Music Trade Review
Issue: 1915 Vol. 60 N. 8 - Page 7
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THE MUSIC TRADE REVIEW
LARGE MUSIC HOUSE FOR BUFFALO.
COMMITTEES OF PIANO CLUB
SAN FRANCISCANS PROTEST BILL.
Plans for New Venture \ja Heart of Thriving
West Side of That City.
Appointed at Meeting of the Board of Gov-
ernors Held Last Week.
Piano Men Join with Members of Other Trades
in Fighting Harmful Measure Introduced in
Legislature—Association Re-elects Officers.
,
(Special to The Review.)
At the meeting of the Board of Governors of the
BUFFALO, N. Y., February 15.—Just how much Piano Club of New York held last week the fol-
Buffalo is becoming each day a "real" music trade lowing committees were appointed: House com-
center is shown more forcibly by the announcement mittee, W. G. Schaff, J. W. Stevens, J. Selig, W.
tliat within a short time The Review will be able L. Bjur and T. P. Anderson; auditing, E. T.
to give full details regarding the establishment here Huller and Henry Christman; membership, E. T.
of a large music instrument salesroom in the heart Huller, A. Conrow, W. W. Lawson; entertain-
of the west side.
ment, Albert Behning, George Holz, George W.
It became known here yesterday that men promi- Gittins, T. P. Anderson, C. E. Reid, H. O. Fox
nent in the music trade, realizing the possibilities of
and J. Oktavec. The special committee on re-
an extensive business on the west side, have gotten vision of by-laws, which was also appointed, as
together and will build a large structure in the reported in The Review last week, is expected to
Grant street vicinity, which is rapidly becoming one
report some action at the next monthly meeting of
of the city's busiest sections. It is hedged in by a big the board of governors, it is composed of H. O.
residential section and gives forth many prospects. Fox, J. E. Bretzfelder and E. B. Bogart.
Information is meager now, but that the project is
assured has been ascertained from reliable sources.
IN NEW QUARTERS.
The story goes that plans are to be filed soon
and that the structure will cost many thousands of
The W. H. Whited Piano Co., one of the best
dollars. Several music dealers with stores on the known concerns in Jackson, Miss., has moved to
west side now have been thriving, as there is a new quarters in the Daniel studio, on West Cap-
pronounced sale in that section of high-grade in- itol street, that city.
struments.
GABLER PIANOS IN HIGH SCHOOLS.
Conroy Piano Co. Places Three in Largest Pub-
lic Institutions in St. Louis.
EASTON, PA., CONCERN EXPANDS.
(Special to The Review.)
EASTON, PA., February 15.—The Werner Co.,
the prominent piano and talking machine dealer
of this city, is at present enlarging its floor space
to take care of the increased demand for the
product of the company. The new addition will
be devoted to demonstration rooms for talking
machines and a large concert hall for the Edison
Diamond Disc phonograph.
EVERARD PIANO CCh INCORPORATED.
The Everard Piano Co., of the Bronx, filed a
certificate of incorporation with the Secretary of
State at Albany this week, with a capital stock of
$25,000. The interested parties are L., J. D. and J.
1). Ohlssen, Jr., 407 East 134th street, New York.
TO SELL PFLUEGER CO. ASSETS.
The assets of the Pflueger Piano Co., Inc., will
be sold at auction at the former factory of the
company, 716 Whitlock avenue, Borough of Bronx,
on February 25 a£ 10.30 a. m. ( by order of the
United States District Court. The assets include
pianos, piano players, parts and material, manu-
facturing and office equipment.
FRANCISCO, CAL., February
15.—A large
meeting, presided over by George Q. Chase, was
held recently in the recital hall of the Kobler &
Chase building by piano men, furniture dealers
and others interested in the instalment business,
to protest against a new bill introduced in the
present California Legislature, which would make
repossession of goods not paid for difficult, if not
impossible. Some such bill as this seems to come
up in nearly every legislature, and much annoy-
ance has been caused in the past by measures of
the same kind. A committee was appointed, rep-
resenting the various interests, to make a fight
against the bill, which will not come up for final
passage for several weeks. The piano trade is
represented iby Andrew G. McCarthy.
On the same day the Piano Dealers' Association
had a meeting for election of officers for the
new year, Frank Anrys being re-elected president
and Fred Sherman secretary-treasurer.
PURCHASE AND DISCOUNT OF ACCEPTANCES AUTHORIZED.
Federal Reserve Board Issues Regulations Governing the Handling of That Class of Commercial
Paper by the Banks—Further Extension of System Promised if Conditions Warrant.
(Special to The Review.)
J. A. Coffin, president of E. Gabler & Bro., Inc.,
.'147 Rider avenue, New York, received a letter
from P. J. Conroy, head of the Conroy Piano Co.,
St. Louis, this week, stating that his company had
sold three Gabler pianos for the high schools of
that city. These instruments, which were chosen
in competition with other makes, will ibe placed,
one in the McKinley High School, one in the
Soldan High School and the third in the Yeatman
High School—three of the most prominent educa-
tional institutions in that city.
The Gabler instruments have an enviable fol-
lowing in St. Louis and vicinity, and the Conroy
Piano Co. has had much success with them. Some
time ago a high-class advertising campaign was
carried on, the copy of advertising plainly showing
the confidence which the house has in the quality
of the product.
Mr. Coffin expects to leave for a Western trip
within a few days.
(Special to The Review.)
SAN
WASHINGTON, D. C, February 15.—In view of
the address of Harvey D. Gibson, vice-president
of the Liberty National Bank, at the recent dinner
of the New York Piano Manufacturers' Associa-
tion, on the use of "acceptances" in the piano
trade, it is of interest to note that the Federal
Reserve Board on Saturday issued an authorization
to Federal reserve banks to engage in the discount
and purchase of bankers' acceptances. This power
is granted by the law, but the banks have not been
allowed to engage in buying acceptances pending
the drafting of regulations. These were made
public to-day.
The statute says that reserve banks may dis-
count acceptances, based only on the importation
or exportation of goods which have a maturity of
not over three months, and are indorsed by at least
one member bank. The reserve banks are allowed
to buy and sell bankers' acceptances with or with-
out indorsement by member banks. The board has
not fixed a maximum sum or percentage up to
which reserve banks may invest in acceptances,
but advises them to keep in mind, when tying up
funds in acceptances, not only the local demands
to be accepted from their own members, but also
the requirements to be met in other districts.
On the ground that the acceptance is still in its
infancy in the lield of American banking, the re-
serve banks are advised at the outset to engage in
discounting acceptances rather than in buying and
selling.
"How rapid the development of the acceptance
will be cannot be foretold, but the development
itself is certain," the board says in its circular of
instructions. "Opportunity is given by the Federal
reserve act to assist the movement in this direc-
tion ; the present regulations are to be regarded
as a first step, and will be extended as circum-
stances and a reasonable regard for the other uses
and needs of the credit facilities of the Federal
reserve system may warrant.
"It is believed that it would unduly restrict the
development of the acceptance business to keep it
altogether confined within the provisions requir-
ing that acceptances in order to be eligible for re-
discount at a Federal reserve bank must bear the
indorsement of a member bank, particularly in
view of the further fact that the law limits the
amount of acceptances which may be taken with
WINTER & CO.
220 SOUTHERN BOULEVARD, N E W YORK
Manufacturers of
the indorsement of a member bank to 50 per cent.
of its paid-in capital and surplus. Having found
it necessary to extend the scope of dealings in ac-
ceptances beyond these limits, the board has ex-
ercised the authority conferred upon it and has
formulated regulations covering the purchase of
acceptances without invariably requiring the in-
dorsement of a member bank.
"The acceptance is the standard form of paper
in the world discount market, and both on this ac-
count and because of its acknowledged liquidity
universally commands a preferential rate. By rea-
son of its being readily marketable it is widely
regarded as a most desirable paper in the second-
ary reserves of banks and will help to provide an
effective substitute for the 'call loan.' Its growth,
however, will depend upon the ability of the
American market to adjust its rates effectively to
those prevailing in other markets for paper of this
class.
"Recognizing these facts, the Federal Reserve
Board has determined to allow the Federal re-
serve banks latitude in fixing rates for accept-
ances. Federal reserve banks may from time to
time submit for the approval of the board maxi-
mum and minimum rates in which they desire to
be authorized to deal in acceptances. Within such
limits and subject to such modifications as may be
imposed by the board, Federal reserve banks will
bj allowed to establish the rates at which they
will deal in acceptances.
"The board believes it to be in accordance with
the spirit of the act to accord preferential treat-
ment to acceptances, bearing the indorsement of
member banks, offered for rediscount—even to the
point of allowing lower rates for such acceptances,
inasmuch as under the terms of this section, such
acceptances are available as collateral against the
issue of Federal reserve notes; and the board will
sanction a slight preferential in favor of accept-
ances bearing the indorsement of member banks.
"When acceptances bearing the indorsement of
member banks are not obtainable in adequate
amount or upon satisfactory terms, Federal re-
serve banks, desiring to purchase acceptances,
should restrict themselves as far as possible to
such acceptances as bears some other responsible
signature (other than that of the drawer and the
acceptor), and preferably that of a bank or
banker."
Superior Pianos
and Player Pianos
THE MUSIC TRADE REVIEW
LARGE MUSIC HOUSE FOR BUFFALO.
COMMITTEES OF PIANO CLUB
SAN FRANCISCANS PROTEST BILL.
Plans for New Venture \ja Heart of Thriving
West Side of That City.
Appointed at Meeting of the Board of Gov-
ernors Held Last Week.
Piano Men Join with Members of Other Trades
in Fighting Harmful Measure Introduced in
Legislature—Association Re-elects Officers.
,
(Special to The Review.)
At the meeting of the Board of Governors of the
BUFFALO, N. Y., February 15.—Just how much Piano Club of New York held last week the fol-
Buffalo is becoming each day a "real" music trade lowing committees were appointed: House com-
center is shown more forcibly by the announcement mittee, W. G. Schaff, J. W. Stevens, J. Selig, W.
tliat within a short time The Review will be able L. Bjur and T. P. Anderson; auditing, E. T.
to give full details regarding the establishment here Huller and Henry Christman; membership, E. T.
of a large music instrument salesroom in the heart Huller, A. Conrow, W. W. Lawson; entertain-
of the west side.
ment, Albert Behning, George Holz, George W.
It became known here yesterday that men promi- Gittins, T. P. Anderson, C. E. Reid, H. O. Fox
nent in the music trade, realizing the possibilities of
and J. Oktavec. The special committee on re-
an extensive business on the west side, have gotten vision of by-laws, which was also appointed, as
together and will build a large structure in the reported in The Review last week, is expected to
Grant street vicinity, which is rapidly becoming one
report some action at the next monthly meeting of
of the city's busiest sections. It is hedged in by a big the board of governors, it is composed of H. O.
residential section and gives forth many prospects. Fox, J. E. Bretzfelder and E. B. Bogart.
Information is meager now, but that the project is
assured has been ascertained from reliable sources.
IN NEW QUARTERS.
The story goes that plans are to be filed soon
and that the structure will cost many thousands of
The W. H. Whited Piano Co., one of the best
dollars. Several music dealers with stores on the known concerns in Jackson, Miss., has moved to
west side now have been thriving, as there is a new quarters in the Daniel studio, on West Cap-
pronounced sale in that section of high-grade in- itol street, that city.
struments.
GABLER PIANOS IN HIGH SCHOOLS.
Conroy Piano Co. Places Three in Largest Pub-
lic Institutions in St. Louis.
EASTON, PA., CONCERN EXPANDS.
(Special to The Review.)
EASTON, PA., February 15.—The Werner Co.,
the prominent piano and talking machine dealer
of this city, is at present enlarging its floor space
to take care of the increased demand for the
product of the company. The new addition will
be devoted to demonstration rooms for talking
machines and a large concert hall for the Edison
Diamond Disc phonograph.
EVERARD PIANO CCh INCORPORATED.
The Everard Piano Co., of the Bronx, filed a
certificate of incorporation with the Secretary of
State at Albany this week, with a capital stock of
$25,000. The interested parties are L., J. D. and J.
1). Ohlssen, Jr., 407 East 134th street, New York.
TO SELL PFLUEGER CO. ASSETS.
The assets of the Pflueger Piano Co., Inc., will
be sold at auction at the former factory of the
company, 716 Whitlock avenue, Borough of Bronx,
on February 25 a£ 10.30 a. m. ( by order of the
United States District Court. The assets include
pianos, piano players, parts and material, manu-
facturing and office equipment.
FRANCISCO, CAL., February
15.—A large
meeting, presided over by George Q. Chase, was
held recently in the recital hall of the Kobler &
Chase building by piano men, furniture dealers
and others interested in the instalment business,
to protest against a new bill introduced in the
present California Legislature, which would make
repossession of goods not paid for difficult, if not
impossible. Some such bill as this seems to come
up in nearly every legislature, and much annoy-
ance has been caused in the past by measures of
the same kind. A committee was appointed, rep-
resenting the various interests, to make a fight
against the bill, which will not come up for final
passage for several weeks. The piano trade is
represented iby Andrew G. McCarthy.
On the same day the Piano Dealers' Association
had a meeting for election of officers for the
new year, Frank Anrys being re-elected president
and Fred Sherman secretary-treasurer.
PURCHASE AND DISCOUNT OF ACCEPTANCES AUTHORIZED.
Federal Reserve Board Issues Regulations Governing the Handling of That Class of Commercial
Paper by the Banks—Further Extension of System Promised if Conditions Warrant.
(Special to The Review.)
J. A. Coffin, president of E. Gabler & Bro., Inc.,
.'147 Rider avenue, New York, received a letter
from P. J. Conroy, head of the Conroy Piano Co.,
St. Louis, this week, stating that his company had
sold three Gabler pianos for the high schools of
that city. These instruments, which were chosen
in competition with other makes, will ibe placed,
one in the McKinley High School, one in the
Soldan High School and the third in the Yeatman
High School—three of the most prominent educa-
tional institutions in that city.
The Gabler instruments have an enviable fol-
lowing in St. Louis and vicinity, and the Conroy
Piano Co. has had much success with them. Some
time ago a high-class advertising campaign was
carried on, the copy of advertising plainly showing
the confidence which the house has in the quality
of the product.
Mr. Coffin expects to leave for a Western trip
within a few days.
(Special to The Review.)
SAN
WASHINGTON, D. C, February 15.—In view of
the address of Harvey D. Gibson, vice-president
of the Liberty National Bank, at the recent dinner
of the New York Piano Manufacturers' Associa-
tion, on the use of "acceptances" in the piano
trade, it is of interest to note that the Federal
Reserve Board on Saturday issued an authorization
to Federal reserve banks to engage in the discount
and purchase of bankers' acceptances. This power
is granted by the law, but the banks have not been
allowed to engage in buying acceptances pending
the drafting of regulations. These were made
public to-day.
The statute says that reserve banks may dis-
count acceptances, based only on the importation
or exportation of goods which have a maturity of
not over three months, and are indorsed by at least
one member bank. The reserve banks are allowed
to buy and sell bankers' acceptances with or with-
out indorsement by member banks. The board has
not fixed a maximum sum or percentage up to
which reserve banks may invest in acceptances,
but advises them to keep in mind, when tying up
funds in acceptances, not only the local demands
to be accepted from their own members, but also
the requirements to be met in other districts.
On the ground that the acceptance is still in its
infancy in the lield of American banking, the re-
serve banks are advised at the outset to engage in
discounting acceptances rather than in buying and
selling.
"How rapid the development of the acceptance
will be cannot be foretold, but the development
itself is certain," the board says in its circular of
instructions. "Opportunity is given by the Federal
reserve act to assist the movement in this direc-
tion ; the present regulations are to be regarded
as a first step, and will be extended as circum-
stances and a reasonable regard for the other uses
and needs of the credit facilities of the Federal
reserve system may warrant.
"It is believed that it would unduly restrict the
development of the acceptance business to keep it
altogether confined within the provisions requir-
ing that acceptances in order to be eligible for re-
discount at a Federal reserve bank must bear the
indorsement of a member bank, particularly in
view of the further fact that the law limits the
amount of acceptances which may be taken with
WINTER & CO.
220 SOUTHERN BOULEVARD, N E W YORK
Manufacturers of
the indorsement of a member bank to 50 per cent.
of its paid-in capital and surplus. Having found
it necessary to extend the scope of dealings in ac-
ceptances beyond these limits, the board has ex-
ercised the authority conferred upon it and has
formulated regulations covering the purchase of
acceptances without invariably requiring the in-
dorsement of a member bank.
"The acceptance is the standard form of paper
in the world discount market, and both on this ac-
count and because of its acknowledged liquidity
universally commands a preferential rate. By rea-
son of its being readily marketable it is widely
regarded as a most desirable paper in the second-
ary reserves of banks and will help to provide an
effective substitute for the 'call loan.' Its growth,
however, will depend upon the ability of the
American market to adjust its rates effectively to
those prevailing in other markets for paper of this
class.
"Recognizing these facts, the Federal Reserve
Board has determined to allow the Federal re-
serve banks latitude in fixing rates for accept-
ances. Federal reserve banks may from time to
time submit for the approval of the board maxi-
mum and minimum rates in which they desire to
be authorized to deal in acceptances. Within such
limits and subject to such modifications as may be
imposed by the board, Federal reserve banks will
bj allowed to establish the rates at which they
will deal in acceptances.
"The board believes it to be in accordance with
the spirit of the act to accord preferential treat-
ment to acceptances, bearing the indorsement of
member banks, offered for rediscount—even to the
point of allowing lower rates for such acceptances,
inasmuch as under the terms of this section, such
acceptances are available as collateral against the
issue of Federal reserve notes; and the board will
sanction a slight preferential in favor of accept-
ances bearing the indorsement of member banks.
"When acceptances bearing the indorsement of
member banks are not obtainable in adequate
amount or upon satisfactory terms, Federal re-
serve banks, desiring to purchase acceptances,
should restrict themselves as far as possible to
such acceptances as bears some other responsible
signature (other than that of the drawer and the
acceptor), and preferably that of a bank or
banker."
Superior Pianos
and Player Pianos
Future scanning projects are planned by the International Arcade Museum Library (IAML).