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THE:
8
MUSIC TRADE:
AMERICAN PIANO CO. AFFAIRS.
The Fiscal Agents of the Recently Organized
Merger of the Corporations of Messrs. Knabe,
Chickering and Foster-Armstrong Issue Pros-
pectus Regarding the Sale of a Limited
Amount of Preferred Stock to Piano Dealers.
Piano dealers in New York and throughout the
country this week received the following pros-
pectus issued by the Gieger-Jones Co., fiscal
agents, Canton, O., who are putting out a limited
amount of preferred stock of the recently or-
ganized American Piano Co. It reads as follows:
"The American Piano Co. are a combination of
Wm. Knabe & Co., of Baltimore, Md.; Chickering
& Sons, of Boston, Mass., and the Foster-Arm-
strong Co., of Rochester, N. Y.—all leaders in
their particular line—the latter company manu-
facturing the Haines, Marshall & Wendell, Fos-
ter, Brewster, Armstrong and J. B. Cook pianos.
The Audit Co., of New York, has about completed
the audit and appraisal of these companies. The
officers chosen for the new company are: Presi-
dent, Ernst J. Knabe, Jr.; vice-president, George
W. Foster; vice-president, Charles H. Eddy; vice-
president, William -Knabe; vice-president, Will-
, iam B. Armstrong; treasurer, George L. Eaton.
The company is incorporated under the laws of
the State of New Jersey. The principal office
will be in New York City.
REVIEW
dends, with the following safeguards attached to
THE SENSIBLE PIANO.
its issue, viz.: The company cannot increase the
preferred stock issue nor place a bond issue An Invention of the Greatest Importance to the
Suffering Public, as Detailed by the Funny
ahead of it without the consent of two-thirds of
Man for the Benefit of Review Readers.
the preferred and common stock outstanding, and
it cannot declare a dividend on the common stock
The grealest invention of recent times stands
until, in the first place, it has been earned, and
then not more than one-third of the amount ap- to the credit of an American—Jake Jekeson. It
plicable to dividends on the common stock can is called "the sensible piano," and it is intended
be so distributed until a surplus is acquired to afford prompt and needed relief to all who
equal to 50 per cent, of the outstanding preferred
stock, or $2,000,000.
"Fourth.—The amount of stock to be sold is
limited to 200 shares to each individual, so that
it may be distributed as widely as possible among
bona fide investors and kept out of the hands
of speculators. Not more than $500,000 of this
preferred stock will be offered for sale.
SPECIAL OFFER TO PIANO DEALERS.
"In marketing this stock we are persuaded
that we can best serve the American Piano Co.
by making an advance offering to piano dealers
at a special price. We believe there will be a
distinct advantage to the company in having the
co-operation and support through financial in-
terest, of those who market its product.
"We therefore offer to piano dealers in advance
of sales to the general public $250,000 par value
of this preferred stock at par ($100 per share).
Subscriptions upon this basis will be closed on
July
15 and applications for stock should be
Al'DlT AND APPRAISAL.
"The results of the audit and appraisal, not in- made as soon as possible upon the blank form
cluding patents, patterns, good will, trade-marks, on the last page herein. After July 15 the stock
etc.—which in reality have an immense value in will not be available until September 15, when
it will be offered to the general public at $102.50
this particular case—will show quick assets, in-
pe.- share.
cluding cash, bills and accounts receivable, inven-
"Should this offering be oversubscribed the
tories and investments, approximately, $2,568,000;
' real estate, plant, etc, about $1,370,000, or total stock will be allotted proportionately among the
applicants."
assets of $3,938,000.
suffer from the vagaries of those of their neigh-
bors who imagine themselves to be musically
gifted. The moment one of these monstrosities
strikes a wrong note, a strong hand projects itself
.rom the case of the piano, and swats the care-
less player on the head with such violence that
EARNINGS.
he is apt to remain insensible for several min-
utes. Again, if one torture the instrument for
W. Goodrich Jones, of the Temple Book Con- an hour, it takes its revenge. The moment the
cern, Temple, Tex., who was in Washington dur- last second of the sixtieth minute has expired,
ing the recent Governors' Convention, had an the persistent player receives a cooling douche on
NO LIABILITIES.
"All liabilities will be discharged by the re- excellent opportunity of studying President the head and shoulders, the apparatus springing
spective companies and the new organization will Roosevelt at close range and embodied his im-
start out without a dollar of indebtedness of any pressions in a most interesting letter which ap-
peared in the Houston Chronicle. Mr. Jones
kind.
;i\\elt
particularly upon the strong personality
BASIS OF ORGANIZATION.
"The organization will be completed on or be- of the President and the manner in which he
fore the 15th day of June on the following basis: teemed to charge all those near him with re-
Capital stock authorized
$12,000,000 newed vigor and enthusiasm, and laid a greater
part of the unfavorable criticism of his methods
Divided into:
10 a misunderstanding of his ideas. The pub-
Seven per cent, cumulative preferred
lishers of the Chronicle wrote to Mr. Jones com-
stock
6,000,000
plimenting him most highly upon the letter
Common stock
6,000,000
which it was their fortune to publish.
Amount of stock to be issued at
t'lom the top of the piano case. A very ingenious
this time:
Preferred
4,000,000 STEINWAYS AS A STANDARD OF VALUE. device has been concealed in the instrument, to
afford protection against those hopeless old maids
Common
4,000,000
(Special to The Review.)
who insist upon playing soulful melodies and
"The stockholders of the constituent companies
Pittsburg, Pa., June 23, 1908.
singing with harsh, metallic voices. A jointed
will receive for their holdings the preferred and
common stock of the new organization on the Following close upon the lead of Lyon & Healy, iron hand at the end of a steel arm whizzes
basis of the audit. The approximate amount of the C.~'C. Mellor Co., Ltd., of this city, have from an opening in the piano case, kindly but
preferred stock required for this purpose will be offered $150 for any Steinway upright piano, re- remorselessly grasps the old maid by the neck,
gardless of age, $200 for any upright less than and her voice dies away into inarticulate gurg-
$4,000,000.
fifteen years old, and $300 for any upright less
INVESTMENT OPPORTUNITY.
"We consider this one of the strongest pre- than five years old, the offer being for the pur-
ferred stocks ever put before the American pose of offsetting the advertisements of other
dealers quoting used Steinways at less than the
public.
Mellor figure. At last accounts no instruments
"First.—On account of the high standing of
the constituent companies, which means more in had been offered for sale either by dealers or pri-
the piano business tnan in almost any other vate parties. The offer was simply published as
a protection to the Steinway line and not for the
business.
"Second.—There is absolutely no water in this purpose of attracting prospects to whom other
proposition, no indebtedness of any description instruments could be sold.
and an earning capacity the past five years of
lings, which in turn soon give place to perfect
more than twice the amount of the new dividend
Brown, Page & Hillman Co., piano dealers of quiet. And finally, when all else fails, and the
requirements, with approximately $2,000,000 of
Peoria, 111., recently gave a tally-ho ride and owner of the piano persists in playing upon it,
free working capital in the shape of quick assets. dinner to the newspaper men in that town in in season and out, the intelligent instrument
"Third.—The stock is 7 per cent, cumulative recognition of the services of the press in con- turns tail and runs away, as shown in the last
preferred, preferred both as to assets and divi- nection with their recent $35,000 voting contest.
illustration.
"The annual earnings of the constituent com-
panies for the past five years have been nearly
twice the amount of the new preferred stock
dividend requirements.
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W. GOODRICH JONES COMPLIMENTED.
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POOLE
Appeal to cultivated tastes. Y hey are
marvels of beauty and form at once a
valuable accessory to any piano store
STREET, BOSTON. MASS.