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TH61 MUSIC TRADE
REVIEW
7
STARR AGENTS J§ARLY 40 YEARS.
MAYNARD DIVIDEND SOON.
TO HELP INDUSTRIAL ENTERPRISE.
Long and Harmonious Relations of the Guest
Piano Co. and the Starr Piano Co. Have
Aided the Progress of Both Cpncerns.
Trustee Has Accomplished Much—Estimated
That First Dividend May Be 15 Per Cent.
Some Interesting Remarks on Business and Its
Expansion by the Officials of the Fourth
National Bank—Mercantile Borrowers Will
Experience No Difficulty in Obtaining Such
Accommodation as They Need—Banks Again
Finding It Profitable to Use Their Money in
Industrial Channels.
(Special to The Review.)
(Special to The Review.)
Chicago, 1:1., Sept. 10, 1912.
Developments in the Maynard case are now
reaching a point where the first dividend will be
declared, probably in two or three weeks. A divi-
dend of 15 per cent, has been estimated.
Since the sale of the factory stock on hand by
the trustee several weeks ago the trustee has suc-
ceeded in turning up about $25,000 more in assets
hitherto unknown, which will bring the total to
approximate^ $50,000.
Several of the claims filed are being contested by
the trustee and must be adjusted before the divi-
dend is declared. The controverted claims are
said to be chiefly of a personal nature, some of
them being put in by relatives of Mr. Maynard.
These, the trustee contends, should not be allowed.
The automobi'e, which Mr. Maynard purchased
shortly before the crash, and which was claimed by
the firm by whom it was sold, because it had not
been fully paid for, was disposed of last week, the
firm buying it in at $400.
Five additional pianos have been secured, one by
attachment and four by replevin. One of these,
valued at about $300, was at Assumption, II'.
The trustee is now trying to adjust rental of
the factory premises that has accumulated since
the receiver was appointed. There is a difference
of about $700 or $800 between the owner of the
property and the trustee. This will be settled by
Group of Prominent Piano Men.
the court.
The trustee's suit against the Commonwealth
mantle of the founder has worthily fallen on his
son, who is now secretary and treasurer of the Commercial Co. for possession of the accounts
business. Indeed, the prestige established by the they hold wi'l come up for hearing about
October 1.
energy and fairness of Mr. Guest, Sr., has been
faithfully maintained by the present management.
One of the lines of pianos handled by this house
BIG DECREASEJN IDLE CARS.
which is much in favor with the purchasing public
Latest Report Starts Discussion of the Prob-
is that made by the Starr Piano Co., of Richmond,
ability of a Severe Shortage of Cars This Fall
Ind., and from the very start the most harmonious
and a Consignment Hold-up in Freight.
relations have existed between the tv o houses.
The latest bulletin of the American Railway As-
In all the Guest establishments t ie one-price
system prevails, and modern facilities, such as sociation is certain to start a new discussion of the
autos and auto-drays are used to keep in close probability of a severe shortage of cars this
autumn. The report says that on August 29 the
touch with outlying districts.
In connection with this article appears a snap- net surplus of big cars on the lines of the United
States and Canada stood at 9,750, as compared with
shot of Vice-President Schlechter, of the Guest
Piano Co.; J. C. Minton, the popular manager, and 43,901 two weeks before, a decrease of 34,151. The
M. L. McGinnis, the general traveler for the Starr gross surplus of idle equipment stood at 36.047
Piano Co., who happened to be visiting the estab- cars and the shortage increased from 14,722 to 26,-
The significant character of the present
lishment when The Review snapshotter was 207.
around. In a chat with The Review correspondent showing is best indicated by a comparison with the
figures for 1911. A year ago at this time there was
Vice-President Schlechter predicted a splendid fall
trade, and stated that encouraging reports are a net surplus of 84,541 cars, which was a decrease
being received from various points in the exten- of 19,629 over the previous fortnight. The short-
age then was only 4,325. At the most critical
sive territory covered by the concern.
Manager J. C. Minton has just returned from period last fall the net surplus never fell below
the Pacific Coast, where he toured a thousand miles 20,000, which is 11,000 greater than the surplus at
by automobile, stopping at summer resorts and the present time at the very beginning of the fall
traffic movement.
points of interest en route.
Burlington, la., Sept. 9, 1912.
The Guest Piano Co. is looking forward to a
tremendously busy fall not only at its headquar-
ters in this city but in its branches in Des Moines,
Ottumwa, Cedar Rapids, la ; Burlington, la., and
Quincy, 111. The business was established by
James A. Guest nearly fifty years ago, and the
In a letter to its customers the Fourth National
Bank of New York, which keeps in close touch
with business and financial affairs, says:
"The country is doing a healthy business which
must of necessity call for large disbursements.
These demands are likely to enlarge during
September, but there is nothing in the situation to
indicate that the mercantile borrowers will experi-
ence the slightest difficulty in obtaining such ac-
commodation as they need. On the contrary, the
disposition of the banks everywhere is to further
business improvement and to help along a!l indus-
trial enterprises which, after a period of dull trad-
ing, are again booking large orders. In the steel
industry alone, where a remarkable buying move-
ment is in progress, a very large amount of money
has a'ready been required to finance the improve-
ment. A year ago this money was practically idle
in the vaults of the banks and in cases where it
was partially employed the interest return was so
slight as to lead many lending institutions to use
a large portion of their loanable funds for the pur-
chase of bonds "and short term notes. With the
revival in business that has taken place the banks
are finding it again profitable to use their money in
industrial channels, and with that end in view they
are reducing their security holdings and diverting
the proceeds of such sales along the lines indi-
cated.
"Advices from all the leading markets confirm
what was said in our letter of August 1 about
the disinclination of business men to become
alarmed over the possible complications of the
campaign. Merchants are going ahead with their
operations in spite of politics, and the better show-
ing made by the railroads—the gain in net earn-
ings reported by many roads for July being a most
encouraging feature—emphasizes the greater ac-
tivity in general business and the increased pros-
perity that the who'e country is now enjoying.
There is every reason to expect that this expan-
sion will continue, since the Presidential campaign
is not a disturbing factor in the business situation
and there are no grounds for expecting that it
will be. The grain movement will soon be in full
swing, and with the gradual return of funds to
the reserve centers from the crop districts even
further recovery in business may be looked for."
KIMBALL BUSINESS LOOMS UP
In Milwaukee, According to Manager Schubert,
Who Says September
Promises a New
Record in Output of Pianos and Players.
(Special to The Review.)
Milwaukee, Wis., Sept. 10, 1912.
One of the most optimistic piano men in Mil-
waukee at the present time is Fred W. Schubert,
manager of the Milwaukee branch store of the
W. W. Kimball Co., corner of Broadway and
Mason street. Mr. Schubert says that the Kim-
ball business is looming up in a decidedly satis-
factory manner and that September promises to
establish a new record. He believes that the crop
prospects in Wisconsin and surrounding sections
of the Northwest were never brighter than at the
present time and that there is no reason why piano
dealers should not share in the general prosperity
which seems certain.
PIANO MAN ON AUTO TOUR.
(Special to The Rciew.)
Louisville. Sept. 9, 1912.
S. M. Frankel, of the Montenegro-Riehm Music
Co., accompanied by his wife and family and by
Tony Mortenegro, left Louisville this week for an
automobile tour of Northern cities. The party will
visit Chicago, Milwaukee, Detroit, Cleveland, Buf-
falo and other cities before returning home.