would be shut down and
an assignment yesterday, naming L. J. and creditors, and an effort was made to would remain closed indefinitely. There
Doolittle as trustee. The financial diffi- get some of the Meriden capitalists to take were about 120 hands employed now, and
culties which have embarrassed this concern hold. Nearly six weeks was spent in this the company has a large number of orders
for some time at last compelled them to work without success, and the company unfilled. It is presumed that under the
take this step. The following very com- was at last compelled to assign.
trustee the shop will soon Jhe started up
plete account is from the Morning Record
Of the capital stock of $200,000 the H. again.
of this city:
C. Wilcox estate holds $80,000 and the
The Wilcox & White Organ Co. was
The Wilcox & White Co. have assigned. White family about $40,000.
organized in May, 1876, with a capital
The action was a surprise to the majority
Considerable criticism has been caused stock of $100,000. Among the organizers
of people, and is one that is regretted by by the refusal of the Meriden capitalists to were H. C. Wilcox, Lemuel J. Curtis,
all. Some months ago it was known that subscribe to this stock. At one time it was Isaac C. Lewis, W. W. Lyman and the
the concern was in financial difficulties, understood the new stock would all be White family who came from the Estey
but at that time the stockholders and a taken, but the tacit consent which was organ factory, Brattleboro, Vt. In 1882
number of business men got together and given did not bind.
the capital stock was increased to $200,000.
it became generally understood that the
J. H. White, when asked what were the Business continued to prosper and before
concern had been made all right. But assets and liabilities of the concern, was the hard times came it was employing
this supposition proved incorrect.
unable to give them just at present. The 180 men.
The cause of the assignment seems to direct liability, he said, outside of the
Its organs are sent to all countries and
have been the method of business adopted contingent liability, would not exceed $75,- the trade with Germany and England is
when the concern was first organized in 000. More than 50 per cent, of the liabil- very large. It also has a large trade with
1876, which was followed down to the year ities was caused by the failure of the branch the South African colonies.
1892. In the beginning, following the houses, two of which have failed since 1890.
The Symphony organ was put upon the
methods in vogue with most manufacturers The company in 1890 gave up the method market in 1888 and made a big hit and was
of musical instruments, the company estab- of selling organs through the branch houses, followed by the Angelus, a piano attach-
lished many branch houses through which and assumed what liabilities stood against ment which won favor. The company now
the instruments were sold, the company them. The interest on the notes held by has ready for the market the Angelus or-
taking individuals' notes. Later the branch the company amounts each year to a sum chestral attachment, for playing piano and
houses were sold out, and the company equal to a 6 per cent, dividend. The losses organ, which is pronounced a great suc-
assumed the notes, became the indorsers of the company since 1892 have not aver- cess, and a mechanical musical marvel.
and negotiated them. In this way a great aged \ x /z per cent, of the sales.
The present officials of the company are:
many notes were held by banks bearing the
Glancing at the business done by the President and treasurer, J. H. White; sec-
indorsement of the Wilcox & White Co. concern during the past five or six years, retary, F. E. Bemis; directors, H. Wil-
When the hard times came on, and even it is surprising that local capital did not cox, O. B. Arnold, Edward Miller, Sr.,
before, the grantors of these notes were come forward and place the company in a Dr. G. P. Davis, Hartford; I). P. Wilcox,
unable to meet them, and the company position to stem the tide that was setting H. K. White, J. H. White, E. H. White.
was compelled to pay them. This paper or against it. During the past five years its
It is understood that an effort will be
notes was held by some of the Meriden annual business has been from $215,000 to made to reorganize the company and it is
banks as well as those out of the city, and $240,000 and in 1896 the volume reached possible this will be accomplished in very
on account of the extreme depression some $236,500. During the months of March short order.
of these banks were unable to continue their and April of the present year it reached
accommodation to the company, who being $20,000 for each month.
Dealers to Organize.
unable to obtain new sources for carrying
When the concern was endeavorin
the notes, of course could not pay them.
The music dealers of Philadelphia are
early in the year to arrange its business,
Efforts were made to satisfactorily ar- an expert came here from Hartford at the organizing an association for the purpose
range the difficulty, but were not success- request of parties interested and examined of mutual benefit. The present absurd
competition, which only tends to lower the
ful. Finally the stockholders decided to the company's books. His examination dignity of the trade, can only be remedied
reduce the capital stock, which stands at was careful and his report voluminous. He by such a body. C. J. Heppe and others
$200,000, to $100,000, and then raise it said the concern was one which should not are interested in the matter and it looks as
again to $200,000 for the purpose of getting be allowed to go to the wall, as he found if an organization will be effected during
more money in. The reduction was made, the financial condition of the concern ex- the next couple of weeks.
: : SCHOflACKER : :
THE RECOGNIZED STANDARD PIANO OF THE WORLD.
Established 1838.
Sold to every part of the Globe.
Preferred by all the Leading Artists.
T L .
(\r%\f\ C + f i n r r c Kmit a purer sympathetic tone, proof against atmospheric action
1 I1C VJUIU OLrlllJ£& extraordinary power and durability, with great beatity and evenness
of touch. Pre-eminently the best and most highly improved instrument now manufactured in this or
any other country in the world. Highest honor ever accorded any maker. Unanimous verdict.
1851—Jury Group, International Exposition—1876, for Grand, Square, and Upright Pianos.
Illustrated Catalogue mailed on application.
Schomacker Piano=Forte Hfg. Co.
PHILADELPHIA, PA.
T/VE. OFFICIAL JUDGES
FACTORIES: 764. 766, 768, 770 and 772 SOUTH I lth STREET, Philadelphia, Pa.