Classic Mode

Music Trade Review

Issue: 1897 Vol. 25 N. 8

Music Trade Review -- © mbsi.org, arcade-museum.com -- digitized with support from namm.org
THE MUSIC TRADE REVIEW
treasurer and a New York man secretary, turers' Association of America have reason
while various other cities received recog- for self-congratulation in the practical result
nition among the vice-presidents and ex- of their efforts. They have made a begin-
ning, a beginning which corresponds fa-
ecutive committee.
In looking over the field critically one vorably with any trade convention ever
- ^ • E D W A R D LYMAN BILL
cannot fail to note the absence of Wes- held in America to formulate a new organ-
Editor and Proprietor.
Under earnest administrative
tern men in participating in the formation ization.
work,
and
the cultivation of broad and
PUBLISHED EVERY SATURDAY of the association. The great West was en-
tirely out, with the exception of one well- catholic ideas, there is no reason to doubt
3 East 14th St.. New York
known Chicago manufacturer. We must the future of the new music trade organi-
SUBSCRIPTION (Including postage) United States and
Canada, $3.00 per year; Foreign Countries, $4.00.
deduce one or two beliefs from their action. zation.
ADVERTISEMENTS, $2.00 per inch, single column, per
+ +
First, that they take little or no stock in
Insertion. On quarterly or yearly contracts a special dis*
•ount i* allowed.
STEINWAY
AND
THE SYNDICATE.
association work in that it can bring about
REMITTANCES, in other than currency form, should
to made payable to Edward Lyman BilL
EFERENCE is made in another part
a betterment of trade conditions—that they
of this paper to the alleged sale of
Omitrtd si th* New Y*rk Post Qffict as Second- Class Mmttm. believe it impossible to form an organiza-
tion in the music trade which will result Steinway & Sons' entire business to a syn-
N E W YORK, AUGUST 2 1 , 1897.
TELEPHONE NUMBER 1743. — EIGHTEENTH STREET.
in material benefit to manufacturers, either dicate composed of English capitalists for
that or they look upon it as a move of $6,000,000.
THE KEYNOTE.
Steinway & Sons through their treasurer
The first week of each month, The Review Eastern manufacturers to organize against
Mr. Tretbar stated to us yesterday that the
will contain a supplement embodying the liter- the West. Which is it?
ary and musical features which have heretofore
Surely the action of the Association sale had not been consummated, it was still
appeared in The Keynote. This amalgamation
will be effected without in any way trespassing proves beyond argument that its promot- under consideration.
on our regular news service. The Review will
On two or three occasions during the
continue to remain, as before, essentially a trade ers are not actuated by sectional motives,
and that they do not desire to confine asso- life of William Steinway the concern has
paper.
ciation work to certain geographical lines. been approached by representatives of
THE TRADE DIRECTORY.
The fact remains, however, that every English capitalists to purchase the Stein-
The Trade Directory, which is a feature of
way business, and on several occasions
The Review each month, is complete. In it ap- Western firm of prominence was invited,
pear the names and addresses of all firms en- and out of the entire list, one man alone offers have been made to other concerns in
gaged in the manufacture of musical instruments
this country to dispose of their business to
and the allied trades. The Review Is sent to considered the matter of sufficient import-
a syndicate of foreign investors, who pro-
the United States Consulates throughout the ance to be present.
posed to capitalize several interests under
world, and is on file in the reading rooms of the
It is true also, that on the very day of
principal hotels in America.
one management.
the Convention, there were in New York
Steinway & Sons occupy a commanding
and at Manhattan Beach representatives of
THE NATIONAL ORGANIZATION-
position
in this trade, and it is but natural
HE National Piano Manufacturers' As- three or four of the great Western manu-
that
an
institution
which is known,through-
sociation of America has been formed facturing concerns who could have easily
out the world in connection with musical
as a direct outcome of the convention held advised them, delegating to them author-
instruments
of the highest class should
at Manhattan Beach last Wednesday. The ity to represent them at the Convention.
This they did not do, and their course invite the attention of representatives of
president, executive committee and all the
evidently was decided upon after deliber- syndicates.
necessary officers have been chosen.
The association as it stands to-day repre- ation.
Century Creditors Get $1,000.
Of course it is too early to predict what
sents perhaps less than a third of the man-
[Special to The Review.]
ufacturing interests of this country. The the future of the national organization will
Minneapolis,
Minn., Aug. 14, 1897.
men who have been active in the formation be. It is enough to say that at the head
Judge Simpson, by an order filed this
of the national organization are confident of it stand earnest, hopeful men, who are morning, has authorized the assignee of
of its future, and believe that it will tend confident of their ability to nationalize the Century Piano Co. to settle the
towards trade betterments in many ways. the manufacturing interests of this coun- $4,092.79 claim of the Farmers' and Mer-
Whether one is a believer or not in an as- try. That they are actuated by broad chants' State Bank against the company
for the sum of $3,183.37 and to pay over 30
sociation future, yet they cannot fail to feelings was evidenced in their Convention per cent, of this amount. This will mean
admit the broad spirit of liberality which work of last Wednesday.
$1 ,ooo more for the creditors of the bank.
It is plain that they desire no sectional
characterized the action of the American
It is noted from the Atlanta Constitution
Piano Manufacturers' Association. They ideas infused into their organization. The
of
August 17 that Alfred C. Turner of that
sent out courteous invitations to the trade question is, if the Western men do not city has recently been elected by unani-
in every section of America. A large num- manifest a desire to join them, can the or- mous vote as a member the Atlanta Board
ber responded, while many who were not ganization be made the power that its pro- of Education. Mr. Tiirner is one of the
most prominent of Atlanta's citizens, and
present forwarded their acceptance, but moters desire in this trade?
is
a brother of W. H. Turner, secretary
Seriously, the inceptive work of all or-
for some reasons, best known to them-
and
treasurer of the Braumuller Co. of this
ganizations is necessarily limited to few
selves, failed to appear.
city.
Then, instead of trying, as has been in numbers. There are men who will al-
Julius Krakauer, in response to a call for
claimed in some quarters, to capture the ways hold aloof from joining an enterprise
news this week, said that there are very
high offices of the convention, through the until they are assured of its permanent perceptible signs of an increased demand
influence of New York men, who were success.
for Krakauer products this fall. * Every
From purely a critical standpoint, the preparation is being made to meet the
largely in the majority, a Boston manufac-
turer was elected president, a Chicago man promoters of the National Piano Manufac- demand.
R
T
Music Trade Review -- © mbsi.org, arcade-museum.com -- digitized with support from namm.org
THE MUSIC TRADE REVIEW
debentures can be issued under the producing value. The vendors guarantee
articles of association. The prefer- that the stock has been taken and the book
A LONDON SYNDICATE HAS MADE A PROPOSI-
ence shares will be entitled out of the debts valued on the same lines as for eleven
TION OF $ 6 , 0 0 0 , 0 0 0 FOR THEIR KUSINESS.
profits to a fixed cumulative preferential years past.
THE MATTER STILT, UNDER CONSID-
dividend of five per cent, per annum, pay-
The Messrs. G. N. Read, Son & Co.,
E R A T I O N - — C H A S . STEINWAY
able
half-yearly,
on
the
first
day
of
Febru-
chartered
accountants of London, after
STILL IN EUROPE.
ary and August in each year, and will rank complete investigation, certify the profits
Thursday extended notices appeared in in respect of capital in priority to the or- of the business to have amounted in the
the columns of some of the daily papers in dinary shares. The first dividend will be past eleven years to ,£950,826, or an aver-
New York reporting the fact that Stein- calculated from the payment of the install- age for that period per annum of ,£86,439.
way & Sons had sold out their entire man- ments on both the ordinary and preference
GUARANTEE FROM VENDORS.
ufacturing business to a syndicate of shares.
The vendors have agreed to deposit
English capitalists for $6,ooo,ooo.
The directors of the new concern are: ,£100,000 in the hand of independent trus-
Now that is usually the way with the Charles H. Steinway, chairman; Fred. T.
daily papers—to rush into print with any Steinway, Henry Ziegler, N. Stetson, lid- tees to be invested in British Government
special report wherein a great name or win Eshelby, London manager; Arthur securities for three years and made avail-
able in case the profits for that period
institution is concerned.
von Holwede, Hamburg manager; S. Ar- should in any one year be insufficient to
When we interviewed Chas. F. Tretbar thur Chappell.
pay 8 per cent, per annum on the ordinary
yesterday at twelve o'clock regarding the
PROSPECTUS OF NEW CONCERN.
shares. The vendors are absolutely con-
alleged sale he said :
The prospectus of the company, issued fident that recourse to such fund will not be
"It is not definitely settled."
necessary.
"Then, Mr. Tretbar," we asked, "the in London, says that this company has been
In the year 1896, the net earnings in
report which has appeared in the papers formed for the purpose of acquiring the
London
and Hamburg showed an increase,
claiming that Steinway & Sons have corporate stock of Steinway & Sons, whose
and
the
American
sales of the present year
sold out their business for $6,000,000 is business is carried on in London, Ham-
indicate
that
the
trade
is in a prosperous
burg and New York, and who are a corpor-
not so?"
condition.
"Not yet. I do not deny but that we ation registered in accordance with the
The proportion of the stock of Stein-
have been and are now considering the laws of the State of New York.
way
& Sons not at present being acquired
The business was founded by Henry
matter. The proposition has been made
by
the
company, consisting of less than
Englehard Steinway and his four sons over
us, and it remains for us to act."
one-tenth,
remains the property of one
Thus Steinway & Sons deny through forty years ago, it has since remained in
person,
who
is not attracted by the price
Mr. Tretbar that the sale has actually been the family, and is now carried on by grand-
accepted
by
the
other vendors. The un-
made. They do not, however, deny that sons of the original founder.
issued
capital
will
be available for the
The formation of the company at the
it is a probability that it will take place in
purchase
of
this
interest
should arrange-
the near future. This is not the first time present time is regarded expedient in con-
ments
for
its
acquisition
be
hereafter made,
that they have been approached by syndi- sequence cf the death, in November last, of
or
for
other
purposes.
William Steinway, the largest of the stock-
cates for a sale of their business.
No material change is contemplated in
A report from Europe says that a pros- holders of Steinway & Sons, who was one
the
management of the business, and the
pectus of the new syndicate and a call for of the original proprietors, and, with the
principal
directors and managers have
subscriptions had been issued in London late Theodore Steinway, owned three-fifths
agreed
to
act as directors of the new
last week. This advertisement gives the of the entire stock.
company.
•Among the important assets of Stein-
capital stock as ,£1,250,000, the company's
property consisting of Steinway Hall on way & Sons are the freehold properties in
Muehlfeld Affairs.
East Fourteenth street, huge factory on New York and Long Island City, the val-
Park avenue, another in Astoria, a large fac- uable stock of pianos finished and unfin-
The relations of the partners in the firm
tory at Hamburg, Germany, and warerooms ished, the machinery and plant in the of Muehlfeld & Co., piano manufacturers,
foundries and factories, the stock of tim- doing business at 511 West 137th street,
in London.
Agents of London capitalists have fre- ber and materials, book debts and good are so inharmonious that an application
quently made propositions to the company, will. The benefit of the business as a go- was made Tuesday to Judge Stover, in the
and the matter rests now solely in the ing concern, subject to its liabilities, and Supreme Court, for the appointment of a
hands of Steinway & Sons. A proposition of all profits from Jan. 1, 1897, will accrue receiver. A judgment, as stated in The
has been made them for the purchase of to the company to the extent to which they Review last week, stands against the firm,
their entire business by a syndicate of will acquire the stock of the corporation and efforts are being made to have it set
and thus enable the directors, after pay- aside.
English capitalists. Will they accept?
At the present time they have the matter ing full dividends for the balance of the
In the hands of Mr. Garritson and his
under serious consideration, all the reports present year, to carry forward a handsome
surplus of undivided profit.
associates, the Gildemeester & Kroeger pro-
to the contrary notwithstanding.
The freehold properties in the United ducts are winning laurels at many promi-
Chas. H. Steinway, president of the cor-
States
have been valued at ,£267,460 by nent points. He says he finds no difficulty
poration, is now in London.
Folsom
Brothers and Julius Von Huner- whatever in securing desirable representa-
The Times of yesterday contained an
bein,
well-known
valuers of New York.
extended notice regarding the alleged
tion, and it is reported by those now hand-
Messrs. Steinway & Sons' balance sheet ling these instruments that they find a
Steinway sale and stated, among other
things:
of December 31, 1896, shows, among the ready sale, particularly arrong those who
The sale involves one of the largest principal assets, stocks of pianos finished are good judges of merit.
cash transactions recorded in England in and unfinished, ,£137,151; stock of timber
many years. The purchase price, in round and materials, ,£127,176, and book debts,
numbers, is ,£1,080,600, or more than ,£37,780. The other tangible assets are
$5,400,000.
leaseholds and stock in London and Ham-
The name of the reorganized concern burg, machinery and plant, fixtures, uten-
will be Steinway & Sons, Limited, and its sils, horses and vans, bills, securities and
capital is placed at ,£1,250,000, divided into cash.
75,000 five per cent, cumulative pref-
No attempt has been made to put any
erence shares of / i o each, and 100,- values on the patents, processes, and skilled
000 ordinary shares of ,£5 each. No methods which have a very large practical
Will Steinways Sell?

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