Classic Mode

Music Trade Review

Issue: 1914 Vol. 58 N. 6

Music Trade Review -- © mbsi.org, arcade-museum.com -- digitized with support from namm.org
THE MUSIC TRADE REVIEW
8
BIG DISCOUNT COMPANY PLANNED FOR NEW YORK CITY.
Bankers Discuss Plan of Organizing Company Along Lines of Large Discount Companies
London—Object to Handle Commercial Paper, Making It a Liquid Asset.
The establishment of a strong discount company
for the purchase, guarantee and sale of commercial
paper under the new currency law is being dis-
cussed in New York. The lines of formation of
the. company are based upon the great London dis-
count companies, which are leading factors in the
discount market abroad. Such a company here
would require $10,000,000 capital.
Officers of all the leading national banks in New
York denied Tuesday that their banks were inter-
ested in the plan. It is learned, however, that the
legal representative of the Continental and Com-
mercial Bank of Chicago, whose president, George
M. Reynolds, has been one of the leading support-
ers of the new currency system, has been in this
city in conference with banks about the possibility
of establishing a big discount company.
The function of such a company is to specialize
in commercial paper. Through indorsement af;er
purchase it places its credit back of the paper,
in
making it a much more marketable and desirable
asset for purchase by banks and private bankers
generally.
The business of buying and selling commercial
paper is now largely handled here, outside of the
banks, by private banking firms and commerc:al
paper specialists. They do not generally indorse
the paper.
Those who favor the plan believe that a big dis-
count company would be in a better position to de-
velop New York as a discount market than the na-
tional banks.
Among the private banking firms and commercial
paper dealers the establishment of discount com-
panies is not looked upon with favor. It is said
that the field is already occupied by these firms and
that the new conditions brought about by the cur-
rency bill are not such as to require anything more
than a broadening of the facilities enjoyed by these
firms.
PRAISE FOR PACKARD GRAND.
Steadily Gaining Friends Among the Dealers
and Artists—Chicago Dealers Send Special
Lettergram of Congratulation Upon Receipt
of Concert Grand for Use of Dutch Pianist.
(Special to The Review.)
FORT WAYNE, IND.—February 3.—-One of the
features of the great progress being made by the
Packard Co., this city, is the success being at-
tained by the Packard concert grand piano
throughout the country, the list of prominent art-
ists using the Packard piano exclusively being en-
larged steadily. The manner in which the Pack-
ar dealer and the artist is indicated by the following
night lettergram recently received by the Packard
Co., from the Bissell-Weisert Piano Co., Chicago:
"Concert grand arrived to-day. A magnificent
instrument; everybody most enthusiastic about it,
especially Paul Van Katwijk, the noted Dutch
pianist, who will use it in his concert Thursday
evening. You are to be congratulated upon this
truly artistic triumph."
ATTENDS F. G^SMITH MEETING.
Fred D. Holmes, of Milwaukee Store, Also Visits
Factories of Company in the East—Makes
Excellent Record for 1913—His Advertising
'Copy Taken as a Model by Other Branches.
(Special to The Review.)
MILWAUKEE, W I S . , February 3.—Fred D.
Holmes, manager of the Milwaukee branch store
of the F. G. Smith Piano Co., is back from Brook-
lyn, N. Y., whetv he attended the annual meeting
of the F. G. Smith concern and the annual gather-
ing of branch managers.
The Milwaukee branch, covering this city, Wis-
consin, upper Michigan and a portion of Iowa,
made an especially fine showing during the past
year and, according to figures presented at the
Fastern meeting, ranked among the branches show-
ing the largest-net profits to the company for 1913,
proof of Mr. Holmes' efficient management.
The advertising prepared by Mr. Holmes for
use in Milwaukee and in other sections of his ter-
ritory made such a favorable impression at the
meeting that Mr. Holmes was requested to for-
ward copies of all his advertising matter to the
other branch houses. Mr. Holmes has conducted
a most successful advertising campafgn in the
newspapers, besides having handled a successful
plan of mailing publicity.
While Mr. Holmes was East he visited the Brad-
bury, Webster and Henning factories at Brooklyn,
N. Y., and Leominster, Mass.
TO CONSIDER LOCAL^ CREDIT BUREAU.
A special committee of the New York Credit
Men's Association will meet in New York City
this week with a view to considering the advisa-
bility of establishing a'bureau, in conjunction with
the association's present activities, to provide for
the interchange of credit information. There are
now fifty-five of these bureaus in operation in
various parts of the country, all of which are af-
filiated with the National association.
While there has been nothing said to that end,
it is rumored that the committee of the local asso-
ciation does not look on the project with favor.
There is a feeling, it is intimated, that the amount
of benefit to be derived from such a bureau in
New York would hardly be commensurate with
the cost and trouble of maintaining it, in view of
:he large number of inquiries that would probably
be put to it. Then, ton, it is felt that requests
from bureaus in other cities would be so numerous
as to swamp the local bureau in the event of its
being established.
SALE OF SCHLEICHER ASSETS.
'I he entire stock and materials of the bankrupt
estate of the Schleicher & Sons Piano Co., was
scheduled to be sold at auction in separate lots
and parcels on Thursday, February 5 of this week
at 484-490 Pacific street, Stamford, Conn. The
sale also included the factory building 'belonging
to said bankrupt.
The Business Developing
Powers of Poole
Pianos
are unquestioned to-day, for discriminating
piano merchants throughout the country en-
thusiastically concede that the Poole products
of 1914 emphasize the high-water mark of
Poole progress. This applies to Poole grands,
uprights and player-pianos, each of which has
won a special position in the esteem of the
purchasing public.
The Poole pianos of 1914 are made in a
new factory, equipped with the best and most
up-to-date appliances, with health-giving
light and air all round, in an environment
that ensures the best of results. They are
made under the supervision of men who are
in touch with the requirements of the trade
and the buying public, and in compliance
with a policy which means the production of
the greatest possible values—musically, con-
structionally and architecturally.
We will be pleased to discuss the subject of
Poole Pianos and our plans for 1914 with those
interested.
THE POOLE PIANO CO.
Sydney Street, Cambridge A. Branch, Boston,Mass.
Music Trade Review -- © mbsi.org, arcade-museum.com -- digitized with support from namm.org
THE MUSIC TRADE
REVIEW
9
BIG NEW YORK PIANO FACTORY DESTROYED BY FIRE.
TO SELL FARRAND STOCK.
Five-Story Factory of Walters Piano Co., with Contents, a Total Loss—Loss of $200,000 Partly
Covered by Insurance—Walters Co. Continues Manufacturing in Factory Annex.
The Receivers, the Detroit Trust Co., to Hold
Special Sale in February to Dispose of Re-
maining Pianos on Hand.
The firemen were blown down stairs and the
One of the worst fires in years in a piano fac-
tory in New York occurred early last Saturday explosion forced several pianos across the
morning when the five-story factory of the Wal- doorways barring admittance, which caused much
ters Piano Co., 226-228 East Sixty-third street, difficulty in getting at the seat of the blaze. As
the firemen picked them-
selves up and returned
to their places another
explosion took place
worse than the first,
which filled the place
with
noxious
gases,
making them run for
the windows and de-
scend the ladder which
had been raised at the
front of the building.
Hardly had they de-
scended when the third
explosion occurred. This
time the front wall
crumpled and fell out-
ward but luckily the
firemen had had lime to
get far enough away to
escape being crushed
under it.
After this it was only
a matter of a few hours
when the other walls
crumpled, but fortu-
nately fell inwardly and
the building became a
mass of burning debris.
In this wreck were 250
completed pianos which
were ready for the re-
tail
wareroom
of
Bloomingdale Bros. The
total loss of the Walters
Co. factory and contents
is expected to exceed
$200,000, with insurance
Factory of Walter* Piano Co. Snapped During FfrOo
owned by Bloomingdale Bros., was completely des- of $61,000 covering the stock alone.
''We are now looking for another location." said
troyed. When the firemen had finished their work
nine of them had been injured, two other buildings Paul Graefe, manager of the piano department of
had been destroyed and the roof of School No. 74 Bloomingdale Bros., this week, "but at present we
will carry on our manufacturing business at the an-
had been blown off and the school flooded.
The fire was discovered by a patrolman who nex of the factory located at 503 East Seventy-
noticed smoke issuing from a second story window second street, where we have sent the em-
of the factory. He turned in an alarm which ployes of the other plant. Although the fire
summoned Engine Co. No. 39, the captain of which has left us temporarily without a large space to
took one look at the building and turned in a work in we will be able to use the annex to ad-
second alarm which was quickly followed by a vantage until we can locate a new factory, which
third, fourth and fifth, which brought more ap- will be in the course of a few days. The fac-
paratus than has been seen at one fire in New tory was totally destroyed but was covered by in-
surance as well as the stock."
York for some time. As soon as the firemen
arrived they broke down the doors and entered
Superintendent Henry Schiebel is busy getting
with hose to play on the blaze. Iron shutters had
things into shape. "It was some fire," he said this
been forced and the firemen reached an advan- week, "not a thing left, which includes 250 fin-
tageous place for fighting the flames when a ter- ished pianos which were ready to be shipped to
rific explosion took place caused by the accumula- the store. We are now manufacturing in the
tion of alcoholic vapors from the varnish de- annex but will find a new factory in a short time,
partment and store rooms.
no doubt."
NEW HOLLANJUtt. OFFICERS.
Prevail at the Extensive Factory of the Jesse
French & Sons Piano Co.—O. G. Swanitz
Visits New York Pleased with Outlook.
(Special to The Review.)
MILWAUKEE, WIS., February 3.—The new Hol-
land Piano Manufacturing Co., recently organized
at Menomonie, Wis., to succeed the bankrupt
Segerstrom Piano Manufacturing Co., has com-
pleted its organization with the election of the
following officers: President, George B. Norris,
Minneapolis; vice-president, L. G. Verrum, Wat-
seca, 111.; secretary, A. F. Smith, Minneapolis;
superintendent, Henry G. Johnson, Menomonie. The
capital stock of the new company is $200,000. The
main offices will be located in the Metropolitan
building in Minneapolis, but Superintendent John-
son will be in full charge of the company's interests
\n Menomonie.
The new company has placed two traveling rep-
resentatives on the road, and officials of the con-
cern say that others will be sent out soon. Ar-
rangements for the use of the plant formerly
occupied by the bankrupt Segerstrom concern are
now being made.
DEATH OF JOHNJL. MARKLEY.
(Special to The Review.)
PHILADELPHIA, PA., February 2.—John L. Maik-
ley, for a number of years a salesman in the piano
department of Gimbel Bros., this city, and well
known as a choir leader in several of the promi-
nent local churches, died at his home here last
Thursday. The deceased was forty-nine years old
and is survived by a widow.
INCORPORATED.
The Thomas Piano Co., Lockport, N. Y., has
been incorporated, with capital stock of $10,000,
by G. M., G. A. and W. P. Thomas.
(Special to The Review.)
DETROIT, MICH., February 3.—The Detroit Trust
Co., receiver for the Farrand Co., will hold a
special sale at the factory in February, to dispose
of the remaining pianos on hand. The last report
to the creditors stated that the unfinished stock
on hand at the time of the failure has been nearly
all made up and sold to dealers. Dealers have
ceased to buy now, however, knowing that the
Farrand line soon will cease to exist and having
taken on other representations in its place. Thus
the necessity for the special sale.
There are about eighty new players to be dis-
posed of, and about fifty straight pianos. The
latter are mostly repossessions, which have been
refinished at the factory and made like new. The
sale will be at retail. Afterwards the office will
be kept open indefinitely for collections, but the
factory itself will be closed down permanently be-
fore the first of March, it is believed.
It is known that several offers have been made
for the name "Farrand" and the patents on the
metal player action, but which, if any, of them
will be accepted has not been seriously considered
as yet. The names of the bidders are withheld.
PROSPEROUS CONDITIONS
Prevail at the Extensive Factory of the Jesse
French & Sons Piano Co.—O. G. Swanitz,
Who Visits New York Pleased with Outlook.
O. G. Swanitz, general traveling representative
of Jesse French & Sons Piano Co., New Castle,
Ind., was in New York this week on special mat-
ters, remaining here several days. Mr. Swanitz
commented on the unusual prosperous condition
in the piano industry, and stated that the factory
at New Castle was working on an extended
schedule in order to get out shipments as de-
manded.
SMOKE CAUSES^IQ DAMAGE.
The stock of the Bauman-George Piano Co.,
Shreveport, La., was damaged to the extent of
several thousand dollars by smoke and water as
the result of a fire which broke out in the upper
floors of the building occupied by the company.
THIS is rn
The Christman
Attachable Player
which can be installed in any grand *r
upright piano, regardless of size or style,
without altering th« case.
Writt us for Further Information.
CHRISTMAN PIANO CO.
597-601 East 137th St, New York

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