Music Trade Review

Issue: 1929 Vol. 88 N. 12

Music Trade Review -- © mbsi.org, arcade-museum.com -- digitized with support from namm.org
The Music Trade Review
Northern California Association Meets
(Continued from page 3)
taxes as a whole than lie used to pay, after a
to the State, city, county or any political sub
good year when he makes a fair profit. How- division of the State, (See notes for details).
ever he will pay less taxes after a poor year
2. The personal property tax on solvent
with a small profit."
credits (that is, accounts receivable, lease con-
Tax Legislation
tracts, etc.) is definitely set at one mill on tin-
The following review of the new tax legisla- dollar of actual value, i.e., .001. This .001 rate
tion has been released to all California music
(or 10 cents per $101)) is considerably less than
dealers by the association:
the so-called "7 per cent law" of 1925 which was
To the music trade:
highly satisfactory to merchants, but which, to-
The outstanding features of the new tax leg- gether with the 1927 law was declared to In-
islation just passed by the legislature, as it
unconstitutional.
affects us will be as follows:
3. The personal property tax rate on foreign
1. The franchise tax on business corporations, securities is definitely set at two mills (20 cents
figured at 4 per cent on their net income, is
per $100). This affects only those merchants
new. This definite tax is in lieu of the former
holding stocks, bonds, etc., issued outside the
corporation franchise tax which has been very-
State of California.
indefinite and uncertain in its application. The
A comparison is made on the next sheet of
new tax may be offset up to 75 per cent by average taxes payable under the 1927 law ami
personal property taxes, and a proportion of
under the new law. (Real estate taxes arc
real property taxes paid by such corporations
omitted) from the computation as they are mi-
MARCH 23, 1929
changed. These figures are fur the average
retail music merchant doing a business of ap-
proximately $100,000 per year. The figures may,
therefore, be increased or decreased, depending
upon your sales volume. The proportions will
be approximately the same.
\''27 Avcraye
SoO.OO
Vmie
$500.00
(If assessed
a; 50%
tiook value)
*304.00
(It assessed
at 10% face
value at
S4.00 rate)
$854.00
T h e Logical Leader for the Retail Piano Merchant Who Sells Quality 1
- Vone
$854.00
Cfmtless Jfrebericfe £s>tein
PRESTIQE
Prestige established through the building and marketing
of a line of grand pianos of a quality approaching as
closely as physically possible the point of perfection, has
placed Charles Frederick Stein in the enviable position of
being unable to grant further representation until such
a time as he is in a position to increase, his production.
His ability to increase his production is dependent en-
tirely upon his success in hiring workmen of sufficient
skill to satisfy his ideas of the manner in which a truly
fine grand should be built. He insists on workmen of
the old school.
He will be glad however to take under consideration
prospective representations, which could be properly
taken care of at a later date.
Cfjarle* Jfrebertcfe
Maker of Fine Grand Pianos Exclusively
3047
CARROLL AVENUE
CHICAGO, I I I .
Comparison
Former
Annual
Corporation
Franchise Tax
New S t a t e T a x to replace
former F r a n c h i s e T a x 4 % on
net income ( 4 % o f $8,000 -
$320)
* Personal P r o p e r t y
Tax, at
$4.00 average rate on mer
chandise, fixtures and equip
ment. (Omitting solvent
credits)
(50% of $25,000 x $4.00 per
$100.00)
* Personal Property Tax on
Solvent Credits (open accounts
receivable $10,000: lease con-
tracts
$90,000:
Commercial
Bank deposits, $1,000—Total
$101,000. Less debts due resi-
dents of State of California,
$25,000 Net Solvent Credits,
$76,000)
"Total of these Personal Prop-
erty taxes paid deductible up
to 75% of 4% State Tax
above (75% of $320.00—
$240.00
Deduct
NET TAXES ACTUALLY
PAYABLE
New Law
None
$320.00
S500.00
(If assessed
at 50%
ln>ok value)
$"6.00
(If assessed
at 100% at
1 mill rate)
SS96.00
$240.00
$656.00
Notes
*
The offset against the 4% State Tax applies
to all personal property taxes paid on both
tangibles and intangibles (as shown by city and
county tax receipts). Not to exceed 10% of
real property taxes to city and county may also
be deducted. The total deductions, however,
must not exceed 75% of the 4% State Tax, and
in any event, a minimum State Tax of $25 must
be paid.
The 4% State Tax is measured by and applies
only to net income from business done within
the State of California.
Real estate taxes are not affected by the new
law, except as explained above a proportion of
the city and county tax may be deducted from
the 4% State Tax.
Personal property taxes (except on intan-
gibles, foreign securities, solvent credits, etc.)
are unchanged, except for the deduction per-
mitted as explained above from the 4% State
Tax.
Assessment of solvent credits at the new rate
of one mill or 10 cents per'$100 is to be at
"actual value." The San Francisco assessor
has announced that he intends to figure "actual
value" to be the full 100% value, inasmuch as
the rate has been set so low. It is probable
that assessors of other cities and counties will
take the same position.
The new tax program clarifies the entire tax
situation in a most satisfactory manner. It
settles once and for all the uncertain and long-
vexed question as to the proper manner in
which to tax instalment accounts. It is par-
ticularly fair to the instalment merchant as the
bulk of his tax liability has always been his
solvent credits, which under the new law are
taxed in a most reasonable manner.
•MUSIC TRADES ASS'N O F NORTHERN
CALIFORNIA.
Klise Display in New York
The Klise Manufacturing Co., Grand Rapids,
Mich., maker of high-grade carved wood
mouldings, carvings and frames and other
carved wood ornaments for pianos and radio
cabinets, has opened a complete display and
sales office in the New York Furniture Mart,
Lexington avenue and Thirty-second street,
New York.
George P. Eddy, who for many years has
been located at the headquarters of the com-
pany in Grand Rapids, will be manager of the
Eastern department in hi* new headquarters at
ihe New York office.
Music Trade Review -- © mbsi.org, arcade-museum.com -- digitized with support from namm.org
The Music Trade Review
MARCH 23, 1929
New York String Quartet
on "At the Baldwin" Hour
Noted Organization to Broadcast Over N. B. C.
Network on March 31 for Baldwin Piano Co.
T h e New Y o r k S t r i n g Q u a r t e t regarded as
a m o n g the greatest of modern i n t e r p r e t e r s of
c h a m b e r IHU--T<\ will be featured mi the "At the
Sherman, Clay and Platt
Music Co. in Buyin g Merger
Consolidation of Purchasing Interests of Two Prominent Retail
Houses on Pacific Coast Is Reported and Confirmed
at Former Headquarters
AN FRANCISCO, CAL., March 18.—Reports of the consolidation of the purchasing inter-
ests of Sherman, Clay & Co., with headquarters in this city, and the Platt Music Co., of
Los Angeles, were confirmed at the headquarters of the former concern here to-day. The
purpose of the consolidation is to largely increase the buying power of both firms and it cre-
ates the largest retail music store organization in the country operating fifty retail stores from
Seattle to Los Angeles, and representing a capital investment of $14,000,000. Sherman, Clay &
Co. featured the Steinway piano as their leader and the Platt Music Co. handled the American
Piano Co. line.
Ben Platt, the head of the Platt Music Co., and Philip T. Clay, president of Sherman,
Clay & Co., left last Friday for New York to visit their wholesalers and to discuss with Eastern
interests the financing of the new combination.
S
New York String Quartet
Baldwin" program over the radio on Sunday
evening, March 31. They will be assisted by
the Baldwin Singers, and the program will be
broadcast through WJZ, New York, and seven-
teen associated stations.
The string Quartet is composed of Ottokar
Cadek, first violin; Jaroslav Siskovsky, second
violin; Berdich Vaska, 'cellist, and Ludvik
Schwab, violinist. Their Baldwin program in-
cludes both quartet and solo arrangements.
The organization made a successful debut in
New York in 1922, and won praise of critics
throughout the country in a trans-continental
tour. In its fourth season, the quartet played
ten times in New York City alone and gave
over seventy performances in all in leading
cities.
Charles Price Stricken
PHILADELPHIA, PA., March 18.—Charles Price,
who is assistant to Philip Hangen, manager-
buyer of the music department of Gimbel
Bros., was stricken with ptomaine poison last
week and has been confined to his home.
Norton-Pinklcy, Inc., Rochester, N. Y., has
been incorporated with capital stock of $50,000
to engage in the sale of musical instruments of
all types. The incorporators are Stephen B.
Storey, Stephen Norton and Russell L. Pinkley.
Many Music Manufacturers Exhibited
at Eastern Supervisors' Conference
PHILADELPHIA, PA., March 18.—At the
conference of the Eastern Music Super-
visors held in this city last week and which
attracted over fifteen hundred delegates to the
three-day sessions, various manufacturers of
musical instruments had more or less elaborate
exhibits of such of their products as fit in with
educational work, the displays being arranged
by the manufacturers direct or through local
representatives. The companies exhibiting in-
cluded the Aeolian Co., New York; Cable Com-
pany, Chicago, 111.; Starr Piano Co., Richmond,
Ind.; Buescher Band Instrument Co., Elkhart,
Ind.; the Theodore Presser Co., Philadelphia;
Oliver Ditson Co., Boston; G. Schirmer, Inc.,
New York, and C. G. Conn, Inc., Elkhart, Ind.
The Aeolian products, including pianos and
Duo-Arts, were displayed under the auspices
of C. J. Heppe & Sons and Franklin Dunham,
director of the Educational Department of the
Aeolian Co., was one of the speakers at the
sessions.
The delegates to the conference were shown
through the public schools of Philadelphia, and
were the guests of the Wananiaker Store and
Victor Talking Machine Co. Russell Carter,
State Supervisor of Music, presided at the
luncheons when conferences on public school
music and teachers' preparation were held.
George L. Lindsay, supervisor of music in the
Public Schools of Philadelphia, welcomed the
delegates and supervised the tours through the
schools of the city and presided at the demon-
stration programs. Speakers included Henry
Klonower, of the State Department of Public
Instruction of Pennsylvania; Frank W. Wright,
Deputy Commissioner of Education in Massa-
chusetts, and Dr. Edwin C. Broome, superin-
tendent of the Public Schools of the City of
Philadelphia, who welcomed the delegates in
the absence of Mayor Mackey. Eldridge S.
Pitcher, of Auburn, Me., president of the Con-
ference, presided at nil sessions. Dr. Charles
Buery, of Temple University, talked on the
necessity of a musical department in all col-
leges, stating that no man or woman was truly
educated unless taught appreciation of music.
Dr. Randall J. Condon, music superintendent of
the schools of Cincinnati, was also among those
advocating the extension of musical education
in the public school systems. The following
officers were elected: Walter H. Butterworth,
of Providence, R. I., president; M. Claude Ros-
cnberry, Harrisburg, first vice-president; Miss
Pauline A. Meyer, Courtland, N. Y., second
vice-president; Clarence Wells, Orange, N. J.,
treasurer, and Miss Marion E. Knightly, Win-
chester, Mass., secretary.
F. Cohvell Conklin, Larchmont, N. Y., and
Mrs. Mabel Groves Howell, Wilmington, Del.,
were named directors and James D. Price, Hart-
ford, Conn., was made a member of the Ex-
ecutive Committee.
Death of Mrs. A. C. Wessell
Mrs. Anna C. Wessell, widow of the late
Otto Wessell and mother of Fernando A. and
Arthur L. Wessell, president and vice-president
respectively of Wessell, Nickel and Gross, well-
known piano action manufacturers of New
York, died at the home of her son, Arthur, in
Freeport, L. I., on Thursday, March 13, in her
seventy-fourth year. Funeral services were
held on Saturday, March 16, interment being in
Woodlawn cemetery.
C. A. Meiser, who for some years past has
conducted a music store in Northumberland,
l'a., announces his retirement from business,
although his son, Moyer Meiser, will continue
in the radio business.
Radio Corp. Moves Eastern
District Sales Offices
The Eastern district sales offices of the Radio
Corp, of America will move this week to new
and larger quarters in the 261 Fifth avenue
building, where they occupy the entire twenty-
fourth floor with approximately double the
space held by the company in the Woolworth
building. The district served by the offices
include nearly all the Atlantic Coast States.
Pratt Read
Products
keys actions
players
are shipped on time.
When we make a
promise you can
count on it.
When you want
quick s e r v i c e you
can get it.
We have over
200,000 sq. ft.
of manufacturing
space to back you
up with.
Write us at the
first opportunity.
PRATT, READ & CO.
Established in 1806
The PRATT READ PLAYER ACTION CO.
Deep River, Conn.

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