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THE
MUSIC TRADE REVIEW
WAS IT CONTRACT OR LOAN?
WEAVER CO.'S ANNUAL MEETING.
This Formed the Question Just Argued Be-
fore Appellate Division of Supreme Court in
Case of the Grand Union Co., Bankrupt, vs.
Terminal Clearing House Association.
Excellent Business Report Made for Year—
Factory on Full Time—Declare Fifty-fourth
Semi-annual Dividend—Election of Officers.
Echoes of the Grand Union Co.'s bankruptcy a
few years ago were heard this week in the Appel-
late Division of the Supreme Court, when Irving
L. Ernst, trustee in bankruptcy for the former
piano company, appealed from a decision which had
been rendered in favor of the Terminal Clearing
House in a lower court some time ago. Mr. Ernst
had originally filed a complaint, asking, among
other things, that a certain contract between the
Grand Union Co. and the Terminal Clearing House
Association be declared null and void, and request-
ing an accounting.
The argument on the appeal from the decision
in favor of the Terminal Clearing House Associa-
tion was heard Monday, decision being reserved
by the Appellate Division. The case briefly sum-
marized and the arguments presented by both
parties to support their contentions follow:
Appeal from judgment dismissing complaint in
action by the trustee in bankruptcy of the Grand
Union Co. to declare null and void a certain con-
tract between the company and defendant; for
an accounting by defendant for certain moneys
claimed to have been collected and for certain
personal property claimed to have been taken by it
under said contract; for a direction to defendant to
"turn over'' to plaintiff certain leases or conditional
bills of sale received by it from the Grand Union
Co., and to restrain defendant from collecting on
such leases or bills of sale or taking property
thereunder.
Appellant contends that the contract between the
Grand Union Co. and respondent was one for the
loan of money and not of purchase of the securi-
ties. The contract between the Grand Union Co.,
bankrupt, and the Terminal Clearing House Asso-
ciation was a contract of loan, and the same was
and is ultra vires and void. The transaction had
between the Grand Union Co. and the Terminal
Clearing House under the contract between the
parties, was a discount, was in violation of section
107 of the Banking Law of the State of New York
and section 22 of the General Corporation Law of
the State of New York.
Respondent contends that the plaintiff's position
in this action is not superior to the bankrupt's. The
contract is one of purchase and sale and not for a
loan. Whether the contract is one of purchase and
sale or for a loan is a question of fact to be de-
termined 'by the intention of the parties, as gather
from the four corners of the instrument, unless it
be ambiguous or doubtful, when facts de hors the
contract may be resorted to to gather such intention.
Even if the transactions under the contract be
construed to be loans the plaintiff is not entitled
to judgment. The contract and the transactions
thereunder were not violations of section 107 of
the Banking Law nor of section 22 of the General
Corporation Law. Even if the transactions were
ultra vires the defendant, plaintiff is estopped to
make that claim. The penalty for a violation of
section 107 of the Banking Law is that the evidence
of the debt is rendered void, but the debt survives
and may be enforced.
The branch store of Grinnell Bros, in Marquette,
Mich., has been closed.
Onlyoiye
piaixo is
made in
this large
y
that is the
WORKMEN'S LAW AMENDED.
Red Tape of Commission Done Away w i t h —
To Pass Next Week.
(Special to The Review.)
ALBANY, N. Y., February 8.—The amendment to
the Workmen's Compensation law, permitting direct
payments of awards by employers to employes on
the same basis as those made by the commission,
was agreed on in the Senate Friday and the bill
will be passed this week.
Employes are safeguarded by a provision where-
by if an insurance carrier or employer shall be
deemed to be making "unfair or oppressive" awards
the commission may issue an order prohibiting such
insurance carrier or employer from making direct
payments.
Democratic Leader Wagner charged that the
amendment was drawn in the interest of the insur-
ance companies and quoted John Mitchell, labor
leader and compensation commissioner, as authority
for the statement that "it is the very thing the in-
surance companies have been wanting."
Both the Senate and Assembly will pass the
amended bill this week, carrying with it an appro-
priation of $425,000, to run the commission and
State insurance fund until October 1.
MORE DIRECTORS_FOR STERLING CO.
Brooklyn, N. Y., Piano House Takes Action at
Recent Annual Meeting.
Nickels
Dollars
Seeburg Automatic
Pianos virtually turn
nickels into dollars
on the right side of
the ledger.
You sell pianos on
payments and get
your money perhaps
in a year or two
years. How about
a sale that pays out
in four months and
during that time has
not cost you a single
penny for repairs ?
SEEBURG p i a n o s
have paid out a good
many times in less
than four months
and AT NO COST
for attention or re-
pairs.
At a recent annual meeting of the Sterling Piano
Co., Brooklyn, N. Y., the number of directors was
increased from two to five, and the new board will
include the following: Geo. B. Chase. W. S. Dens-
low, John T. Brewster, Frank W. Beardsley and
Philip E. Mock. The new officers of the company
are: Geo. B. Chase, president; Wm. H. Fry, vice-
president; John T. Brewster, treasurer, and Chas.
E. Hunter, secretary.
ANNOUNCES RETIRING SALE.
The Learnard-Lindemann Piano Co., Albu-
querque, N. M., is at present advertising a closing
out sale of its entire piano stock valued at $25,000
preparatory to retiring from the piano business.
-The Smallest Real Grand Piano
in the World
gemiim
LINDEMAN
originated
in 1821 by
YPSLid
Brambdch Bdbu Grand
Lindeman. fs Sons Piano Go.
45 T JJ St. 6 I!'-? Av«.
(Special to The Review.)
YORK, PA., February 8.—The Weaver Organ Co.,
Inc., has rounded out a most satisfactory January.
The volume of business was larger and in every
way more satisfactory than in January, 1914. The
outlook for future business is most encouraging.
Quite a few special sales of Weaver and York
pianos will be held by prominent New England
dealers during the spring months and will still fur-
ther increase the demand. The factory has been
running full time since the beginning of the year,
and from present indications this full time schedule
will continue throughout the year. The company':
traveling force are not only sending in numerous
orders for immediate shipment, ibut report bright
prospects for the future.
The annual meeting of the stockholders of the
company was held January 30, at which time
M. B. Gibson, president; C. F. Baer, vice-president,
and W. S. Bond, secretary and treasurer, were re-
elected. The results of operations during the year
ending December 31, 1914, were very gratifying to
the stockholders. The fifty-fourth semi-annual
dividend of 3 per cent, was declared. Very few
industries can point to such a successful and pros-
perous history extending over such a long period
of time.
11
Naw York.
BRAMQACn PIANO COMPANY
633-643WEST-WST. W«wYoaKCrrr
J. P. Seeburg Piano Co.
GENERAL OFFICE
900-904 Republic Building
FACTORY
413-415-417-419 W. Erie St.
CHICAGO