Music Trade Review
Issue: 1896 Vol. 22 N. 14 - Page 5
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THE MUSIC TRADE REVIEW.
Smith & Nixon Assign.
Some of the men who sit up on the shelf
bemoaning that suchi facts exist, have be-
come covered 'with cobwebs, and in a few THE CINCINNATI FIRM GO UNDER—AN EVENT NOT UNEXPECTED—AN HISTORIC HOUSE—RE'SUMJE'
years have become mummified.
OF THE SITUATION FIRMS INVOLVED.
We have such examples in the music
trade. There is always room for live men
N last Wednesday, April 2 2d, Craw- tism necessary to successfully conduct a
and live methods, provided they are com-
ford, Ebersole & Smith (Smith & gigantic business establishment.
mercial—up-to-date—honest.
Joseph G. Ebersole is related to the
Nixon), Cincinnati, made an assignment.
Papers which give good value, which are It cannot be said that this state of affairs wealthy family of Glenns, of Cincinnati.
reliable, which are conducted upon lines of was entirely unexpected, yet it is to be
For years Smith & Nixon have been
decency, will exist as they have a'right to, greatly regretted that it has occurred at this factors for the Steinway piano in Cincin-
long after some of the men who are decry- inopportune time. The failure of a firm nati, and from that point covering a num-
ing them have become a sad and in some having such extensions everywhere and ber of towns, embracing the principal points
carrying such an enormous indebtedness where the latter firm controlled agencies.
cases a loathsome memory.
It is stated that the amount of their in-
has a deep effect upon the affairs of the
debtedness
to the Steinway firm is large.
trade.
#
#
We
do
not
believe,
however, in going into a
A
dispatch
to
New
York
Thursday
morn-
Two weeks ago THE MUSIC TRADE REVIEW
detailed
account
as
to the amounts involved
ing said:
contained information we had received
in
this
assignment;
suffice it to say that
Crawford, Ebersole & Smith, successors
regarding the formation of a piano trust. to Smith & Nixon, makers of and dealers the three principal firms who are creditors
Since that time every music trade paper in in pianos, and agents in this city for the are Steinway & Sons, C. Kurtzman & Co.
the United States has contained similar an- Steinway pianos of New York, assigned and Gildemeester & Kroeger. Smith &
nouncements under startling headlines. this afternoon to D. D. Woodmansee, an Nixon have also been large dealers in the
attorney. The gross assets are $1,000,000; Lindeman, Briggs and Stuyvesant pianos,
This is amusing, truly.
but for some time past their business with
the liabilities are $800,000.
The real facts in the case are these, that
the
three latter firms has been discontinued.
Steinway & Co., of New York, are said
the matter has been in progress for several to hold a great deal of the firm's paper, and
They have also been extensive manufac-
months, but all the papers seemed in total there are other Eastern creditors. The turers on their own account, having built a
ignorance of the matter until the announce- cause is given as the hard times of the factory at Columbia Heights, Chicago, for
ment appeared in this paper. Another three years past. There were no prefer- the manufacture of the Smith & Nixon
proof that THE MUSIC TRADE REVIEW is ences. In January there was a meeting piano, an instrument which has been ab-
sorbed largely by their various branches.
sought for and relied upon as a purveyor of of creditors for the purpose of securing
In February last a meeting of the cred-
extensions on the firm's bills payable, but
news.
itors
of the house was held in Cincinnati,
it did not result favorably to the firm.
and
it
was decided to re-organize the com-
#
#
While the gross assets are placed at $1,-
pany,
and to this end the Smith & Nixon
Again we would emphasize that the 000,000, as stated, the actual assets here
Piano
Manufacturing
Co. was incorporated
rumors and predictions freely made in trade will be about $300,000. The unsecured on Feb. 17th, with a capital stock placed at
debts amount to $280,000. The firm claims
circles about the future of certain houses is to have lost $150,000 in two years through $150,000, $50,000 of which was preferred,
uncalled for and unfair. It is just at this its agents. It has branch houses at Pitts- the balance being in common stock. The
time that we should endeavor to brace burg, Detroit, Columbus, Indianapolis and incorporators were C. H. Beecher, A. Hay-
ward, Dr. G. Ebersole, James M. Crawford,
up things and look on the brightest side of Toledo.
Smith & Nixon is one of the oldest piano Henry W. Crawford, J. B. Ebersole, J. L.
trade affairs. Reveling in rumors not only
Smith and E. L. Martin.
injures the party or parties discussed, but houses in the United States, having been
The following week the Smith & Nixon
first established in 1843. It has for years
has a depressing and injurious effect on
been an institution which has conducted a Piano Co., a distinct corporation from the
the music trade industry as a whole. gigantic business. The original proprie- former, was incorporated with a capital stock
Therefore "let us govern our tongues" and tors were James R. Smith, W. K. Nixon. of $300,000. It was thought at the time
be of good cheer.
Mr. Nixon retired about thirty years ago, that this move would safely tide the com-
subsequently W. K. Smith and J. Llewelyn pany over the depressed times, but the fail-
#
#
ure just announced does not seem to have
Smith were admitted into the firm.
There has been a marked improvement
It was in April, 1886, when Henry W. justified this view of the matter.
in retail trade in this city during the past Crawford first became connected with the
week. In a conversation with Mr. Nahum business. At that time James R. Smith
In an interview with Mr. William Stein-
Stetson yesterday, he said that "Steinway retired. New methods were introduced way on Thursday, he said: "At the pres-
& Sons were experiencing an unusually ac- immediately under Mr. Crawford's regime, ent time there is nothing new to relate rela-
and in January, 1889, Joseph G. Ebersole tive to the failure which would add to the
tive retail business," and at a number of
entered the firm. Snce then they have es-
other warerooms the same gratifying reports tablished branches and formed connections facts of which you are in possession. Mr.
Chas. H. Steinway is on his way West to
were gleaned.
with large dealers in the principal cities in investigate, and we will hear from him in
Ohio, as far East as Pittsburg, covering a due course. I may say that the bulk of
#
#
territory
South as far as Tennessee, and Smith & Nixon's indebtedness to Steinway
The good news reaches us from Washing-
North to Detroit. Recently a number of & Sons is ampl)' and safely secured."
ton that Congress proposes to adjourn, if these branches have become independent
possible, around the middle of May. This from the parent house.
information will not be received with any
Henry W. Crawford has been a very am-
SCHEDULES of Charles B. Lawson, the
bitious man, but his methods to achieve "Co." of William E. Wheelock & Co.,
regret by business men.
success have been severely criticised in piano manufacturers, at No. 785 East 149th
#
#
some sections, and the result shows that street, show individual liabilities, $34,800;
THERE has been no new ^development his desire to become one of the greatest nominal assets, $21,826; actual assets, $10,-
relative to the failure or re-organization of piano men of the age was not tempered by 000 in real estate at 138th street, near Lin-
the Briggs Piano Co.
a certain degree of judgment and conserva- coln avenue.
O
THE MUSIC TRADE REVIEW.
Smith & Nixon Assign.
Some of the men who sit up on the shelf
bemoaning that suchi facts exist, have be-
come covered 'with cobwebs, and in a few THE CINCINNATI FIRM GO UNDER—AN EVENT NOT UNEXPECTED—AN HISTORIC HOUSE—RE'SUMJE'
years have become mummified.
OF THE SITUATION FIRMS INVOLVED.
We have such examples in the music
trade. There is always room for live men
N last Wednesday, April 2 2d, Craw- tism necessary to successfully conduct a
and live methods, provided they are com-
ford, Ebersole & Smith (Smith & gigantic business establishment.
mercial—up-to-date—honest.
Joseph G. Ebersole is related to the
Nixon), Cincinnati, made an assignment.
Papers which give good value, which are It cannot be said that this state of affairs wealthy family of Glenns, of Cincinnati.
reliable, which are conducted upon lines of was entirely unexpected, yet it is to be
For years Smith & Nixon have been
decency, will exist as they have a'right to, greatly regretted that it has occurred at this factors for the Steinway piano in Cincin-
long after some of the men who are decry- inopportune time. The failure of a firm nati, and from that point covering a num-
ing them have become a sad and in some having such extensions everywhere and ber of towns, embracing the principal points
carrying such an enormous indebtedness where the latter firm controlled agencies.
cases a loathsome memory.
It is stated that the amount of their in-
has a deep effect upon the affairs of the
debtedness
to the Steinway firm is large.
trade.
#
#
We
do
not
believe,
however, in going into a
A
dispatch
to
New
York
Thursday
morn-
Two weeks ago THE MUSIC TRADE REVIEW
detailed
account
as
to the amounts involved
ing said:
contained information we had received
in
this
assignment;
suffice it to say that
Crawford, Ebersole & Smith, successors
regarding the formation of a piano trust. to Smith & Nixon, makers of and dealers the three principal firms who are creditors
Since that time every music trade paper in in pianos, and agents in this city for the are Steinway & Sons, C. Kurtzman & Co.
the United States has contained similar an- Steinway pianos of New York, assigned and Gildemeester & Kroeger. Smith &
nouncements under startling headlines. this afternoon to D. D. Woodmansee, an Nixon have also been large dealers in the
attorney. The gross assets are $1,000,000; Lindeman, Briggs and Stuyvesant pianos,
This is amusing, truly.
but for some time past their business with
the liabilities are $800,000.
The real facts in the case are these, that
the
three latter firms has been discontinued.
Steinway & Co., of New York, are said
the matter has been in progress for several to hold a great deal of the firm's paper, and
They have also been extensive manufac-
months, but all the papers seemed in total there are other Eastern creditors. The turers on their own account, having built a
ignorance of the matter until the announce- cause is given as the hard times of the factory at Columbia Heights, Chicago, for
ment appeared in this paper. Another three years past. There were no prefer- the manufacture of the Smith & Nixon
proof that THE MUSIC TRADE REVIEW is ences. In January there was a meeting piano, an instrument which has been ab-
sorbed largely by their various branches.
sought for and relied upon as a purveyor of of creditors for the purpose of securing
In February last a meeting of the cred-
extensions on the firm's bills payable, but
news.
itors
of the house was held in Cincinnati,
it did not result favorably to the firm.
and
it
was decided to re-organize the com-
#
#
While the gross assets are placed at $1,-
pany,
and to this end the Smith & Nixon
Again we would emphasize that the 000,000, as stated, the actual assets here
Piano
Manufacturing
Co. was incorporated
rumors and predictions freely made in trade will be about $300,000. The unsecured on Feb. 17th, with a capital stock placed at
debts amount to $280,000. The firm claims
circles about the future of certain houses is to have lost $150,000 in two years through $150,000, $50,000 of which was preferred,
uncalled for and unfair. It is just at this its agents. It has branch houses at Pitts- the balance being in common stock. The
time that we should endeavor to brace burg, Detroit, Columbus, Indianapolis and incorporators were C. H. Beecher, A. Hay-
ward, Dr. G. Ebersole, James M. Crawford,
up things and look on the brightest side of Toledo.
Smith & Nixon is one of the oldest piano Henry W. Crawford, J. B. Ebersole, J. L.
trade affairs. Reveling in rumors not only
Smith and E. L. Martin.
injures the party or parties discussed, but houses in the United States, having been
The following week the Smith & Nixon
first established in 1843. It has for years
has a depressing and injurious effect on
been an institution which has conducted a Piano Co., a distinct corporation from the
the music trade industry as a whole. gigantic business. The original proprie- former, was incorporated with a capital stock
Therefore "let us govern our tongues" and tors were James R. Smith, W. K. Nixon. of $300,000. It was thought at the time
be of good cheer.
Mr. Nixon retired about thirty years ago, that this move would safely tide the com-
subsequently W. K. Smith and J. Llewelyn pany over the depressed times, but the fail-
#
#
ure just announced does not seem to have
Smith were admitted into the firm.
There has been a marked improvement
It was in April, 1886, when Henry W. justified this view of the matter.
in retail trade in this city during the past Crawford first became connected with the
week. In a conversation with Mr. Nahum business. At that time James R. Smith
In an interview with Mr. William Stein-
Stetson yesterday, he said that "Steinway retired. New methods were introduced way on Thursday, he said: "At the pres-
& Sons were experiencing an unusually ac- immediately under Mr. Crawford's regime, ent time there is nothing new to relate rela-
and in January, 1889, Joseph G. Ebersole tive to the failure which would add to the
tive retail business," and at a number of
entered the firm. Snce then they have es-
other warerooms the same gratifying reports tablished branches and formed connections facts of which you are in possession. Mr.
Chas. H. Steinway is on his way West to
were gleaned.
with large dealers in the principal cities in investigate, and we will hear from him in
Ohio, as far East as Pittsburg, covering a due course. I may say that the bulk of
#
#
territory
South as far as Tennessee, and Smith & Nixon's indebtedness to Steinway
The good news reaches us from Washing-
North to Detroit. Recently a number of & Sons is ampl)' and safely secured."
ton that Congress proposes to adjourn, if these branches have become independent
possible, around the middle of May. This from the parent house.
information will not be received with any
Henry W. Crawford has been a very am-
SCHEDULES of Charles B. Lawson, the
bitious man, but his methods to achieve "Co." of William E. Wheelock & Co.,
regret by business men.
success have been severely criticised in piano manufacturers, at No. 785 East 149th
#
#
some sections, and the result shows that street, show individual liabilities, $34,800;
THERE has been no new ^development his desire to become one of the greatest nominal assets, $21,826; actual assets, $10,-
relative to the failure or re-organization of piano men of the age was not tempered by 000 in real estate at 138th street, near Lin-
the Briggs Piano Co.
a certain degree of judgment and conserva- coln avenue.
O
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