Music Trade Review
Issue: 1896 Vol. 22 N. 9 - Page 4
Music Trade Review -- © mbsi.org, arcade-museum.com -- digitized with support from namm.org
THE MUSIC TRADE REVIEW.
the most energetic advocates of a national
bankruptcy law, says: "Of this measure it
may be said that it protects the creditor
class by enabling them to force into bank-
ruptcy a creditor who attempts any form
of fraud, while its provisions cannot be in-
EDWARD LYMAN BILL
voked against any honest debtor who has
Editor and Proprietor.
been guiltless of any act of moral turpitude.
PUBLISHED EVERY SATURDAY
Voluntary bankrupts representing the great
3 East 14th St.. New York
debtor class may take advantage of the
provisions
of this law, which are calculated
SUBSCRIPTION (including postage) United States and
Canada. $3-00 per year; Foreign Countries, $4.00.
to bring the speediest relief to the debtor,
ADVERTISEMENTS, $2.00 per inch, single column, per
insertion. On quarterly or yearly contracts ^ special dis- while securing to the creditor the largest
count is allowed.
REMITTANCES, In other than currency form, should
possible proportion of his claim."
be made payable to Edward Lyman Bill.
THE MUSIC TRADE REVIEW has all along
Entered at the New York Post Office as Second <3a>s Matter.
been in favor of the enactment of a national
NEW YORK, riARCH i4, 1896
bankruptcy law, and it is with some pleas-
ure that we notice that its passage is almost
assured this session. There is a demand
"THE BUSINESS MAN'S PAPER."
for such a bill; it is an absolute necessity
as a protection to debtor and creditor alike.
The members of the music trade industry
should be as active as other industries in
requesting their representatives in Congress
to favor this legislation. It is not a ques-
tion of politics, but business.
E give elsewhere in this issue a com-
prehensive abstract of the proposed
National Bankruptcy Bill, which will be re-
ported to he House Committee onjudiciary
by the sub-committee who have been work-
ing on this measure for the past two months
The new bill is a carefully revised com-
promise between the demands of the debtor
and creditor classes, and the amendments
made by the sub-committee have palliated
the more drastic features of the so-called
Torre}' Bill which came very near being
passed last year. The most important rec-
ommendations in the new bill are the reten-
tion of the involuntary principle in the
measure, but so hedged about by restrictions
as to prevent its being used as a club in the
hands of an over-exacting creditor. All
the restrictions appear to be wise, and are
framed with the object of encouraging up-
rightness in the conduct of debtors by
making such a course the most conducive
to comfort and prompt settlement.
**."
Speaking of the new bill, Representative
Ray, of New York, who has been one of
W
the country regards as needed legislation,
the sooner it retires and gives the country
a rest the better. The action of the Board
of Trade of this city is timely. While the
people of the United States sympathize with
Cuba in her struggles for liberty, yet this
studied jingoism which is interfering with
business should be denounced.
- #
#
The report of the meeting of the credit-
ors of the Weber-Wheelock concerns, which
appears elsewhere in this paper, will be read
with some interest. Mr. Wheelock, as ex-
pected, placed himself on record with re-
gard to his future movements, and made
certain what was previously surmised.
The action of the meeting in appointing
a committee is commendable, but it is to be
regretted that practical men acquainted
with the piano business are not more lajgely
represented. The investigation and unravel-
ing of the affairs of the firms is not an easy
task, particularly as this committee cannot
interfere with the receivers who now control
the different businesses which were in-
volved by the Weber failure.
According to the financial showing, the
prospects of the different concerns are not
over bright, but we trust that the committee
will be able to bring " order out of chaos."
It strikes us forcibly that had the services
of the financial men who are now willing
to aid Mr. Wheelock been secured before
the failure was contemplated, it would
never have occurred, and its injurious in-
fluence upon the trade at large could have
been avoided. It is the old story of "lock-
ing the stable door after the horse is stolen:''
It is hardly proper just now, when the es-
tate is in the receiver's hands, and in con-
trol of a special committee, to criticise the
financial showing. It can only be hoped
that some, if not all, of the concerns will in
due time be able to reorganize and start
afresh with clean hands, new purposes and
safe methods.
#
#
#
#
The members of the New York Board of
•Trade, at a special meeting convened last
Wednesday for the purpose of considering
the effect upon business of the present atti-
tude of Congress toward national questions,
resolved to submit to Congress a resolution
reciting that a discontinuance of disturb-
ance of every character is of vital import-
ance to a recovery from the present de-
pressed condition into which all sections
and every industry of the country are
plunged; that the war discussion in Con-
gress has been detrimental to every interest
of the nation.
In this connection we cannot help com-
menting on the patriotic fervor of our
legislators these days. It is truly edifying.
Party ties are thrown to the wind. The
black Republican, the free trade Democrat
and the free silver Populist are "whooping
her up" in great shape for Uncle Sam.
Under the heading "Steinway in De-
We honor the patriotic professions of our troit," the following item appeared in the
august body of Senators, but just the same, last issue of the Musical Courier:
we cannot overlook the fact that the ma-
"As we go to press we receive word that
jority of these gentlemen have been per- the Steinway piano will be transferred from
fectly indifferent during a recent date to S. E. Clark & Co. to F. J. Schwankovsky
the passage of a number of bills which were & Co., at Detroit, who have for years past
of vital value to the business interests and been using the Knabe piano as a leader.
the credit of the nation. Working for the This seems to end the career of the Knabe
prosperity and well-being of the nation is in Michigan."
also patriotism, although our legislators
The following telegram from F. J.
apparently fail to see it. Perhaps because Schwankovsky, which reached us yesterday,
it does not give them sufficient prominence, speaks for itself:
or cause a mighty rumpus in foreign
"The Musical Courier's report this week
countries.
concerning transfer of SteinwayTagency to
As long as the Senate has ignored what undersigned is a fabrication. The Knabe,
THE MUSIC TRADE REVIEW.
the most energetic advocates of a national
bankruptcy law, says: "Of this measure it
may be said that it protects the creditor
class by enabling them to force into bank-
ruptcy a creditor who attempts any form
of fraud, while its provisions cannot be in-
EDWARD LYMAN BILL
voked against any honest debtor who has
Editor and Proprietor.
been guiltless of any act of moral turpitude.
PUBLISHED EVERY SATURDAY
Voluntary bankrupts representing the great
3 East 14th St.. New York
debtor class may take advantage of the
provisions
of this law, which are calculated
SUBSCRIPTION (including postage) United States and
Canada. $3-00 per year; Foreign Countries, $4.00.
to bring the speediest relief to the debtor,
ADVERTISEMENTS, $2.00 per inch, single column, per
insertion. On quarterly or yearly contracts ^ special dis- while securing to the creditor the largest
count is allowed.
REMITTANCES, In other than currency form, should
possible proportion of his claim."
be made payable to Edward Lyman Bill.
THE MUSIC TRADE REVIEW has all along
Entered at the New York Post Office as Second <3a>s Matter.
been in favor of the enactment of a national
NEW YORK, riARCH i4, 1896
bankruptcy law, and it is with some pleas-
ure that we notice that its passage is almost
assured this session. There is a demand
"THE BUSINESS MAN'S PAPER."
for such a bill; it is an absolute necessity
as a protection to debtor and creditor alike.
The members of the music trade industry
should be as active as other industries in
requesting their representatives in Congress
to favor this legislation. It is not a ques-
tion of politics, but business.
E give elsewhere in this issue a com-
prehensive abstract of the proposed
National Bankruptcy Bill, which will be re-
ported to he House Committee onjudiciary
by the sub-committee who have been work-
ing on this measure for the past two months
The new bill is a carefully revised com-
promise between the demands of the debtor
and creditor classes, and the amendments
made by the sub-committee have palliated
the more drastic features of the so-called
Torre}' Bill which came very near being
passed last year. The most important rec-
ommendations in the new bill are the reten-
tion of the involuntary principle in the
measure, but so hedged about by restrictions
as to prevent its being used as a club in the
hands of an over-exacting creditor. All
the restrictions appear to be wise, and are
framed with the object of encouraging up-
rightness in the conduct of debtors by
making such a course the most conducive
to comfort and prompt settlement.
**."
Speaking of the new bill, Representative
Ray, of New York, who has been one of
W
the country regards as needed legislation,
the sooner it retires and gives the country
a rest the better. The action of the Board
of Trade of this city is timely. While the
people of the United States sympathize with
Cuba in her struggles for liberty, yet this
studied jingoism which is interfering with
business should be denounced.
- #
#
The report of the meeting of the credit-
ors of the Weber-Wheelock concerns, which
appears elsewhere in this paper, will be read
with some interest. Mr. Wheelock, as ex-
pected, placed himself on record with re-
gard to his future movements, and made
certain what was previously surmised.
The action of the meeting in appointing
a committee is commendable, but it is to be
regretted that practical men acquainted
with the piano business are not more lajgely
represented. The investigation and unravel-
ing of the affairs of the firms is not an easy
task, particularly as this committee cannot
interfere with the receivers who now control
the different businesses which were in-
volved by the Weber failure.
According to the financial showing, the
prospects of the different concerns are not
over bright, but we trust that the committee
will be able to bring " order out of chaos."
It strikes us forcibly that had the services
of the financial men who are now willing
to aid Mr. Wheelock been secured before
the failure was contemplated, it would
never have occurred, and its injurious in-
fluence upon the trade at large could have
been avoided. It is the old story of "lock-
ing the stable door after the horse is stolen:''
It is hardly proper just now, when the es-
tate is in the receiver's hands, and in con-
trol of a special committee, to criticise the
financial showing. It can only be hoped
that some, if not all, of the concerns will in
due time be able to reorganize and start
afresh with clean hands, new purposes and
safe methods.
#
#
#
#
The members of the New York Board of
•Trade, at a special meeting convened last
Wednesday for the purpose of considering
the effect upon business of the present atti-
tude of Congress toward national questions,
resolved to submit to Congress a resolution
reciting that a discontinuance of disturb-
ance of every character is of vital import-
ance to a recovery from the present de-
pressed condition into which all sections
and every industry of the country are
plunged; that the war discussion in Con-
gress has been detrimental to every interest
of the nation.
In this connection we cannot help com-
menting on the patriotic fervor of our
legislators these days. It is truly edifying.
Party ties are thrown to the wind. The
black Republican, the free trade Democrat
and the free silver Populist are "whooping
her up" in great shape for Uncle Sam.
Under the heading "Steinway in De-
We honor the patriotic professions of our troit," the following item appeared in the
august body of Senators, but just the same, last issue of the Musical Courier:
we cannot overlook the fact that the ma-
"As we go to press we receive word that
jority of these gentlemen have been per- the Steinway piano will be transferred from
fectly indifferent during a recent date to S. E. Clark & Co. to F. J. Schwankovsky
the passage of a number of bills which were & Co., at Detroit, who have for years past
of vital value to the business interests and been using the Knabe piano as a leader.
the credit of the nation. Working for the This seems to end the career of the Knabe
prosperity and well-being of the nation is in Michigan."
also patriotism, although our legislators
The following telegram from F. J.
apparently fail to see it. Perhaps because Schwankovsky, which reached us yesterday,
it does not give them sufficient prominence, speaks for itself:
or cause a mighty rumpus in foreign
"The Musical Courier's report this week
countries.
concerning transfer of SteinwayTagency to
As long as the Senate has ignored what undersigned is a fabrication. The Knabe,
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