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TH
MUSIC TRADE
REVIEW
OHIO PIANO MERCHANTS TO MEET.
ADAM SCHAAF IN MINNEAPOLIS.
State Association Will Hold Its Annual Meet-
ing and Dinner at the Sinton Hotel, Cincin-
nati, 0., on Tuesday, Oct. 8—Local Piano
Merchants to Entertain Visitors in Most
Hospiable Fashion—Matters to Be Discussed.
Chicago Manufacturer
Opens
Northwestern
Headquarters at 5 Seventh Street, South,
with L. A.. Priess in Charge as Manager.
(Special to The Review.)
SCHEDULE OF HILL'S PIANO CO.
Startling Figures Shown in Schedule of Assets
and Liabilities of Bankrupt Concern as Pre-
pared by Assignee—Practically All Piano
Leases Pledged—No Hope for Stockholders.
Minneapolis, Minn., Sept. 17, 1912.
(Special to The Review.)
Adam Schaaf, of Chicago, has taken a long-
(Special to i he Review.)
Jamestown,
N. Y., Sept. 16, 1912.
time lease of the premises at No. 5 Seventh street,
Cincinnati, O., Sept. 17,
Attorney C. A. Pickard, the assignee of Hill's
South,
in
this
city,
and
will
instill
a
full
line
of
All arrangements have been consummated by the
instruments. It will be the company's North- Piano Co., has completed his schedule of the assets
local piano merchants for the third annual meeting
and liabilities of the corporation and the same
western
headquarters, saving its travelers and
of the Piano Merchants Association of Ohio,
h;\s
been placed on file in the office of the county
which will be held in this city on Tuesday, Octo- wholesale buyers the periodical trips to Chicago. clerk. County Judge Ottaway fixed the assignee's
L.
A.
Priess,
who
has
been
connected
with
the
ber 8. All the minor difficulties of the past have
bond at $50,000, which was promptly furnished by
been swept away, and this morning the Cincinnati piano business in Minneapolis for many years and
Mr. Pickard.
is
familirr
with
the
Twin
City
and
Northwestern
Reception Committee is fortified in its plans with
It was difficult to make up the schedule, which
trade, will manage the Schaaf house.
a 1 substantial entertaining fund.
shows the amount of the indebtedness of the
There are about 450 merchants in Ohio, and of
corporation and the names of the creditors and
TO OPEN LARGE DEPARTMENT.
these only 75 belong to the organization; and it is
gives an inventory of the assets, with an estimated
the remainder that the State officers want to reach
valuation.
Ludden & Bates Southern Music House, to
in order to have them attend the Cincinnati meet-
Summarized the estimated assets and known
Control Department in Mammoth Store of
ing. Secretary and Treasurer D. F. Summey, who
liabilities are;
Cohen Bros., to Be Opened in Jacksonville.
is the manager of the Cable Piano Company, ex-
Assets
$75,349.63
tends to the non-members a cordial invitation to
Liabilities
115,646.10
(Special to The Review.)
participate in the meeting. The session will last
From these figures it is plain that there is not
Jacksonville, Fla., Sept. 10, 1912.
but a day. Those desiring should communicate
The piano department in the immense new de- sufficient to pay the debts, to say nothing of taking
with Mr. Summey, 135 Fourth avenue, west, stat-
partment store of Cohen Bros., which will be for- tare of the stockholders of the corporation. And
ing that they will be on hand for the conferences.
mally opened on October 7, will be conducted by it is possible that these assets will shrink in the
Replies should be sent direct and promptly, in
administration of the estate, while, on the other
the Ludden & Bates Southern Music House and
order that the local committee can make adequate
Max Morgenthau, well known in the piano trade hand, there is no possibility that the debts will
arrangements for the annual dinner, which will
both North and South, and who is very prominent be any less.
take place at the Sinton Hotel.
One possible cause of shrinkage of assets is on
in local affairs, will be in direct charge. The piano
The headquarters will be at this hotel, where department will be located on the mezzanine bal- the piano leases. The assignee found leases of an
an open meeting will take place in the morning, cony and a large and representative stock of pianos aggregate face value of $110,045.14, all of which
followed with a luncheon at noon. During the
had been assigned and were held as collateral
will be handled. The initial stock comprised seven
afternoon the real business will take place, and
carloads of pianos. Ludden & Bates will continue security for the payment of various notes and
at this session resolutions will be presented which
to operate their present store at 23 East Bay street. obligations.
may radically change the methods of doing bus-
The apparent equities in these leases after the
ness in Ohio. Considerable thought has been given
payment of the obligations for which they are
SECURE IMPORTANT AGENCIES.
to putting the business on a much higher plane,
pledged and assuming that all are paid in full
and in order to reach this goal efforts will be
;:nd making no deductions for collections, amounts
Jacobs & Miller, of Woodland, Cal., Will Rep-
made to do away with recording leases of pianos,
resent the Products of the Aeolian Co., Wm. to $21,194, and it is so stated in the schedules and
eliminating the itinerant vender, who always does
it constitutes a part of the $75,000 assets. •*
Knabe & Co., and Other Instruments Known
a fake business, and the enactment of the Wiscon-
But it is reasonably safe to predict that this
as the Kohler & Chase Line.
sin law relating to advertising, which compels the
sum will not be realized from the leases because
merchant to deliver just what his paid statement
it costs money to make collections and there will
(Special to The Review.)
sets forth. This is particularly aimed at the puz-
probably be some lapses where it will be neces-
San Francisco, Cal., Sept. 14, 1912.
zle end of the business, which question was cov-
Jacobs & Miller, piano dealers of Woodland, ' sary to repossess the property, in which event
ered in a law passed by a legislature two years
Cal., have secured the agency for the Knabe* the owner of the lease will be lucky if he secures
ago, but vetoed by Governor Harmon on the Weber, Pianola and other Kohler & Chase lines more than enough to pay the obligation for which
grounds that the manner in which the proposed oi pianos and players; and will, as soon as the it is pledged.
statute was framed made it a non-constitutional stock on hand is closed out, carry the Kohler &
Of all the pianos sold by the corporation only
document.
Chase goods exclusively. The change is being two leases have been found which have not been
The Cincinnati Commercial Association, which ushered in with a thirty-days' sale of the discon- pledged. The leases are listed separately in the
is about to combine with the Chamber of Com-
schedule.
tinued lines.
merce, making a total membership of 2,700 busi-
An unpleasant feature of the failure is the fact
ness men, is backing the coming convention plans.
that many persons of limited means had invested
Messrs. W. O. Black, of the Aeolian Co.; F. B. HANDLING THE CROWN PIANO LINE.
money in the stock of the corporation, and it is
Ueinkamp, of the Church-Beinkamp Co., and F.
E. S. Wallover, formerly Pittsburgh manager practically impossible for them to save anything
Jos. Volz, of the Otto Grau Piano Co., are mem-
for the Charles M. Stieff house, who recently en- from the wreck of the company.
bers of the general entertainment committee.
tered the retail piano field in that city on his own
account, handles the George P. Bent Co. line, in-
STURGES WITH COTE.
The J. H. Wilder Music Co., Waco, Tex., has cluding the Crown and Concord pianos. He is
carrying a large stock of the various styles.
opened ft branch store in Waxahachie, Tex.
The Weil-Known Piano Man to Cover States of
Texas, Louisiana, Arkansas and Oklahoma
for the Fall River Manufacturers.
J. W. Sturges, formerly of the Henderson-Stiir-
ges Piano Co., Ft. Worth, Tex., has joined the
forces of the Cote Manufacturing Co., Fall River,
Mass., and is now covering the States of Texas,
Louisiana, Arkansas, Oklahoma in the ^interest
of this house. Mr. Sturges will make Ft. Worth
his headquarters, but will spend the most of his
tiir.e traveling.
MANY SOUTH AMERICANS HERE.
There were a number of South American visit-
ors to Aeolian Hall this week, who had come to
New York with the chief purpose of attending
the third annual convention of the American
Manufacturers' Export Association, held at the
Hotel Astor on Friday and Saturday. There were
also several visitors who stopped off en route to
attend the International Congress of the Cham-
bers of Commerce to be held in Boston on Sep-
tember 24.