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THE MUSIC TRADE REVIEW
OBNOXIOUS BILL BEFORE NEW JERSEY LEGISLATURE.
A. J. SPEICH JFILES PETITION.
Measure Introduced by Senator Rathbun Would Compel Refiling of Copy of Chattel Mortgage
Each Year, Together with Itemized List of Payments Made.
Syracuse Piano Dealer in Bankruptcy; Owes
$28,688; Assets, $7,210.
(Special to The Review.)
THEN TON, N. J., February 1.—Senator Rathbun,
of Morris County, N. J., has again introduced into
the New Jersey Senate a bill which contains cer-
tain features which, if it passes, will work a hard-
ship to piano dealers throughout the State. This
bill, which is officially designated as "Senate Bill
71," has for its object the compelling of every
holder of a chattel mortgage to refile each year a
copy of the chattel mortgage and an itemization
of payments that have been made on the chattel
mortgage (luring the preceding year.
It is at once evident that the passage of this
bill will mean additional expense to the dealer,
and the publication of his private business affairs.
The New Jersey law now provides that the re-
cording of a chattel mortgage once is good for a
long number of years, whereas the new bill would
make it obligatory to file copy and statement an-
nually.
It is suggested that piano dealers in New-
Jersey, and piano houses in neighboring States who
do business in New Jersey take concerted action
to place before their Senators the obnoxious fea-
tures of this bill and the inconvenience and harm
it would cause the piano business.
(Special to The Review.)
SYRACUSE, N. Y., February 2.—Andrew J. Speich,
formerly in the piano business in South Warren
street, filed a petition in voluntary bankruptcy in
the United States Court at Utica on Friday after-
noon.
His attorneys are Ludington, Hayden &
Setright. The case has been referred to Referee
Stone for the usual procedure.
Liabilities of $28,688 are scheduled by Mr. Speich
in his petition, as against assets of the nominal
value of $8,914. The liabilities include $65 due em-
ployes, $4,330 due secured creditors and $24,292 due
about thirty unsecured creditors. Mr. Speich, it is
understood, recently tried to compromise his debts
CARTER CO. ELECT OFFICERS.
DISCOUNTING OF COMMERCIAL PAPER. on a 25 per cent, basis.
The secured creditors are New York concerns.
Well-Known Houston Concern Holds Eleventh
New Rules Governing the Above Announced by
The general creditors include Dey Bros. & Co.,
Annual Meeting and Declares Five Per Cent.
Federal
Reserve
Board—Borrower
Not
money advanced; Jesse Graham, notes; the Com-
Semi-annual Dividend—No Change in Line
Obliged to Reveal Financial
Condition—
mercial National Bank, note; the Amphion Action
of Pianos and Handled by This House.
Prima Facie Evidence All That Is Required.
Co., and J. Joseph Nash. The remaining creditors
(Special to The Review.)
are located in various cities.
New York bankers expressed themselves much
HOUSTON, TEX., January 30.—At the eleventh an-
The assets include a stock valued at $7,210; store
nual meeting of the stockholders of the J. W. Car- pleased with the new rules relating to the dis- fixtures, etc., $1,700; cash on deposit, $4, and prop-
ter Music Co., held at their warerooms, 706 Main counting of paper by the Federal Reserve Bank, erty claimed as exempt, $250.
street, the second Tuesday of this month, the fol- announced by the Federal Reserve Board in Wash-
lowing directors were elected for the coming year: ington Monday. The new rules are very much
RATE INCREASE IN EFFECT.
R. E. Brooks, James H. B. House, A. G. Howell, more liberal than the original regulations, and will
Decreased
Traffic on Roads Expected to Offset
J. W. Carter and J. R. Carter. J. W. Carter was undoubtedly promote rediscounting on a more
Raise Which Went Into Effect February 1.
elected president, J. H. B. House treasurer, and comprehensive scale. Under the new rules it will
not be necessary for the borrower to make a
J. R. Carter secretary for the coming year, and
(Special to The Review.)
tfhe usual 5 per cent, semi-annual dividend was statement of his financial condition when bills bear
WASHINGTON, D. C, February 1.—The full 5
declared. The management decided to continue the signatures of purchaser and seller of goods and per cent, increase in freight rates allowed by the
handling the same line of instruments, namely, the present prima facie evidence that they were issued
Interstate Commerce Commission to Eastern car-
Steinway, Vose & Sons, Shoninger and Schaeffer for goods actually purchased or sold.
riers became effective to-day with few exceptions.
pianos and the Victor Victrola.
Moreover, such a statement will be unnecessary The carriers on January 15 made a large propor-
when the aggregate amount of obligations of a tion of the increases effective.
depositor actually rediscounted and offered for re-
It is believed in some quarters that the decreased
SAYS BUSINESS NEEDS REST.
discount does not exceed $5,000 or when bills are traffic due to the general depression in business will
E. L. Richards Speaks Against Constant Gov-
specifically secured by approved warehouse receipts more than offset the added 5 per cent, increase
ernment Agitation.
covering marketable staples. Member banks must allowed.
certify to these conditions on forms prescribed by
(Special to The .Review.)
ALBANY, N. Y., February 1.—Eugene L. Rich- the Federal Reserve Bank.
WELL=KNOWN ORGAN BUILDER DIES.
ards, State Superintendent of Banks, in a speech
(Special to The He-view.)
delivered last night at the dinner of Group V. of
INTERESTING STARR CO. BOOKLET.
LOUISVILLE, KY., February 1.—Herman Freck-
the New York State Bankers' Association, pleaded
nian, a well-known organ builder of this city and
for a cessation in governmental agitation in finan- Little Volume, Intended for Retail Trade, Con-
formerly head of the Louisville Organ Co., died at
tains Much Convincing Matter Regarding the
cial, comercial and industrial fields.
his home here last week from pneumonia in his
Starr Co. Products Which Should Interest.
"Is the main cause of industrial depression hard
fifty-ninth year. Mr. Freckman came to the United
to seek?" he asked. "Is it not that business has
States from Germany when a young man and
There has just been issued by the Starr Piano Co., shortly afterward formed the Louisville Organ
had too much interference from the State, too
of Richmond, Ind., a most interesting little booklet Co., with which he was actively connected for
much tinkering with the tariffs, railroad rates and
for the use of its retail stores under the title of
many years. He is survived by a widow, daughter
business methods; too much everlasting commis-
"Just a Word About Indiana's Largest and Oldest and one son.
sion, first prying into a man's affairs, then telling
Piano Factory and Its Products." The booklet,
him how to run them? Trade commissions, labor
commissions, factory commissions and investiga- of twelve pages, gives interior and exterior views of
RAN AH CO., INC., SECURES CHARTER.
tions, commissions on every subject in the busi- the Indianapolis, Evansville, Terre Haute, Ander-
The Ranah Co., Inc., Brooklyn, N. Y., has been
son and Muncie stores of the Starr Co., together
ness directory have chilled capital. The business
granted a charter to engage in the manufacture and
with
a
history
of
the
manufacture
of
Starr
pianos
men who have made and saved money should no
sale of musical instruments. The incorporators
and players and other matter of equal interest.
longer be supervised, criticised or controlled by
are: John E. Guidetti, Thomas Gannon and Khalil
The
one
price
and
direct-to-the-home
policy
is
em-
men who have neither made nor saved it. The
Khayat, and the capital stock is $5,000.
constructive needs of the country require public phasized in the text and there is included an inter-
esting
list
of
schools
of
music,
theaters
and
private
men trained not by library study, but in the lab-
AWARDED JUDGMENT IN FULL.
oratory of practical affairs and business experi- music teachers which have adopted and use the
Starr piano. The booklet is medium in size, at-
Otto A. Gressing, who sued the Musical Instru-
ence."
tractively printed, and was produced under the
ment Sales Co., New York, for $1,717 on an al-
auspices of Edw. W. Exley, district manager of
leged breach of contract, was awarded judgment
JANUARY COMMERCIAL FAILURES.
the Starr Piano Co. In general scheme of construc-
in full by a jury in. the Supreme Court Friday
Reflecting the strain incident to the annual set- tion and production it reflects credit on his enter- J. J. O'Connell appeared for plaintiff and Ellison
prise.
& Ellison for the defendant.
tlements, and being the outcome of past rather
than present conditions, the statistics of commer-
OPEN BRANCHJN PEK1N, ILL.
cial failures in the United States for January, dis-
KROEGER CO. OFFICERS ELECTED.
close a business mortality far in excess of normal,
Jansen & Joosten, the well-known piano firm of
according to R. G. Dun & Co. Total insolvencies
A f the annual meeting of the Kroeger Piano Co., Peoria, 111., have opened a branch store in Hoff
last month as reported reached 2,848 and several of Stamford, Conn., and New York, which was held
building, corner Third and Margaret streets, Pe-
defaults of unusual size swelled the aggregate in- en January 25, the following officers were re-elected
kin, 111., under the management of Karl Zerweka.
debtedness to $49,640,575, these figures comparing for the ensuing year: C. B. Garritson, president; T.
with 1,857 suspensions for $39,374,347 in the same LaM. Couch, vice-president and treasurer, and A. E.
A Ludwig grand piano has been placed in the
period of the preceding year.
Garritson, secretary.
new Germantown theater, Philadelphia.
WINTER & CO.
220 SOUTHERN BOULEVARD, N E W YORK
Manufacturers of
Superior Pianos
and Player Pianos