Music Trade Review
Issue: 1914 Vol. 58 N. 6 - Page 7
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THE MUSIC TRADE
REVIEW
EDISONIA CO. TRUSTEE MAKES EXHAUSTIVE REPORT.
TO REPRESENT JESSE FRENCH LINE.
Prosecution of the Officers of the Company Impossible Owing to Court Ruling—Creditors the Ones
to Take Action, but They Manifest Little Interest—Attacks Policy of Secured Creditors.
(Special to The Review.)
NEWARK, N. J., February 2.—While creditors of
the bankrupt Edisonia Co. have sustained an un-
determined amount of losses by reason of the
duplications of conditional contracts or leases for
pianos and talking machines sold on the instalment
plan which were pledged for loans, Frank W.
Long, the trustee, in a report just submitted to the
Bankruptcy Court, declares that it has not been
within his province or power to prosecute the of-
ficers of the concern for alleged fraud in transfer-
ring duplicate leases lo several parties.
As if in reply to criticisms recently published,
Mr. Long says in his report that the trustee ap-
plied to the court for permission to have an ex-
pert accountant examine the books of the company.
When the matter came on for hearing only two
creditors, representing small sums, appeared.
"The court declined to permit the use of the
money in the hands of the trustee for the above
purpose," Mr. Long continues in his report, "so
that the trustee could not employ an accountant,
although the trustee had gone over numerous ac-
counts on the books with the Edisonia bookkeepers
and had examined the bookkeepers in court."
Mr. Long admits that a successful auditing of
the books of the company is an almost hopeless
task on account of their tangled condition.
As to the question of prosecuting the officers for
alleged fraud in obtaining money upon duplicated
leases, Mr. Long declares that Referee Edwin G.
The Watson-Lister Piano Co., of Minneapolis,
Minn., to Feature the Three Lines of Pianos
Made by the Jesse French & Sons Piano Co.
Adams "declines to permit the money of the gen-
—Deal Closed by O. G. Swanitz.
eral creditors to be used for criminal prosecution."
The court holds in the present situation that the
secured creditors, who were imposed upon by the
duplication of their leases which they held as
security, who have large sums of money at stake
and who have in their possession any evidence that
there may be on this subject, should be the ones,
if any, to take action.
Mr. Long explains further in his report that he
subpoenaed the officers of the company and re-
quired their presence in court many times, "and
on occasions did so after extreme difficulty."
In regard to the great amount of litigation and
trouble that has arisen on account of the duplica-
tion of leases in the matter of making instalment
collections from the original customers, Mr. Long
has this to say:
"If the creditors had adopted the suggestion of
the trustee and of Peirce & Hoover, his counsel,
at the outset, to permit the trustee or some one
person to collect, much of the expense and difficulty
would have been avoided. Needless to say the
trustee made application to the court to so collect."
It is pointed out by Mr. Long that whatever
assets are secured for the general creditors must
be secured through litigation.
"The assets not assigned to creditors are of
comparatively small value," he says, "unless the
trustees can secure whatever equity there may be
in the piano leases."
OPEN NEW STORE THIS WEEK.
NOW FOR THEJSUFFRAGETTES.
Stanley & Sons Handling the Haines Bros.,
Marshall & Wendell, Foster-Armstrong and
Other Pianos in Detroit—Those Interested.
Three Ladies of Akron, O., Incorporate the
Haines Piano & Music Co. in That City.
(Special to The Review.)
MINNEAPOLIS, MINN., February 1.—A deal was
closed last week by the Watson-Lister Piano Co.,
of this city, and Jesse French & Sons Piano Co.,
New Castle, Ind., whereby the former will have
the Minneapolis representation for the three lines
of pianos made by Jesse French & Sons, including
the Jesse French and Lagonda lines of pianos
and players. This deal was consummated by O.
G. Swanitz, general traveling representative, who,
in chatting with The Review representative, stated
that January just closed was the largest in the his-
tory of the House of French, and at no previous
time was there such a tremendous demand for car-
load orders. iMr. Swanitz departed for New York
several days ago.
BRAMBACH LINEMVITH GRINNELL.
To Represent Brambach Grands, Uprights and
Player-Grands in Michigan.
DETROIT,
(Special to The Review.)
MICH., February 3.—The
Brambach
Piano Co., of New York, has placed its representa-
tion for Michigan with Grinnell Brothers. W. C.
Heaton, traveling representative, negotiated the
deal. The Brambach player-grand will be a fea-
ture of the line because of its compactness. It is
no larger than the small grand, and therefore is
eligible to almost any home in point of space re-
quirements. Some of the grands already are on
the floor, and player-grands are on the way.
(Special to The Review.)
HYPOTHECATING ACCOUNTS.
AKRON, O., February 2.—The Haines Piano &
Music Co., of this city, has been incorporated with
Bill Now Being Prepared to Protect Manufac-
opened their new piano store in the University capital stock of $10,000 for the purpose of dealing
turers Against Customers Who Hypothecate
Building this week, with the Haines Bros., the in pianos, sheet music and musical goods of general
Their Accounts Receivable Without Letting
character by Miss Mary A. Haines, Miss Mary L.
Marshall & Wendell, the Foster-Armstrong and
Their Creditors Know of the Fact.
May and Miss Donna Fouse. Miss Haines is now
the Stanley & Sons on the floor.
manager of the M. A. Haines Co., 319 West Mar-
The legislative committee of the National Asso-
The full personnel of the new organization has
been made public. There are no silent partners. ket street, and the M. A. Haines Co., manufac- ciation of Credit Men is endeavoring to arrange a
meeting of the legislative committees of the various
Charles H. Stanley, Sr., has the controlling turers of sanitary dust cloths and mops.
branch associations in the State to consider the bill
stock, as announced last week. The other incor-
now being prepared lo protect manufacturers and
porators are: Charles H. Stanley, Jr.; Walter
TO STOP UNFAIR COMPETITION.
wholesalers against customers who hypothecate
Stanley, L. H. Davis and Charles A. Alexander.
House Bill Compels Filing Retail Price on
their accounts receivable without letting their cred-
All are active piano salesmen. Charles Stanley,
Patented Articles.
itors know what they are doing. It was said this
Jr., and L. H. Davis were with the J. L. Hud-
week that the idea of the conference would be to
son Co. up to the time of opening the Stanley &
(Special to The Review.)
work out a tentative bill that would be fair and
Sons store.
WASHINGTON, D. C , February 3.—Congressman
applicable in all parts of the State, and for other
Though the company's charter authorizes manu- Langley has introduced a bill to prevent fraud and
States to follow after providing the move was suc-
facturing, actual work of that kind will be de- unfair competition in the sale of patented and
cessful. The principal point to be guarded against,
ferred for a year or two. Mr. Stanley, Sr., has trade mark articles.
it is intimated, is drawing a bill that will embody
been identified with the manufacturing end of the
The bill says that it shall be unlawful in any
something that the courts may hold unconstitu-
piano business for a quarter of a century, and will patent not to show the retail price, together with
not be content with only the retail end. But con- the list showing the rebates, commissions and dis- tional in case of protest by the financial companies
which buy these accounts. It is said to be an open
ditions and circumstances will be studied thor- counts of every article so patented and sold and
secret that some of these companies are strongly
oughly before the venture is made.
offered for sale, and that these prices shall be
registered with the Patent Office. It shall also be against the provisions of the proposed bill that re-
TRAVELING SALESMEN WANT A VOTE. unlawful to sell these articles at a price different quire publicity in connection with the workings of
from that registered and to receive or give rebates their business.
Bill to Be Introduced at Albany to Obtain for
or
commissions or discounts. Penalties from $100
Travelers the Right to Vote Away from Home.
to $2,000 are provided.
BRANCH STOREJHANAGERS MEET.
A meeting of the board of directors of the As-
Annual
Convention of Grinnell Bros.' Forces
FINE DISPLAY INJNEW QUARTERS.
sociation of Traveling salesmen of New York, was
Bring Between 40 and 50 to Detroit.
(Special to The Review.)
held Monday afternoon at the Hotel' St. Denis,
SPRINGFIELD, I I I . , February 2.—Last week marked
when Mark Eisner, Assemblyman from the 17th
(Special to The Review.)
District of New York, read the draft of his pro- the formal opening of the new quarters of the
DETROIT, MICH., February 3.—Grinnell Brothers
posed bill to obtain for travelers a right to vote Frencli & Sons Piano Co. in the Schepps building were busy almost the entire week with their an-
when away from home. It is understood that on East Adams street, this city, where a large stock nual convention of managers of branch stores and
when the bill will be introduced in the Legislature of new instruments, direct from the factories, was department managers. Between forty and fifty
at Albany representatives from the various as- un display. The company was formerly located on were in attendance. C. A. Grinnell acted as chair-
South Sixth street, but growing business made man of the meetings, and under his direction the
sociations whose occupations kept them away from
home will be in evidence to lend their support to larger quarters imperative. J. B. Bliss, secretary discussion of present conditions and the making
of the company, still remains as manager.
the movement.
of plans for the future moved along rapidly.
(Special to The Review.)
DETROIT, MICH., February 3.—Stanley & Son
WINTER & CO.
220 SOUTHERN BOULEVARD, N E W YORK
Manufacturers of
Superior Pianos
and Player Pianos
THE MUSIC TRADE
REVIEW
EDISONIA CO. TRUSTEE MAKES EXHAUSTIVE REPORT.
TO REPRESENT JESSE FRENCH LINE.
Prosecution of the Officers of the Company Impossible Owing to Court Ruling—Creditors the Ones
to Take Action, but They Manifest Little Interest—Attacks Policy of Secured Creditors.
(Special to The Review.)
NEWARK, N. J., February 2.—While creditors of
the bankrupt Edisonia Co. have sustained an un-
determined amount of losses by reason of the
duplications of conditional contracts or leases for
pianos and talking machines sold on the instalment
plan which were pledged for loans, Frank W.
Long, the trustee, in a report just submitted to the
Bankruptcy Court, declares that it has not been
within his province or power to prosecute the of-
ficers of the concern for alleged fraud in transfer-
ring duplicate leases lo several parties.
As if in reply to criticisms recently published,
Mr. Long says in his report that the trustee ap-
plied to the court for permission to have an ex-
pert accountant examine the books of the company.
When the matter came on for hearing only two
creditors, representing small sums, appeared.
"The court declined to permit the use of the
money in the hands of the trustee for the above
purpose," Mr. Long continues in his report, "so
that the trustee could not employ an accountant,
although the trustee had gone over numerous ac-
counts on the books with the Edisonia bookkeepers
and had examined the bookkeepers in court."
Mr. Long admits that a successful auditing of
the books of the company is an almost hopeless
task on account of their tangled condition.
As to the question of prosecuting the officers for
alleged fraud in obtaining money upon duplicated
leases, Mr. Long declares that Referee Edwin G.
The Watson-Lister Piano Co., of Minneapolis,
Minn., to Feature the Three Lines of Pianos
Made by the Jesse French & Sons Piano Co.
Adams "declines to permit the money of the gen-
—Deal Closed by O. G. Swanitz.
eral creditors to be used for criminal prosecution."
The court holds in the present situation that the
secured creditors, who were imposed upon by the
duplication of their leases which they held as
security, who have large sums of money at stake
and who have in their possession any evidence that
there may be on this subject, should be the ones,
if any, to take action.
Mr. Long explains further in his report that he
subpoenaed the officers of the company and re-
quired their presence in court many times, "and
on occasions did so after extreme difficulty."
In regard to the great amount of litigation and
trouble that has arisen on account of the duplica-
tion of leases in the matter of making instalment
collections from the original customers, Mr. Long
has this to say:
"If the creditors had adopted the suggestion of
the trustee and of Peirce & Hoover, his counsel,
at the outset, to permit the trustee or some one
person to collect, much of the expense and difficulty
would have been avoided. Needless to say the
trustee made application to the court to so collect."
It is pointed out by Mr. Long that whatever
assets are secured for the general creditors must
be secured through litigation.
"The assets not assigned to creditors are of
comparatively small value," he says, "unless the
trustees can secure whatever equity there may be
in the piano leases."
OPEN NEW STORE THIS WEEK.
NOW FOR THEJSUFFRAGETTES.
Stanley & Sons Handling the Haines Bros.,
Marshall & Wendell, Foster-Armstrong and
Other Pianos in Detroit—Those Interested.
Three Ladies of Akron, O., Incorporate the
Haines Piano & Music Co. in That City.
(Special to The Review.)
MINNEAPOLIS, MINN., February 1.—A deal was
closed last week by the Watson-Lister Piano Co.,
of this city, and Jesse French & Sons Piano Co.,
New Castle, Ind., whereby the former will have
the Minneapolis representation for the three lines
of pianos made by Jesse French & Sons, including
the Jesse French and Lagonda lines of pianos
and players. This deal was consummated by O.
G. Swanitz, general traveling representative, who,
in chatting with The Review representative, stated
that January just closed was the largest in the his-
tory of the House of French, and at no previous
time was there such a tremendous demand for car-
load orders. iMr. Swanitz departed for New York
several days ago.
BRAMBACH LINEMVITH GRINNELL.
To Represent Brambach Grands, Uprights and
Player-Grands in Michigan.
DETROIT,
(Special to The Review.)
MICH., February 3.—The
Brambach
Piano Co., of New York, has placed its representa-
tion for Michigan with Grinnell Brothers. W. C.
Heaton, traveling representative, negotiated the
deal. The Brambach player-grand will be a fea-
ture of the line because of its compactness. It is
no larger than the small grand, and therefore is
eligible to almost any home in point of space re-
quirements. Some of the grands already are on
the floor, and player-grands are on the way.
(Special to The Review.)
HYPOTHECATING ACCOUNTS.
AKRON, O., February 2.—The Haines Piano &
Music Co., of this city, has been incorporated with
Bill Now Being Prepared to Protect Manufac-
opened their new piano store in the University capital stock of $10,000 for the purpose of dealing
turers Against Customers Who Hypothecate
Building this week, with the Haines Bros., the in pianos, sheet music and musical goods of general
Their Accounts Receivable Without Letting
character by Miss Mary A. Haines, Miss Mary L.
Marshall & Wendell, the Foster-Armstrong and
Their Creditors Know of the Fact.
May and Miss Donna Fouse. Miss Haines is now
the Stanley & Sons on the floor.
manager of the M. A. Haines Co., 319 West Mar-
The legislative committee of the National Asso-
The full personnel of the new organization has
been made public. There are no silent partners. ket street, and the M. A. Haines Co., manufac- ciation of Credit Men is endeavoring to arrange a
meeting of the legislative committees of the various
Charles H. Stanley, Sr., has the controlling turers of sanitary dust cloths and mops.
branch associations in the State to consider the bill
stock, as announced last week. The other incor-
now being prepared lo protect manufacturers and
porators are: Charles H. Stanley, Jr.; Walter
TO STOP UNFAIR COMPETITION.
wholesalers against customers who hypothecate
Stanley, L. H. Davis and Charles A. Alexander.
House Bill Compels Filing Retail Price on
their accounts receivable without letting their cred-
All are active piano salesmen. Charles Stanley,
Patented Articles.
itors know what they are doing. It was said this
Jr., and L. H. Davis were with the J. L. Hud-
week that the idea of the conference would be to
son Co. up to the time of opening the Stanley &
(Special to The Review.)
work out a tentative bill that would be fair and
Sons store.
WASHINGTON, D. C , February 3.—Congressman
applicable in all parts of the State, and for other
Though the company's charter authorizes manu- Langley has introduced a bill to prevent fraud and
States to follow after providing the move was suc-
facturing, actual work of that kind will be de- unfair competition in the sale of patented and
cessful. The principal point to be guarded against,
ferred for a year or two. Mr. Stanley, Sr., has trade mark articles.
it is intimated, is drawing a bill that will embody
been identified with the manufacturing end of the
The bill says that it shall be unlawful in any
something that the courts may hold unconstitu-
piano business for a quarter of a century, and will patent not to show the retail price, together with
not be content with only the retail end. But con- the list showing the rebates, commissions and dis- tional in case of protest by the financial companies
which buy these accounts. It is said to be an open
ditions and circumstances will be studied thor- counts of every article so patented and sold and
secret that some of these companies are strongly
oughly before the venture is made.
offered for sale, and that these prices shall be
registered with the Patent Office. It shall also be against the provisions of the proposed bill that re-
TRAVELING SALESMEN WANT A VOTE. unlawful to sell these articles at a price different quire publicity in connection with the workings of
from that registered and to receive or give rebates their business.
Bill to Be Introduced at Albany to Obtain for
or
commissions or discounts. Penalties from $100
Travelers the Right to Vote Away from Home.
to $2,000 are provided.
BRANCH STOREJHANAGERS MEET.
A meeting of the board of directors of the As-
Annual
Convention of Grinnell Bros.' Forces
FINE DISPLAY INJNEW QUARTERS.
sociation of Traveling salesmen of New York, was
Bring Between 40 and 50 to Detroit.
(Special to The Review.)
held Monday afternoon at the Hotel' St. Denis,
SPRINGFIELD, I I I . , February 2.—Last week marked
when Mark Eisner, Assemblyman from the 17th
(Special to The Review.)
District of New York, read the draft of his pro- the formal opening of the new quarters of the
DETROIT, MICH., February 3.—Grinnell Brothers
posed bill to obtain for travelers a right to vote Frencli & Sons Piano Co. in the Schepps building were busy almost the entire week with their an-
when away from home. It is understood that on East Adams street, this city, where a large stock nual convention of managers of branch stores and
when the bill will be introduced in the Legislature of new instruments, direct from the factories, was department managers. Between forty and fifty
at Albany representatives from the various as- un display. The company was formerly located on were in attendance. C. A. Grinnell acted as chair-
South Sixth street, but growing business made man of the meetings, and under his direction the
sociations whose occupations kept them away from
home will be in evidence to lend their support to larger quarters imperative. J. B. Bliss, secretary discussion of present conditions and the making
of the company, still remains as manager.
the movement.
of plans for the future moved along rapidly.
(Special to The Review.)
DETROIT, MICH., February 3.—Stanley & Son
WINTER & CO.
220 SOUTHERN BOULEVARD, N E W YORK
Manufacturers of
Superior Pianos
and Player Pianos
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