MUSICAL
TIMES
PRESTO
Established
1884
Established
1881
THE AMERICAN MUSIC TRADE JOURNAL
10 Cents
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a
Copy
$1.85
10 Months.. .$1.00
6 Months. . 75 cents
CHICAGO, OCTOBER, 1931
Issued Monthly—
Fifteenth of Each Month
FIRST ANNUAL REPORT AMERICAN PIANO
CORPORATION
An Interesting Statement
A statement of the first annual meeting of the stock-
holders of the American Piano Corporation, which is
the reorganization, last year, of the former American
Piano Co., is exceedingly interesting and is given
herewith. The meeting was held at the offices of the
company. 584 Fifth avenue, New York, at which
time 738.685 shares of the total issue of 742,708 shares
of the voting or Class B stock were represented either
in person or by proxy.
The directors elected for the ensuing year were:
Wm. Dewey Loucks, W. H. Alfring-, Wm. B. Arm-
strong, George D. Beattys, George G. Foster, G. C
Kavanagh, R. W. Tyler," C. Alfred Wagner and W.
Lee White.
The president, Mr. George G. Foster, reporting on
the operations of the company since June 6, 1930, at
which time the corporation, through a syndicate or-
ganized for the purpose, purchased from the Irving
Trust Co., receiver in equity, the assets of the old
American Piano Co., stated that from June 6, 1930, to
June 30, 1930, inclusive, a period of 24 days, the com-
pany sustained an operating loss of $35,334.78, and
that for the company's first full fiscal year, viz., July
1, 1930, to June 30, 1931, the company made a net
profit, after reserves and taxes, of $42,758.49, in spite
of the general adverse business conditions. He called
to the attention of the stockholders present the fact
that the $700,001) of one-year notes dated May 26,
1930. had all been retired, before maturity, out of
the company's own resources without the necessity of
additional borrowing.
The president also stated that as at June 30, 1931.
the company's balance sheet, as certified by Collins,
Barth & Co., showed current assets of $1,923,652.25,
as against current liabilities of $132,234.31, or a ratio
in excess of 14 to 1. He also drew attention to the
fact that current assets were over twice all liabilities,
whether current or deferred.
The company was reported as having no bank
indebtedness whatever. Cash on hand as of the close
of business Sept. 5 was reported as $184,808.04.
All manufaturing operations of the company are
now concentrated at East Rochester, where it main-
tains the largest piano manufacturing plant in the
world.
The president also reported that, since the prep-
aration of the annual statement, Unit No. 1, about
half of the closed Baltimore plant, had been sold,
thus leaving the remainder of the Baltimore plant, the
Boston plant and the Syracuse plant to be disposed
of. As these plants are sold the proceeds will en-
hance the current asset position of the company.
With the plant at East Rochester marked down to a
figure substantially below that of the appraisal com-
panies, and all closed plants included at sacrifice
prices that certainly can be realized, the total assets
of the company amount to $3,500,332.93' after the es-
tablishment of ample reserves against all receivables;
inventories being carried at lower or at market cost.
(See other papers.)
In was reported that the company's volume for the
past year, including factory operations and sales of
the company's three retail stores in Cleveland, Boston
and New York City, amounted to $3,583,354.22.
The directors, at their first meeting immediately
following the stockholders' meeting, re-elected Wm.
Dewey Loucks chairman of the board, and the fol-
lowing officers: George G. Foster, president; W. H.
Alfring, chairman executive committee; G. C. Kav-
anagh, executive vice-president; R. K. Paynter, vice-
president; W. Lee White, treasurer; Charles W. Hall,
MY PIANO
Whether I soar
to ecstasy's height
Or lose myself
in some fantasy's flight;
E'en though I sink
in melancholy's mire
Or seek to forget
some thwarted desire;
Sharer of fear
or hate or devotion
Sharing with me
my every emotion,
Comforting always,
bringing me cheer,
Could ever a friend
be any more dear—
Than my piano?
G. E. L.
assistant treasurer; Clarence E. Balm, secretary.
The following schedule of the American Piano
Corporation's activities is interesting and appears in
the annual report under the caption:
SYNOPSIS
The American Piano Corporation owns all of the
capital stock of the following companies: American
Piano Corporation of New York; Wm. Knabe &
Co., Incorporated; Chickering & Sons, Inc.; American
Piano Retail Stores, Inc.; The Ampico Corporation,
and the American Piano Trading Corporation.
All manufacturing is conducted at East Rochester,
N. Y., where the company operates the largest com-
plete piano manufacturing plant in the world. Here,
on 26 acres of ground with a quarter-mile frontage
on the main line of the New York Central, are lo-
cated the company's -case, action and player action
factories, dry kilns, power plant, music roll factory,
designers' studios, research laboratories, plate foun-
dry, lumber yard and extensive recreation grounds.
The Knabe and the Chickering have, for a hun-
dred years, been leaders in the piano field. The
present superintendent of the Knabe factory has been
engaged in the making of Knabe pianos for more than
a half a century. The Knabe for years has been the
official piano of the Metropolitan Opera Co.
The Chickering, made since 1823, is America's old-
est piano. It is made by men versed in the Chicker-
ing tradition. Among other well-known pianos man-
ufactured by the company are the J. & C. Fischer,
established 1840; the Marshall & Wendell, established
1836; the Haines Bros., established 1851; and the
Laffargue, established 1896.
The Ampico is the supreme reproducing piano
action of all time. Patents controlling its manufac-
ture are owned by the company. The Ampico is
obtainable in Knabe, Chickering and other pianos
manufactured by the company, and also in the more
famous European makes.
The company maintains the following retail stores:
Wm. Knabe & Co., Incorporated, 584 Fifth avenue,
New York, N. Y.; Chickering & Sons, Inc., 146
Boylston street, Boston, Mass.; Ampico Hall, 1721
Euclid avenue, Cleveland, Ohio. Its products are
sold by leading music merchants throughout the
United States, and in many of the larger cities abroad.
The balance sheet reproduced herewith indicates the
company's present strong financial position. As of
June 30, 1931, the company had no bank indebtedness
whatever and no current indebtedness outside of the
usual accruals, excepting $57.6(:().26 representing cur-
rent invoices. The company's current assets are
nearly fifteen times its current liabilities.
In spite of adverse general conditions, the company
made a net profit for the twelve months ending June
30, 1931, after taxes and reserves, of $42,758.49.
BAND INSTRUMENT INSTRUCTION
The Sterchi Music Company, Terre Haute, hid.,
announces that it carries in stock a complete line of
nationally known lines of band and orchestra instru-
ments.
The Sterchi Music Company has been established
in the same block on Wabash avenue for the past 37
years and has established a real record of service.
A conservatory is operated in connection with the
music store and instruction is given in the playing
of the various band and orchestra instruments.
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