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THE
fflJJIC TIRADE
VOL. XLVII. No. ?. Published Every Saturday by Edward Lyman Bill at \ Madison Ave., New York, August 15,1908.
SALE OF BREWER=PRYOR ASSETS.
The Sum of $18,840 Realized While the
Schedules Showed Assets Valued at $112,000
—Creditors Bid in Stock and Leases—Bing-
hamton Trust Company Gets All Loose
Stock and Leases for $11,200—Total Liabili-
ties $55,140.97.
(Special to The Review.)
Binghamton, N. Y., August S, 1908.
The bulk of the assets of the bankrupt Brewer-
Pryor Co. was sold at public auction at the
factory on South street Wednesday by Rollin W.
Meeker. When the company failed the schedules
showed assets amounting to $112,000. At the
sale yesterday the assets brought $18,840. There
are a few other assets on which a small amount
may be realized. The total liabilities of tho
company amount to $55,100.90. According to
the schedules at the time of the failure it was
seen that the assets were more than double the
liabilities. As it turns out, the creditors will
do well if they receive 25 per cent, of their
claims, after all expenses of the bankruptcy
proceedings are paid.
The assets consisted mostly of the stock of
pianos, many of which had been put up as col-
lateral security; and leases, or contracts on
which pianos were sold in all parts of the coun-
try, and most of which were also held by dif-
ferent creditors as collateral security.
The only bidder, outside of the holders of
piano and lease collateral, was F. W. Farwell, of
the National Piano Player Co., of Oregon, 111.
He bid on some" of the stock, but did not suc-
ceed in getting anything.
The stock and leases not held as collateral
security was first put 'up in eleven different lots.
The aggregate separate bid on all of these small
lots was $4,929.50. These were then "upset,"
bids being" asked on the eleven lots together, and
the bidding became more brisk. The Bingham-
ton Trust Co., one of the heaviest creditors, bid
in the entire lot for $11,200.
The leases and pianos, held by creditors as
collateral, were theri put up and in all cases they
were bid in by the creditors holding them as
collateral, the prices for which they were bought,
being but a small percentage of the amount of
the claims. These creditors can now put in the
balance of their claims, with the other creditors
to share in their percentage of whatever divi-
dends may be declared.
The Binghamton Trust Co. bid in pianos hela
by it as security for $900 and leases for $4,150.
The First National Bank purchased leases for
$550. Col. George W. Dunn bid in pianos and
leases for $900. The Loeschen Piano Case Co.,
of Paterson, N. J., bought leases for $250. C. B
Pryor bid in leases for $850 and two notes for-
$40 each for $41.
.
.
The leases of a face value of $1,123, held by
Pratt, Read & Co., were not sold, their attor-
ney, Assemblyman Harry C. Perkins, objecting.
In addition to the stock sold, arid the leases)
still held by Pratt, Read & Co., there are about
$3,000 of book accounts, on which it is doubtful,
if much is ever realized.
SINGLE COPIES, 10 CENTS.
$2.00 PER YEAR.
The company also has a claim for $4,000
against the Michigan men who sold stock in the*
company to the Binghamton stockholders, which
amount those men guaranteed on certain ac-
counts. It is probable that collection on tlm
claim can be made only after litigation.
It is not thought that any attempt will be
made to reorganize the company. The people
who bid in property will probably sell it out the
best they can in an endeavor to protect them-
selves as far as possible.
The sale was confirmed by Referee in Bank-
ruptcy Benjamin Baker, Jr.
of opening branch stores in various cities
throughout the country. It was stated, that, as
far as possible, the agencies for the various lines
would remain with the loyal dealers who held
them before the amalgamation, just as stated
editorially In The Review, while new agencies
will be opened in territory not at present occu-
pied.
SALES TO FOREIGN POSSESSIONS.
Many articles in the London papers last week
commemorated the fiftieth anniversary of the
completion of the first Atlantic cable. In sev-
eral instances hope was expressed that the near
future would see some reduction in transatlantic
rates. Rolland Belport, who writes with some
authority on the subject, suggests new develop-
ments in this direction.
"Fifty years ago," he says, "there was ona
company and one cable. The tariff was £ 1 a
word, the speed scarcely ten words a minute,
and the revenues insignificant.
To-day there
are six companies, 15 cables, the tariff is Is. a
word, and the annual revenue about £1,400,000."
The shilling tariff has been in force about 20
years, and there is a possibility that a project
for the establishment of a new Atlantic com-
pany, with a sixpenny tariff, may shortly be sub-
mitted to the public. Certainly there is room
for such a company, which could start with
many financial and other advantages not en-
joyed by the old companies.
Some Figures on the Shipments of Musical In-
struments from the United States to Its Non-
Contiguous Territories,
(Special to The Review.)
Washington, D. C, August 10, 1908.
A very interesting table relating to the com-
merce of the United States with its non-contigu-
ous territories, has been compiled from late offi-
cial reports, issued by the Government. The
data which follows, relating to musical instru-
ments, will prove interesting to readers of The
Review:
Alaska.—During May last $5,349 worth of musi-
cal instruments were shipped to Alaska, as
against $1,862 worth in May a year ago. During
the eleven months ended May, 1908, these ship-
ments reached a total valuation of $45,927, while
during the corresponding period of 1907 the
value was $39,009. The 1908 shipments in de-
tail were: Organs, $2,377; pianos, $32,133; play-
ers, $800; all other, $10,617.
Hawaii.—The shipments of musical instru-
ments to Hawaii increased from $1,759 in May,
1907, to $3,632 in May last, but during the eleven
months' period declined from $39,104 in 1907 to
$30,549 in 1908. During the latter period the de-
tail shipments were:
Organs, $3,625; pianos,
$14,050; players, $6,069, all other, $6,805.
Porto Rico.—Our musical instrument trade
with Porto Rico has taken quite a slump, the fig-
ures showing that the shipments declined from
$3,734 in May.a year ago to $1,516 jn May last,
while during the eleven months' period the ship-
ments fell from $40,504 to $27,632. During the
eleven months of this year the classified ship-
ments were: Organs, $1,970; pianos, $19,858;
players, $445; all other, $5,359.
Philippine Islands.—There were no shipments.
of musical instruments to the Philippines in May
last, as against $1,550, worth in May a year ago.
During the eleven months' period these ship-
ments fell from $5,482 in 1907 to $3,322 in 1908.
The shipments during the latter period were
classified as follows:
Organs, $974; pianos,
$365; all other, $1,983.
BRANCH STORES WILL NOT BE OPENED.
(Special to The Keview.)
Rochester, N. Y., August 10, 1908.
The officers of the Foster-Armstrong Co. em-
phatically deny. the. rumor circulated, in the trade,
that th? American Piano Co, have any intention
FOR LOWER CABLE RATES.
Company With Lower Tariff Suggested on First
Cable's Anniversary.
DEATH OF HARRYJ.. MORTIMER.
(Special to The Review.)
„,
Stamford, Conn., Aug. 8, 1908.
The many friends of Harry L. Mortimer, of
the Davenport & Treacy Co., piano plate makers
of this city, will regret to learn of his death,
which, occurred yesterday after intense suffering
for three weeks. It seems that four weeks ago
Mr. Mortimer punctured an abscess on a tooth
with a knife, the tooth having been capped just
before the abscess formed. In the hope of check-
ing the spread of the disease, all of Mr. Morti-
mer's teeth were extracted, and a section of the
jaw bone removed. He suffered intense agony
The trouble at the start was considered of no im-
portance, but later developed into blood poison-
ing. Mr. Mortimer, who was superintendent and
road man for the Davenport & Treacy Co., was
highly esteemed by the members of the firm as
well as by a host of friends who will be sorry
to learn of his death.
ANGUERA PIANO CO. INCORPORATED.
The Anguera Piano Co., of New York City,
was incorporated with the secretary of the State
of New York at Albany on Monday with a cap-
ital stock of $10,000. The directors consist of
Homer D. Anguera, the well-known piano sales-
man, and C. R. Smith, both of New York, and
L. S. Knight, of Chicago.