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News Number
THE
REVIEW
VOL. 86. No. 11 Published Weekly. Federated Business Publications, Inc., 420 Lexinglon Ave., New York, N. Y., March 17,1928
8tag
5.S o §S&?" lto
Ohio Voting on Affiliation
furniture recently.
On March 5 the company
Merchants Association of That State Taking Post Card Canvass moved into its new building at 2953 Washing-
ton avenue.
Upon Affiliation With National Association of Music
Merchants—Trustee Board Meets on March 26
New Hollenberg Go. Manager
Louis Davis, of Little Rock, who will be
LEVELAND, O., March 12.—Secretary Rexford C. Hyre, of Ohio Music Merchants' Asso- remembered as the state winner of Oklahoma
ciation, is sending out invitations to all the past presidents and the chairmen of all the in the Atwater Kent audition contest last Fall,
committees to attend the midyear meeting of the Board of Trustees, which will be held has been appointed manager of the Hollenberg
at Columbus on March 26 at the Neal House. The meeting op«ns with a luncheon and imme- Music Co., that city, succeeding Gilbert Martin.
diately following it the business session will convene. The affair will conclude with a dinner at
7.30 p. m. About thirty-five are expected to attend the festivities.
Members of the Association are to be given
by birth, made her first appearance in Vienna
the opportunity to decide whether they wish to
The stock of the Barrow Music Co., bankrupt,
in 1913, and has been most successful since
become affiliated with the National Association
of
Tulsa, Okla., has been purchased by J. H.
that
time.
Her
first
Columbia
record
will
ap-
of Music Merchants. Secretary Hyre is mail-
Haeske, proprietor of the Haeske Radio Music
pear on March 20.
ing out a letter from the Committee on National
Co., of Bartlesville.
Affiliation in which is set forth the pros and
cons of the matter and over which there has
been some debates. The letter contains a re-
turn postcard on which the recipient may indi-
OC.DEN, UTAH, March 10.—The Lyric Music Co.
cate his preference. The Board of Trustees
has changed its name to the C. L. Madsen
The Broyles Music Co., Inc., Shreveport, La.,
will consider the matter at its meeting in Co-
Furniture & Music Co., the firm, established for has been incorporated with a capital stock of
lumbus on March 26. At the last convention of
several years, having added a line of household $15,000.
the Ohio Association at Cleveland in Septem-
ber an attempt was made on the last day to
have a vote taken on this important question,
but the president decided that the attendance
was not sufficiently large to warrant such a pro-
ceeding. Under the present plan every member
will have the opportunity to cast his vote and
Creditors and Stockholders to Meet March 19 to Consider Offer for Property and
thus end the matter once and for all.
C
Buys Barrow Go. Stock
Name Change in Ogden
Broyles Go. Chartered
Reorganization Plan for Welte Co.
and Estey-Welte Co. Being Considered
Assets of Welte Co., Inc., by Morton Lachenbruch & Co.
Death of G. E. Siegesmund
BUFFALO, N. Y., March 12.—In the death of
C. E. Siegesmund, who for many years operat-
ed a general music store in Main street, the
trade here loses one of its best-beloved mem-
bers. Since 1922 Mr. • Siegesmund had been
(general manager for C. N. Andrews, wholesale
Victor dealer.
Mr. Siegesmund, who was just past fifty
years of age, was ill two weeks prior to his
death. He was president of the Victor Dealers'
Association of Western New York for several
terms and had a wide acquaintance among the
trade generally.
D'Aranyi for Golumbta
Yelly D'Aranyi, a grandniece of the famous
virtuoso, Joachim, and who has won a notable
success as a violinist during the current season,
has signed a contract to record exclusively for
Columbia records. Miss D'Aranyi, a Hungarian
JUDGE JOHN C. KNOX, of the United
States District Court, has issued an order
for directing all creditors of the Welte Co., Inc.,
as well as stockholders, and of the Estey-Welte
Corp., to show cause on March 19 at 4.30 p. m.,
in the courtroom in the Woolworth Building,
New York, why an order should not issue
authorizing and empowering the receivers to
accept an offer for the property and assets of
the Welte Co., Inc., made by Morton Lachen-
bruch & Co., as reorganization managers.
It is stated that the claims against the Welte
Co., Inc., amount to $780,168.88, in addition to
which there may be a reliability under release
covering certain property occupied by it. The
personal property has been appraised as of
March 5, 1928, at $92,802. The real property
owned was appraised in February, 1927, at
$550,000 and is now encumbered by a mortgage
of $318,000 and interest thereon from February
8, 1927, at 6 per cent. The receivers have been
operating the plant and the offices and sales-
rooms have realized sufficient cash to pay all
operating expenses, in addition to having on
hand commercial paper at a face value of
$35,313.25.
Morton Lachenbruch & Co. proposed to
organize a corporation known as the Welte-
Mignon Corp., under the laws of Delaware, with
prior preference 7 per cent cumulative preferred
stock, 20,000 shares at $50 par value; 7,000 of
preferred stock, 7 per cent non-cumulative, par
value $100, and 400,000 shares of common stock
without par value. The company has proposed
to pay to the receivers $100,000 in cash, and
7,000 shares of the 7 per cent non-cumulative
preferred stock should the offer be accepted by
those attending.
It is stated that preferred stockholders in the
bankrupt company will be given preferential
rights to subscribe to the prior preference stock
of the new corporation at par of $50 per share,
each share of preferred stock to carry with it
ten shares of common, upon the surrender of
certificates in the Welte Co., Inc., and/or the
Estey-Welte Corp.