Presto

Issue: 1931 2262

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.
Enhanced content © 2008-2009 and presented by MBSI - The Musical Box Society International (www.mbsi.org) and the International Arcade Museum (www.arcade-museum.com).
All Rights Reserved. Digitized from the archives of the MBSI with support from NAMM - The International Music Products Association (www.namm.org).
Additional enhancement, optimization, and distribution by the International Arcade Museum. An extensive collection of Presto can be found online at http://www.arcade-museum.com/library/
4
PRESTO-TIMES
October, 1031
ment of Music at New York from Arthur J. Mason
of the Federation of British Music Industries, its
author. Mr. Mason writes: "Seven London girls
who have been studying the first steps in piano-play-
ing as members of a class—it consisted of these seven
grand radio. Signs indicated the growth of our com-
girls only—and who have had no individual teaching,
List of Officers for the Ensuing Year
munity in the fifty years. The little baby grand
have recently passed the preliminary examination in
bore the sign 'Fifty Years Ago,' the little one T o - piano playing of the Associated Board of the Royal
The following are the officers elected for the com-
day.' The big radio was equipped with a powerful
College of Music and the Royal Academy of Music.
ing year of the Music Merchants' Association of
public address outlet which gave forth entertainment
They were, of course, examined individually, like
Ohio elected at the annual convention held in Cleve- and information as it went along.
all the other candidates for the Associated Board's
land, Sept. 16:
"The two piano floats represented the development
diplomas. But their class-teaching, and their study
President—Carl E. Summers, Summer & Son, Jack- of music in fifty years. The first was a two-horse
in class, sent them into the examination room as
son and Portsmouth, Ohio.
drawn old-fashioned vehicle, on which was an old well able to pass the tests set them there as any indi-
Vice-President—Frank Kimmel, manager of Ani- cabinet organ. This was played by the young lady
vidually taught student. This is by way of being a
manager of our sheet music department, arranged in
triumph for class-teaching of the piano."
pico Hall, Cleveland, Ohio.
Air. Mason goes on to say that while the class
Secretary—Clark F. Cross, Eastern representative the garb of fifty years ago. To get just the type
of horses required some research work. 1 wanted for
piano idea is new in his own country it has already
Culbransen Co. of Chicago. Springfield, Ohio.
contrast the Napoleon type of steeds, those that dis-
Treasurer—Marie C. Addelman, Kratz Piano Co., played their bony part. Your humble servant in ap- been widely taken up in the United States and Can-
ada, and he bespeaks for it the careful and open-
Akron, Ohio.
propriate garb and make-up, drove this pair. A par- minded investigation of the English educators. Point-
One of the principal speeches of the convention
ody on the popular song, 'The Kings' Horses' will
ing out that times are changing in many fundamental
was that of Edwin R. Weeks, president of the Na- give you a picture of the equipage. 'The old horses
respects and that traditional ways are yielding to
tional Association of Music Merchants, delivered at —the wagin, we drove up the hill and we drove down
others more in line with modern requirements, he in-
the banquet tendered to the association Wednesday agin (who?) the old horses and the wagin.'
timates that the music teaching profession is facing
evening, Sept. 16, at Hollenden Hotel, the main part
"They were bony, and they were thin, but a darn a danger if it does not keep in touch with progressive
of which speech is herewith given:
fine pair for the shape they're in. (Who?) The- old
movements affecting it.
bosses and the wagin.
President Weeks' Speech
" 'They're not out to fight the foe; you might think so,
"I am honored, indeed, to be called to the beautiful
But, oh, dear no, they're simply out that you may BAILEE WILLIAM THOMSON OF GLASGOW
city of Cleveland, the metropolis of the old Buckeye
know
AGAIN VISITS AMERICA
State, that has not only given many presidents to the
The style in music fifty years ago,
An important personage who was recently a guest
United States, but has given a president to the Na- And the horses and the organ
in the United States and while in Chicago paid a
tional Association of Music Merchants in the person
They drove up the hill and they drove down agin
visit to the offices of Presto-Times, was William
of my predecessor, Otto B. Heaton, of your capital
(who?)
Thomson, J. P., to whom the title "bailee" has been
city, who in h's term of office proved himself to be The old horses, and the wagin.'
applied for some years past. The editors of Presto-
such a capital administrator.
"This outfit was labeled 'Music in Binghamton
Times have enjoyed an acquaintance with Mr. Thom-
fifty years ago when George F. came to town.' Fol- son for well nigh two-score years, in fact away back
"It was he who originated the slogan that spread
lowing
this
and
quite
in
contrast
was
a
really
beau-
over the nation: 'Teach a boy to blow a horn and he
to the days when he was Great Britain's leading repre
tiful float with a period model grand piano in a proper
won't blow a safe.' 1 cannot hope to cope with men
sentative for American organs. That was in the days
from the Buckeye State as a former experience has setting with our most attractive girl members of our when the reed organ was a great deal more popular
taught me, hut even so, I have made bold to supple- force in the picture. This was labeled 'Music in Bing- and when Chicago produced more of these instru-
ment Mr. Heaton's terse slogan with Teach a boy hamton Today—Fifty Years After George F. came ments than any other city in the world. But of Bailee
to Town.'
to play a saxophone and it may keep him from some
Thomson's record as a seller of musical instruments
"These two factors, as I have said, have doubtless the trade in America as well as abroad is familiar.
other' crime.'
helped
our
business
but
for
which
we
can
claim
no
"The experience with a man from the Buckeye
Mr. Thomson's present visit here in America has
State just referred to was, when I as president of the credit, but the third factor we have had a part in and
1 think any dealer can follow it with ultimate results. been with a different motive, however. In the various
Rotary Club, essayed to introduce the well known
We have been pounding away on the slogan 'The cities that he visited much of his time has been spent
humorist and philosopher, Dusty Miller. I said m
substance, 'W r e have for our speaker today a Miller. piano is coming back.' I think you, as well as our- on the speaker's stand, speaking before various
Scotch clans, clubs and societies on the subject of
selves, have constantly been sympathized with from
A miller is a man who takes the grain of the field
self-government for Scotland. Mr. Thomson has won
the fact, as our informants put it, that the piano was
and taking out the chaff grinds it into that substance
very soon to be a thing of the past. It finally got a reputation as an orator, for he possesses the ability
from which our staff of life is made. But the Miller
at my side, who is about to address you, is one our goat, so to speak, and so we started this cam- to present the feelings of the people of Scotland, their
problems and the solutions in a clear and concise
paign against this sentiment and general belief.
who has gone through life, collecting grains of
manner.
"And so it was we started on the campaign. We
thought but who has so winnowed out all the chaff
flaunted
the
slogan
from
the
house
tops,
in
the
news-
Bailee Thomson's last talk in the United States was
and all the dross that what he brings us to day is
just the essence of wisdom and philosophy.' And, to papers, in our show windows, in our radio broadcasts. at Bridgeport, Conn., on Sept. 28, on which occasion
I wrote news stories for our daily papers similar to the Bridgeport Telegram of Sept. 29 gave nearly a
which Mr. Miller responded as follows: 'This is a
most unique introduction on the part of your presi- an article that 1 recently wrote for the Music Trade column report of the meeting, dwelling especially on
Review, and gradually our pessimistic friends began
his speech, which it named "Battle Cry for Free
dent; in it he has sought to make me a miller by
Scotland Sounded in Fiery Address."
occupation as well as name, and in the former ca- joining the chorus and began saying, T see the piano
pacity and in the winnowing process to which he has is coming back.'
"This was the battle cry of William Thomson."
"So let us all swell the chorus. The situation war- says the Telegram, "in a fiery message last night
referred, let me say that I have never been so ably
rants
it.
The
buggy
has
gone,
the
cottage
organ
has
aided and abetted as today by this old wind mill.'
to a large audience assembled at the Moose Temple
gone, miniature golf has gone. The piano through
to hear the former justice of the peace in Glasgow
"1 cannot give or bring to you men, many of you
the years has faltered, but never failed. Let us fan urge the freedom of the Highlands. The lecture,
who have large businesses and longer experience, and keep fanning these embers into flame that this
sponsored by the National party of Scotland, was
much that you do not already know, but I can sound
greatest of all instruments may continue as a means
delivered under the auspices of Clan Campbell No.
a note of optimism born of our own experience in
of harmony in the home."
24, O. S. C."
the last three months that 1 hope will be music in
Retiring President Anthony Maresh, of Cleveland,
From Bridgeport Mr. Thomson went to Montreal
your ears.
presided at this banquet and Dan Nolan, of the Na- for a talk and sailed from that city Oct. 2 for Glas-
"That note is sounded when I tell you that during
tional Association of Music Merchants, was toast- gow.
the last three months, June, July and August, our
master.
piano business has increased over the corresponding
In addition to President Edwin R. Weeks of the
months of 1929 and 1930 about 70 per cent. We
National Association, who was guest of honor and
HIS HONOR, MAYOR MARSH
attribute this to three causes. First, the swinging
principal speaker, the other speakers included the
back of the pendulum, the natural return of the piano incoming president, Carl E. Summers, Past President
Mr. B. O. Marsh, proprietor of the Marsh Music
after a period of counter form of entertainment. Otto B. Heaton, retiring-Serretary Rex Hyre, and House, Decorah, Iowa, has the distinctive honor of
There have been many of these counter forms of
Delbert L. Loomis, executive secretary of the Na- being the present mayor of the beautiful, enterprising
entertainment through the years. Roller skating, tional Association of Music Merchants. President
and prosperous city of Decorah, Iowa, and this year
bicycling, the automobile, the phonograph, and last
his honor is entering upon the fortieth year of his
Maresh made an interesting farewell address.
of all, the radio has caused temporary abatement, but
The 1932 convention will be held at Portsmouth, business, which began Sept. 1, 1892. Mr. Marsh is
in time there was a return of piano interest.
a public-spirited business man. His letterheads are
Ohio, in September next year.
"Another reason for our better business is the re-
On Wednesday afternoon, the day of the banquet, decorated with Decorah buildings and views in and
turn to almost normalcy of our chief industry, of
an address, which in substance was about the same around that city.
our Endicott-Johnson shoe factory enterprise. Three as the speech in the evening, President Weeks gave
weeks ago our community tendered a fifty-year golden a talk over Station WHK, Cleveland, through the
HUDSON'S FIFTIETH ANNIVERSARY
jubilee celebration to honor Mr. George F. Johnson,
Columbia Broadcasting system. Arrangements for
who came to our community fifty years ago. It took
the broadcasts were made by Frank Kimmel, man-
Hudson's, of Detroit, in all their advertising matter
on the nature of a Mardi Gras with a monster parade ager of Ampico Hall, Cleveland, and Ray Schirring, place the caption, "Hudson's Fiftieth Anniversary."
of marching men, women and children, and most of
of the Cleveland store of Lyon & Healy, Inc.
A recent notice under this heading gives prominence
our businesses represented by floats. Our firm had
* * * *
to the Brambach piano, which instrument they have
three floats, one representing the radio part of the
Piano class instruction in Great Britain seems to featured for a long time, having sold, as their adver-
business and the other two the piano. We had a be in a flourishing condition as indicated by a letter
tisement states, more than three thousand Brambach
monster radio built which was a replica of a baby
received by the National Bureau for the Advance- pianos in Detroit.
THE OHIO STATE CONVENTION
Your lamily deserves
the cultural and social advantages ol a otemway
Enhanced content © 2008-2009 and presented by MBSI - The Musical Box Society International (www.mbsi.org) and the International Arcade Museum (www.arcade-museum.com).
All Rights Reserved. Digitized from the archives of the MBSI with support from NAMM - The International Music Products Association (www.namm.org).
Additional enhancement, optimization, and distribution by the International Arcade Museum. An extensive collection of Presto can be found online at http://www.arcade-museum.com/library/

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