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News Number
THE
VOL. 86. No. 8
REVIEW
Published Weekly.
Federated Business Publications, Inc., 420 Lexington Ave., New York, N. Y., Feb. 2 5 , 1 9 2 8
Single Copies 10 Cents
$2.00 Per Year
Sherman-Clay Sales for 1927
Market street, this city, for a number of years.
Gross Volume for Past Year Shows Total of $8,111,570 With
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r
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•
Branch stores
i r>
Net Fronts in hxcess or $536,000 — Ratio or Current
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T • i *i* •
ni
over by the W. F. Frederick Piano Co. The
question of w h c t h e r o r n o t s o m e of t h e b r a n c h
stores will be continued will be decided later.
An official of the company stated that it was
AN FRANCISCO, CAL., February 17.—Net sales of Sherman, Clay & Co. in 1927, made pub- found to be more satisfactory to operate the
lie in a report issued through Sherman, Clay & Co. yesterday, totaled $8,111,570 and net
profits were in excess of $536,000. While not quite as large as the previous year, the
earnings nevertheless were two and three-quarter times preferred dividend requirements of $7
per annum, or equal to about $20 a share in 1927.
Earnings last year were $625,000, but this followed net sales of close to $10,000,000. The
business as one company instead of having two
concerns as has been the case in the past.
VV i p P**eHet*intc C^O
* A '
^ » ^ l i^iv ^MV,
ratio of net profit to net sales was actually bet-
Assets
1927
1926
* 180 9S3 $ 223 493
5 728136
5 201069
o'csn'787 V;7R W
,
Receivables
T
tnr - n " c
c
inventories
i,jou,/o/
—
—
Total assets
180,172
_
590,440
stock
Surplus
Total liabilities
-
$9,111,971 $9,990,221
J*
PITTSBURGH. PA., H-bruary 20.—Whole page ad-
vertisements are being used by the W. F. Fred-
erick Piano Co. announcing a series of special
sales of pianos due to their impending removal
from their present quarters, 635 Smithfield
-
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year. It is payable quarterly on April, July and street, where the firm has been located for the
October 15, 1927, and January 15, 1928.
past 20 years. The lease on the building ex-
- ~
P ires ^
}> a n d a "™ ^ t o Jje named later
' S l ° \ C t a k e n ° VCr
burgh
D a v i s , BurkhaiTl & T y l e r
^ _^L
Liabilities
Notes to banks
$1,300,000 $2,672,553
Ap :
n U n a v
3 1 2 SOS
J
Accounts pay . . . . . . . . . . . .
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Dividends pay Jan. ID . „
,
, ,. b
n f
71950
70512
1
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J_;
'_
$1733 630 $2,743,065
Capital stock—
p prf
P ;:r
P a n y added nearly $100,000 to surplus,
after providing for the prior preferred dividend,
which was paid January 15, 1928. The surplus
n o w
stands at $829,340 against $637,158 a year
a
&°-
T h e annual 7
P e r c e n t P r i o r preferred stock
dividend was voted yesterday for the entire
O,J/ O , J J /
Current assets
$8 489 876 $9 002 899
Furniture, fixtures'V. '.••'.'• 404,873
377,709
Investments and securities
D
d c
Holding RemOVal Sale
t h e com
ter in 1927 than in 1926
Following is the balance sheet:
Cap.
also in operation in ciarks-
it is understood that the business win be taken
T
Assets to Liabilities S h o w s I m p r o v e m e n t
S
are
burg, W. Va., Steubenville and Barnesville, O.
Announce Retirement
,
t
w
n
„,». r
v
w v
b y thlS w e l l
" know "
Pltts
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^
'
Head Buffalo Radio Ass'n
Business of Well-Known Wheeling, W. Va.,
Concern to be Taken Over by W. F . Fred-
erick Co.-Future Plans Not Decided
BUFFALO, N. Y., February 20.-Buffalo Radio
*
Trades Association announces the election of
WHEELING, W. VA., February 20.—Announce-
the following directors to serve two year terms:
inent is made of the impending retiring from
Elmer Metzger, Benjamin Neal and Edward
business of the Davis, Burkham & Tyler Music
Young. They succeed Edward T. Ball, Emil
Co
- - w h o h a v e operated a large music store on Sommer and Thomas A. White.
——
"
f S : ff»5S President H e r m a n n Irion of C h a m b e r
200000
- 2 ^
°
Appoints J u n e Convention C o m m i t t e e
r
-..$5,549,000
829,341
637,158 M a d e
.'$V,UT&\ " w ^ M
During 1927 the company retired $153,500 of
its prior preferred stock, leaving but $2,656,500
of the original issue of $3,000,000 still outstand-
ing. The process of retiring this issue will
continue as rapidly as sound business permits.
While gross and net were slightly less than
in 1926, the ratio of current assets to liabilities
was considerably better.
The report shows
current assets of $8,489,876 against current lia-
bilities of $1,661,680,' or'a ratio of more than 5
to 1. This compares with a ratio of 354 to 1
a year previous.
As a result of the highly satisfactory year,
U p o f E a s t e r n
r
Members of Chamber Executive Committee and President of the
N e w Y o r k P i a n o
Merchant's Association
p R E S I D E N T HERMANN IRION of the
* Music Industries Chamber of Commerce has
announced the appointment of the General Con-
vention Arrangements Committee, to have
charge of matters of convention policy and gen-
cral supervision over the arrangements for and
conduct of the convention of the music indus-
tries, to be held at the Hotel Commodore, New
York City, the week of June 4th.
Inasmuch as the convention is to be held
in New York this year, the committee is made
up of the eastern members of the Executive
3
Committee of the Directors of the Chamber
with the addition of L. Schoenewald, President
of the New York Piano Merchants' Associa-
tion.
Special committees will be appointed
later to have definite charge of the various con-
vention activities.
The following are the 'members of the Gen-
cral Convention Arrangements
Committee:
Mark P. Campbell, Walter W. Clark, Max J.
deRochemont, William J. Haussler, Richard W.
Lawrence, C. J. Roberts, L. Schoenewald and
Herbert Simpson.