PRESTO
February 3, 1923
CHRISTMAN
Famous
Studio Grand
Five-feet Long
The First Touch Tells"
Reg. U. S. Pat. Off.
CHRISTMAN
pianos are different because we
h a v e o u r own individual
methods of manufacture. If
you want proof of this just
examine, for instance, our
CHRISTMAN
REPRODUCING PIANOS
Remarkable in their distinctive
qualities of master interpreta-
tion, case designs and exclu-
sive features. Made in both
Grands and Uprights.
Enhance Your Future Prosper•
ity By Investigating
the
Irresistible Appeal of
CHRISTMAN
GRANDS, UPRIGHTS
PLAYERS
and
REPRODUCING PIANOS
Christman Piano Co.
597 East 137th St.
New York
BANKERS FAVOR THE NEW
PLAN OF NO TRADE=INS
Problem of Cash Accommodation Stirs Auto-
motive Industry to Consideration of Old
Piano Trade Problem.
The problem of the second-hand, or trade-in, has
been worrying the piano business for a good many
years. It is nearly a quarter-century since the spec-
tacular proposition was made to destroy all trade-ins
by fire. It was to be made effective at one of the an-
nual music trade conventions. But the flames were
not great, and the sickly old squares which were
offered up as a sacrifice did nothing to solve the diffi-
culty. And the trade-in is still a stumbling block in
the way of the piano dealers.
And now it appears that the automotive trade is
experimenting along the same line. The sellers of
automobiles have found that the trade-in has inter-
fered, not only with their selling business, but has
also affected their capacity for getting the needed
cash from the banks. That is a serious matter, as
many piano men also know. And it is a question
whether the dealers in motor cars have not taken a
step ahead in the matter of financing and the trade-
in.
In any event, whatever may have bearing upon so
important a feature of business must interest the
piano manufacturers and merchants. It is, therefore,
interesting to consider what the Cole Motor Car
Company has to say on the subject. The Cole has
adopted a plan for selling cars at a net price which
does not permit the acceptance of a used car in trade
and has permeated even the banking fraternity,
whose reaction is perhaps the most interesting this
new sales program has received.
Acting upon their own initiative, local bankers irom
many sections of the country have written direct to
the motor car company, giving their enthusiastic in-
dorsement of the plan, and assuring their support
of this method of putting automobile sales on a sound
business basis.
In other instances, a still more tangible support has
been indicated. In one middle western city the vice
president in charge of credits left word with the
cashier to ask the dealer to step into his office the
next time he came to the window.
The net result of the conference which ensued was
the proffer in the name of the bank of an increased
credit in view of the fact that the abolition of used-
car trading enhanced the value of the collateral the
dealer had to offer in seeking a loan.
"You are now on a real business basis when you
ask for accommodation," said this banker. "It is
only a question of time when many of these car
dealers will break. We do not want to be caught
with their paper. Frankly, we, in common with other
bankers who give accommodation to dealers, are
much concerned over the congestion of used-car in-
ventories. For that reason, we welcome the plan
under which you are operating. It is a step in ex-
actly the right direction, and we hope other dealers
will fall in line."
In another instance, a dealer who had sought in-
creased credit accommodation without success be-
cause of the bank's refusal to recognize the validity
of used cars as proper collateral, was invited to the
bank the day after the first announcement of the new
plan was made. After analysis of the details of the
plan's operation, the bankers acceded to the dealer's
original request and increased his line of credit, which
enabled the dealer to finance a number of new sales,
which resulted from the price reduction.
"MYSTERY MAN" ADVERTISES
STARR PIANO CO.'S PRODUCTS
Attraction in Window of Dayton Branch Proves
Potent in Creating Interest in Goods.
The manager of the Starr Piano Co., Dayton, O.,
recently provided a mystery as a show window attrac-
tion and the manner in which the mystery focused
the eyes of passersby on the window fulfilled all the
expectations.
The mystery was the mechanical man which played
a piano in the window for two days and the efforts to
find a solution for its piano playing powers were
general.
As radio is credited with doing so many unusual
things these days it was named my many in an effort
to solve the motive power of the mechanical figure at
the instruments in the window at the Starr Piano
company store, 116 North Main street, Dayton, O.
The manager told inquirers this "mystery man" had
been puzzling people in other cities where Starr
pianos and phonographs are sold, so was brought to
Dayton.
But many who stopped to view the "mechanical
art" of the mystery man, soon directed their eyes to
the Starr pianos and Starr phonographs and Gennett
records within eye range. The attraction proved
potent in creating interest in Starr Piano Co.'s prod-
ucts. The week was an unusually good one for sales
in the Dayton branch.
FINE PIANO LINE ADDED
BY FURNITURE FIRM
Prominent House in Santa Monica, Calif., Announces
Important Fact This Week.
Plume-r's Furniture Company, Santa Monica, Calif.,
has just installed a complete line of pianos and
players, according to an announcement made this
week by C. E. Hubach, manager of the music depart-
ment. The new line includes the best known makes,
such as the Steinway and C. Kurtzmann pianos.
Duo-Art pianola and Kurtzmann player and others.
The music department at Plumcr's Furniture Co. is
inadequate for the additional stock and increasing
business, so that arrangements have been made for
enlarging the department. The store adjoining will
be annexed and used exclusively for the music de-
partment. The department will be in the new loca-
tion about February 10. The most complete line of
pianos, players, phonographs and musical merchan-
dise in the Bay District will be found in the new
music department, according to Mr. Hubach.
Santa Monica is keeping pace with its larger neigh-
bors in a musical way, and the music department of
the Plumer store is endeavoring to keep pace with
this growth by giving this city real music merchan-
dise service, Mr. Hubach said.
FINANCIAL EXPERT ON
WURLITZER DEBENTURE BONDS
Chicago
Tribune's Special Writer on Securities
Passes Upon Issue of Music Power.
The "Investor's Guide" department of the Chicago
Tribune last week Friday analyzed the latest bond
issue of the Rudolph Wurlitzer Co. as follows. And
this may serve also as a reply to inquiries which
have come to Presto:
The Rudolph Wurlitzer company has been suc-
cessfully engaged as a distributor of musical instru-
ments since 1856. It's $4,500,000 of 6 per cent deben-
tures constitute its only funded debt with the excep-
tion of one note of $490,000 due 1931. As of Nov. 30,
1922, the net quick assets, after giving effect to these
debentures, were $11,711,432, or about 2.6 times the
amount of these debentures, and total net assets avail-
able were $17,030,232, or over three and three-quarters
times the debentures. Net profits applicable to in-
terest charges, after all deductions, including depre-
ciation and taxes, for the five years and seven months
ended Nov. 30, 1922, averaged $1,167,564, or over 4.3
times maximum annual interest charges on these de-
bentures. A sinking fund of $180,000 annually oper-
ates to retire 60 per cent of the issue before maturity
in 1938. The debentures are unsecured, but the com-
pany agrees to maintain current assets of at least
one and one-half times all indebtedness and not to
mortgage its properties (except purchase money
mortgages on new property) during the life of these
debentures. These debentures are a business man's
investment.
A. P. ORIGGS PIANO CO.
OPENS NEW BRANCH STORE
Firm Fittingly Commemorates Important Event in
Successful Business Career in Two States.
The A. r\ Griggs Piano Co., Davenport, la., and
Moline, 111., last week fittingly commemorated an im-
portant event in its history in the formal ceremonies
at the opening of the new store of the Moline branch.
After four successful years at 1509 Sixth avenue the
business was moved to more commodious quarters
at 1413 Sixth avenue.
The continuous growth of the business of the A.
P. Griggs Piano Co., in Moline long ago made the
acquisition of more wareroom space a necessity. In
the new store the company has ample space for fur-
ther growth.
Impromptu musical selections were on the program
at the opening. The Apollo Mandolin club and the
Capitol Theater Symphony orchestra furnished music
in the evening. Carnations were given as favors to
visitors.
CHARTER FOR PIANO FIRM.
The Iroquois Piano Co.'has been incorporated in
Johnstown, Pa., to deal in pianos and playerpianos
and with a service department for repair work. The
capital named is $10,000 and the incorporators are
H. E. Youngkin, R. H. Morgan and D. H. Weaver.
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