Music Trade Review
Issue: 1914 Vol. 58 N. 6 - Page 8
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THE MUSIC TRADE REVIEW
8
BIG DISCOUNT COMPANY PLANNED FOR NEW YORK CITY.
Bankers Discuss Plan of Organizing Company Along Lines of Large Discount Companies
London—Object to Handle Commercial Paper, Making It a Liquid Asset.
The establishment of a strong discount company
for the purchase, guarantee and sale of commercial
paper under the new currency law is being dis-
cussed in New York. The lines of formation of
the. company are based upon the great London dis-
count companies, which are leading factors in the
discount market abroad. Such a company here
would require $10,000,000 capital.
Officers of all the leading national banks in New
York denied Tuesday that their banks were inter-
ested in the plan. It is learned, however, that the
legal representative of the Continental and Com-
mercial Bank of Chicago, whose president, George
M. Reynolds, has been one of the leading support-
ers of the new currency system, has been in this
city in conference with banks about the possibility
of establishing a big discount company.
The function of such a company is to specialize
in commercial paper. Through indorsement af;er
purchase it places its credit back of the paper,
in
making it a much more marketable and desirable
asset for purchase by banks and private bankers
generally.
The business of buying and selling commercial
paper is now largely handled here, outside of the
banks, by private banking firms and commerc:al
paper specialists. They do not generally indorse
the paper.
Those who favor the plan believe that a big dis-
count company would be in a better position to de-
velop New York as a discount market than the na-
tional banks.
Among the private banking firms and commercial
paper dealers the establishment of discount com-
panies is not looked upon with favor. It is said
that the field is already occupied by these firms and
that the new conditions brought about by the cur-
rency bill are not such as to require anything more
than a broadening of the facilities enjoyed by these
firms.
PRAISE FOR PACKARD GRAND.
Steadily Gaining Friends Among the Dealers
and Artists—Chicago Dealers Send Special
Lettergram of Congratulation Upon Receipt
of Concert Grand for Use of Dutch Pianist.
(Special to The Review.)
FORT WAYNE, IND.—February 3.—-One of the
features of the great progress being made by the
Packard Co., this city, is the success being at-
tained by the Packard concert grand piano
throughout the country, the list of prominent art-
ists using the Packard piano exclusively being en-
larged steadily. The manner in which the Pack-
ar dealer and the artist is indicated by the following
night lettergram recently received by the Packard
Co., from the Bissell-Weisert Piano Co., Chicago:
"Concert grand arrived to-day. A magnificent
instrument; everybody most enthusiastic about it,
especially Paul Van Katwijk, the noted Dutch
pianist, who will use it in his concert Thursday
evening. You are to be congratulated upon this
truly artistic triumph."
ATTENDS F. G^SMITH MEETING.
Fred D. Holmes, of Milwaukee Store, Also Visits
Factories of Company in the East—Makes
Excellent Record for 1913—His Advertising
'Copy Taken as a Model by Other Branches.
(Special to The Review.)
MILWAUKEE, W I S . , February 3.—Fred D.
Holmes, manager of the Milwaukee branch store
of the F. G. Smith Piano Co., is back from Brook-
lyn, N. Y., whetv he attended the annual meeting
of the F. G. Smith concern and the annual gather-
ing of branch managers.
The Milwaukee branch, covering this city, Wis-
consin, upper Michigan and a portion of Iowa,
made an especially fine showing during the past
year and, according to figures presented at the
Fastern meeting, ranked among the branches show-
ing the largest-net profits to the company for 1913,
proof of Mr. Holmes' efficient management.
The advertising prepared by Mr. Holmes for
use in Milwaukee and in other sections of his ter-
ritory made such a favorable impression at the
meeting that Mr. Holmes was requested to for-
ward copies of all his advertising matter to the
other branch houses. Mr. Holmes has conducted
a most successful advertising campafgn in the
newspapers, besides having handled a successful
plan of mailing publicity.
While Mr. Holmes was East he visited the Brad-
bury, Webster and Henning factories at Brooklyn,
N. Y., and Leominster, Mass.
TO CONSIDER LOCAL^ CREDIT BUREAU.
A special committee of the New York Credit
Men's Association will meet in New York City
this week with a view to considering the advisa-
bility of establishing a'bureau, in conjunction with
the association's present activities, to provide for
the interchange of credit information. There are
now fifty-five of these bureaus in operation in
various parts of the country, all of which are af-
filiated with the National association.
While there has been nothing said to that end,
it is rumored that the committee of the local asso-
ciation does not look on the project with favor.
There is a feeling, it is intimated, that the amount
of benefit to be derived from such a bureau in
New York would hardly be commensurate with
the cost and trouble of maintaining it, in view of
:he large number of inquiries that would probably
be put to it. Then, ton, it is felt that requests
from bureaus in other cities would be so numerous
as to swamp the local bureau in the event of its
being established.
SALE OF SCHLEICHER ASSETS.
'I he entire stock and materials of the bankrupt
estate of the Schleicher & Sons Piano Co., was
scheduled to be sold at auction in separate lots
and parcels on Thursday, February 5 of this week
at 484-490 Pacific street, Stamford, Conn. The
sale also included the factory building 'belonging
to said bankrupt.
The Business Developing
Powers of Poole
Pianos
are unquestioned to-day, for discriminating
piano merchants throughout the country en-
thusiastically concede that the Poole products
of 1914 emphasize the high-water mark of
Poole progress. This applies to Poole grands,
uprights and player-pianos, each of which has
won a special position in the esteem of the
purchasing public.
The Poole pianos of 1914 are made in a
new factory, equipped with the best and most
up-to-date appliances, with health-giving
light and air all round, in an environment
that ensures the best of results. They are
made under the supervision of men who are
in touch with the requirements of the trade
and the buying public, and in compliance
with a policy which means the production of
the greatest possible values—musically, con-
structionally and architecturally.
We will be pleased to discuss the subject of
Poole Pianos and our plans for 1914 with those
interested.
THE POOLE PIANO CO.
Sydney Street, Cambridge A. Branch, Boston,Mass.
THE MUSIC TRADE REVIEW
8
BIG DISCOUNT COMPANY PLANNED FOR NEW YORK CITY.
Bankers Discuss Plan of Organizing Company Along Lines of Large Discount Companies
London—Object to Handle Commercial Paper, Making It a Liquid Asset.
The establishment of a strong discount company
for the purchase, guarantee and sale of commercial
paper under the new currency law is being dis-
cussed in New York. The lines of formation of
the. company are based upon the great London dis-
count companies, which are leading factors in the
discount market abroad. Such a company here
would require $10,000,000 capital.
Officers of all the leading national banks in New
York denied Tuesday that their banks were inter-
ested in the plan. It is learned, however, that the
legal representative of the Continental and Com-
mercial Bank of Chicago, whose president, George
M. Reynolds, has been one of the leading support-
ers of the new currency system, has been in this
city in conference with banks about the possibility
of establishing a big discount company.
The function of such a company is to specialize
in commercial paper. Through indorsement af;er
purchase it places its credit back of the paper,
in
making it a much more marketable and desirable
asset for purchase by banks and private bankers
generally.
The business of buying and selling commercial
paper is now largely handled here, outside of the
banks, by private banking firms and commerc:al
paper specialists. They do not generally indorse
the paper.
Those who favor the plan believe that a big dis-
count company would be in a better position to de-
velop New York as a discount market than the na-
tional banks.
Among the private banking firms and commercial
paper dealers the establishment of discount com-
panies is not looked upon with favor. It is said
that the field is already occupied by these firms and
that the new conditions brought about by the cur-
rency bill are not such as to require anything more
than a broadening of the facilities enjoyed by these
firms.
PRAISE FOR PACKARD GRAND.
Steadily Gaining Friends Among the Dealers
and Artists—Chicago Dealers Send Special
Lettergram of Congratulation Upon Receipt
of Concert Grand for Use of Dutch Pianist.
(Special to The Review.)
FORT WAYNE, IND.—February 3.—-One of the
features of the great progress being made by the
Packard Co., this city, is the success being at-
tained by the Packard concert grand piano
throughout the country, the list of prominent art-
ists using the Packard piano exclusively being en-
larged steadily. The manner in which the Pack-
ar dealer and the artist is indicated by the following
night lettergram recently received by the Packard
Co., from the Bissell-Weisert Piano Co., Chicago:
"Concert grand arrived to-day. A magnificent
instrument; everybody most enthusiastic about it,
especially Paul Van Katwijk, the noted Dutch
pianist, who will use it in his concert Thursday
evening. You are to be congratulated upon this
truly artistic triumph."
ATTENDS F. G^SMITH MEETING.
Fred D. Holmes, of Milwaukee Store, Also Visits
Factories of Company in the East—Makes
Excellent Record for 1913—His Advertising
'Copy Taken as a Model by Other Branches.
(Special to The Review.)
MILWAUKEE, W I S . , February 3.—Fred D.
Holmes, manager of the Milwaukee branch store
of the F. G. Smith Piano Co., is back from Brook-
lyn, N. Y., whetv he attended the annual meeting
of the F. G. Smith concern and the annual gather-
ing of branch managers.
The Milwaukee branch, covering this city, Wis-
consin, upper Michigan and a portion of Iowa,
made an especially fine showing during the past
year and, according to figures presented at the
Fastern meeting, ranked among the branches show-
ing the largest-net profits to the company for 1913,
proof of Mr. Holmes' efficient management.
The advertising prepared by Mr. Holmes for
use in Milwaukee and in other sections of his ter-
ritory made such a favorable impression at the
meeting that Mr. Holmes was requested to for-
ward copies of all his advertising matter to the
other branch houses. Mr. Holmes has conducted
a most successful advertising campafgn in the
newspapers, besides having handled a successful
plan of mailing publicity.
While Mr. Holmes was East he visited the Brad-
bury, Webster and Henning factories at Brooklyn,
N. Y., and Leominster, Mass.
TO CONSIDER LOCAL^ CREDIT BUREAU.
A special committee of the New York Credit
Men's Association will meet in New York City
this week with a view to considering the advisa-
bility of establishing a'bureau, in conjunction with
the association's present activities, to provide for
the interchange of credit information. There are
now fifty-five of these bureaus in operation in
various parts of the country, all of which are af-
filiated with the National association.
While there has been nothing said to that end,
it is rumored that the committee of the local asso-
ciation does not look on the project with favor.
There is a feeling, it is intimated, that the amount
of benefit to be derived from such a bureau in
New York would hardly be commensurate with
the cost and trouble of maintaining it, in view of
:he large number of inquiries that would probably
be put to it. Then, ton, it is felt that requests
from bureaus in other cities would be so numerous
as to swamp the local bureau in the event of its
being established.
SALE OF SCHLEICHER ASSETS.
'I he entire stock and materials of the bankrupt
estate of the Schleicher & Sons Piano Co., was
scheduled to be sold at auction in separate lots
and parcels on Thursday, February 5 of this week
at 484-490 Pacific street, Stamford, Conn. The
sale also included the factory building 'belonging
to said bankrupt.
The Business Developing
Powers of Poole
Pianos
are unquestioned to-day, for discriminating
piano merchants throughout the country en-
thusiastically concede that the Poole products
of 1914 emphasize the high-water mark of
Poole progress. This applies to Poole grands,
uprights and player-pianos, each of which has
won a special position in the esteem of the
purchasing public.
The Poole pianos of 1914 are made in a
new factory, equipped with the best and most
up-to-date appliances, with health-giving
light and air all round, in an environment
that ensures the best of results. They are
made under the supervision of men who are
in touch with the requirements of the trade
and the buying public, and in compliance
with a policy which means the production of
the greatest possible values—musically, con-
structionally and architecturally.
We will be pleased to discuss the subject of
Poole Pianos and our plans for 1914 with those
interested.
THE POOLE PIANO CO.
Sydney Street, Cambridge A. Branch, Boston,Mass.
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