Music Trade Review
Issue: 1919 Vol. 69 N. 5 - Page 7
Music Trade Review -- © mbsi.org, arcade-museum.com -- digitized with support from namm.org
AUGUST 2,
1919
THE MUSIC TRADE REVIEW
DISPOSE OF $2,400,000 R. WURL1TZER CO. 6% DEBENTURES
Two Prominent Banking Houses in New York City Make Public Offering of Above, Which
Are Highly Recommended—Debentures Are Serial and Run From Aug. 1, 1919, to Aug. 1, 1929
Halsey, Stuart & Co., 49 Wall street, and Geo.
H. Burr & Co., 120 Broadway, prominent New
York bankers, with branches in Chicago and
other leading cities throughout the country, late
last week made a public offering of $2,400,000
of Rudolph Wurlitzer Co. 6 per cent. Serial Gold
Debenture bonds, to be dated August 1, 1919.
These debentures are scheduled to run from
August 1, 1919, to August 1, 1929, and yield
from 6 to 6% per cent, based upon the maturity
date. The details announce that $240,000 of the
debentures are to mature annually from August
1, 1919, to 1929, inclusive, and that interest
without deduction for Federal income taxes not
in excess of 2 per cent, will be payable on Feb-
ruary 1 and August 1.
Information regarding this issue and the busi-
ness of the company as set forth in a letter from
Howard E. Wurlitzer, president of the com-
pany, is summarized by the bankers as follows:
"The Rudolph Wurlitzer Co. is the largest
distributor of a complete line of musical instru-
ments in the United States, conducting a busi-
ness which 'has been in successful operation
since 1856.
"The main office of the company is located in
Cincinnati, O., with retail stores in New York,
Chicago, Boston, Philadelphia, Buffalo, Pitts-
burgh, Albany, Syracuse, Rochester, Cleveland,
Detroit, Milwaukee, San Francisco, Kansas
City, St. Louis, Louisville, Hamilton, M,id-
dletown, Dayton, Springfield, Piqua, Ironton
and Columbus, (J. The company also does a
large mail-order business.
"These debentures are a direct obligation of
the company and comprise its sole funded debt,
excepting a real estate mortgage on Cincinnati
property now amounting to $202,000.
"Net quick assets, as shown by the company's
financial statement of April 30, 1919, but after
giving effect to this financing, amount to $5,-
972,878, or approximately
two and one-half
times the debenture issue, and total net assets
available for these debentures amount to $7,-
400,236, or over three times the debenture issue.
"Net profits applicable to interest charges,
after all deductions, including depreciation, Fed-
eral and State taxes for the three years ending
April 30, 1919, averaged $596,192 per annum,
and for the fiscal year ended April 30, 1919, were
$697,735, or nearly five times the maximum an-
nual interest of $144,000 on these debentures.
"The company covenants that so long as any
of these debentures are outstanding it (1) will
not place any mortgage on its properties, (2)
will maintain current assets as defined in the
indenture to an amount at least \y 2 times all
current liabilities, including all of these deben-
tures outstanding, and (3) in the event of sale
of any real estate it will acquire other real
estate of equal value or use the proceeds from
such sale to retire debentures of this issue."
Inquiries made this week indicate that these
debentures are in excellent demand.
EXPORT TRADE INCREASES^JMPORTS SHOW DECREASE
Exports of Musical Instruments for Period Ending May 31, 1919, Show a Gain of $413,027 Over
Exports for the Preceding Year—Statistics on Importations Show a Decrease
WASHINGTON, D. C, July 28.—The summary
of exports and imports of the commerce of the
United States for the month of May, 1919, the
latest period for which it has been compiled
has just been issued as follows:
The dutiable imports of musical instruments
during May, 1919, amounted to $138,678, as com-
pared with $104,094, which were imported dur-
ing the same month of 1918. The eleven months'
total ending May, 1919, showed importations
valued at $578,302, against $647,419 worth of
musical instruments imported during the same
period of 1918 and $476,733 in 1917. This gives
a decrease in imports for the eleven months of
$69,117.
The total domestic exports of musical instru-
ments for May, 1919, amount to $461,986, as
compared with $419,225 for the same month of
the previous year. The eleven months' expor-
tations of musical instruments amounted to $4,-
983,733 in 1919, as against $4,570,706 in 1918 and
$3,643,466 in 1917. This shows an increase for
the eleven months of $413,027.
Of the aggregate exportations in January,
1919, there were 195 organs, valued at $10,199,
as compared with 167 organs in 1918, valued at
$7,692. The eleven months' total showed that
we exported 1,464 organs, valued at $107,064, in
Awarded first prize in many world compe-
titions during the past sixty years, the
Schomacker Piano is now daily receiving
first prizes of preference won by its superb
tone, wonderful breadth of expression and
structural beauty.
SCHOMACKER PIANO CO.
23d and Chestnut Sts.
Philadelphia, Pa.
1919; 2,150 organs, valued at $132,293, for the
same period of 1918, and 2,416 organs, valued
at $130,273 during 1917.
In May, 1919, we exported 990 pianos, valued
at $210,349, as compared with 983 pianos, valued
at $165,382, for the same period of the pre-
vious year. The eleven months' total shows
9,463 pianos, valued at $2,069,510, as com-
pared with 12,901 pianos, valued at $2,117,815, for
the same period of 1918 and 10,714 pianos, valued
at $1,653,904, sent abroad in 1917.
The exports of player-pianos show that 282
of these instruments, valued at $107,184, were ex-
ported during May, 1919, as compared with 332,
valued at $97,293, exported in 1918. The eleven
months' total shows that 3,920 player-pianos,
valued at $1,449,885, were exported during May,
1919, as compared with 3,392, valued at $1,038,-
035, for the same period of 1918, and 2,394, valued
at $736,377, in 1917.
Of the aggregate exportations there were 9
piano-players, valued at $2,778, in May, 1919, as
against 45 piano-players, valued at $12,416, for
the same period of 1918. For the eleven months'
period 83 of these instruments, valued at $21,951,
were sent abroad, as compared with 217, valued
at $56,353, in 1918 and 135, valued at $38,620, sent
abroad during 1917.
The exports of perforated music rolls for the
month of May, 1919, amounted in value to $17,-
936, as compared with $20,285 in May, 1918. The
eleven months' total amounted in value to $188,-
915, as compared with $140,944 in exports for
the same period in 1918 and $87,332 in 1917.
The value of all other musical instruments
and parts thereof sent abroad during May, 1919,
amounted to $113,540, as compared with $116,157
in 1918. The total exports for the eleven months
under this heading foot up $1,146,408, as against
$1,085,266 exported during the same period of
last year and $996,960 in 1917.
SIMPSON LEAVES FOR GOLFING TRIP
H. Simpson, vice-president of Kohler & Camp-
bell, is enjoying his vacation on the excellent
golf links in the vicinity of Greensboro, Vt.
Victrola XVI, $225
Victrola XVI, electric, $282.50
Mahogany or oak
Other styles $25 to $950
Victor
Supremacy
is overwhelming
Musically, artistic-
ally, commercially,
Victor supremacy is
always, everywhere, in
evidence.
Its universal recog-
nition makes success
easy for every Victor
retailer.
Victor Talking Machine Co.
Camden, N. J., U. 3. A.
" V i c t r o l a " i, the Registered Trademark of
the Victor Talking Machine Company designating
the products of thil Company only.
W a r n i n g : The u» of the word Victrola
upon or in the promotion or tale of any other
Talking Machine or Phonograph products u mis-
leading and illegal.
I m p o r t a n t N o t i c e . Victor Records and
Victor Machines are scientifically co-ordinated
and synchronized in the processes of manufacture,
and should be used' together to secure a perfect
reproduction.
"HIS MASTER'S VOICE"
AUGUST 2,
1919
THE MUSIC TRADE REVIEW
DISPOSE OF $2,400,000 R. WURL1TZER CO. 6% DEBENTURES
Two Prominent Banking Houses in New York City Make Public Offering of Above, Which
Are Highly Recommended—Debentures Are Serial and Run From Aug. 1, 1919, to Aug. 1, 1929
Halsey, Stuart & Co., 49 Wall street, and Geo.
H. Burr & Co., 120 Broadway, prominent New
York bankers, with branches in Chicago and
other leading cities throughout the country, late
last week made a public offering of $2,400,000
of Rudolph Wurlitzer Co. 6 per cent. Serial Gold
Debenture bonds, to be dated August 1, 1919.
These debentures are scheduled to run from
August 1, 1919, to August 1, 1929, and yield
from 6 to 6% per cent, based upon the maturity
date. The details announce that $240,000 of the
debentures are to mature annually from August
1, 1919, to 1929, inclusive, and that interest
without deduction for Federal income taxes not
in excess of 2 per cent, will be payable on Feb-
ruary 1 and August 1.
Information regarding this issue and the busi-
ness of the company as set forth in a letter from
Howard E. Wurlitzer, president of the com-
pany, is summarized by the bankers as follows:
"The Rudolph Wurlitzer Co. is the largest
distributor of a complete line of musical instru-
ments in the United States, conducting a busi-
ness which 'has been in successful operation
since 1856.
"The main office of the company is located in
Cincinnati, O., with retail stores in New York,
Chicago, Boston, Philadelphia, Buffalo, Pitts-
burgh, Albany, Syracuse, Rochester, Cleveland,
Detroit, Milwaukee, San Francisco, Kansas
City, St. Louis, Louisville, Hamilton, M,id-
dletown, Dayton, Springfield, Piqua, Ironton
and Columbus, (J. The company also does a
large mail-order business.
"These debentures are a direct obligation of
the company and comprise its sole funded debt,
excepting a real estate mortgage on Cincinnati
property now amounting to $202,000.
"Net quick assets, as shown by the company's
financial statement of April 30, 1919, but after
giving effect to this financing, amount to $5,-
972,878, or approximately
two and one-half
times the debenture issue, and total net assets
available for these debentures amount to $7,-
400,236, or over three times the debenture issue.
"Net profits applicable to interest charges,
after all deductions, including depreciation, Fed-
eral and State taxes for the three years ending
April 30, 1919, averaged $596,192 per annum,
and for the fiscal year ended April 30, 1919, were
$697,735, or nearly five times the maximum an-
nual interest of $144,000 on these debentures.
"The company covenants that so long as any
of these debentures are outstanding it (1) will
not place any mortgage on its properties, (2)
will maintain current assets as defined in the
indenture to an amount at least \y 2 times all
current liabilities, including all of these deben-
tures outstanding, and (3) in the event of sale
of any real estate it will acquire other real
estate of equal value or use the proceeds from
such sale to retire debentures of this issue."
Inquiries made this week indicate that these
debentures are in excellent demand.
EXPORT TRADE INCREASES^JMPORTS SHOW DECREASE
Exports of Musical Instruments for Period Ending May 31, 1919, Show a Gain of $413,027 Over
Exports for the Preceding Year—Statistics on Importations Show a Decrease
WASHINGTON, D. C, July 28.—The summary
of exports and imports of the commerce of the
United States for the month of May, 1919, the
latest period for which it has been compiled
has just been issued as follows:
The dutiable imports of musical instruments
during May, 1919, amounted to $138,678, as com-
pared with $104,094, which were imported dur-
ing the same month of 1918. The eleven months'
total ending May, 1919, showed importations
valued at $578,302, against $647,419 worth of
musical instruments imported during the same
period of 1918 and $476,733 in 1917. This gives
a decrease in imports for the eleven months of
$69,117.
The total domestic exports of musical instru-
ments for May, 1919, amount to $461,986, as
compared with $419,225 for the same month of
the previous year. The eleven months' expor-
tations of musical instruments amounted to $4,-
983,733 in 1919, as against $4,570,706 in 1918 and
$3,643,466 in 1917. This shows an increase for
the eleven months of $413,027.
Of the aggregate exportations in January,
1919, there were 195 organs, valued at $10,199,
as compared with 167 organs in 1918, valued at
$7,692. The eleven months' total showed that
we exported 1,464 organs, valued at $107,064, in
Awarded first prize in many world compe-
titions during the past sixty years, the
Schomacker Piano is now daily receiving
first prizes of preference won by its superb
tone, wonderful breadth of expression and
structural beauty.
SCHOMACKER PIANO CO.
23d and Chestnut Sts.
Philadelphia, Pa.
1919; 2,150 organs, valued at $132,293, for the
same period of 1918, and 2,416 organs, valued
at $130,273 during 1917.
In May, 1919, we exported 990 pianos, valued
at $210,349, as compared with 983 pianos, valued
at $165,382, for the same period of the pre-
vious year. The eleven months' total shows
9,463 pianos, valued at $2,069,510, as com-
pared with 12,901 pianos, valued at $2,117,815, for
the same period of 1918 and 10,714 pianos, valued
at $1,653,904, sent abroad in 1917.
The exports of player-pianos show that 282
of these instruments, valued at $107,184, were ex-
ported during May, 1919, as compared with 332,
valued at $97,293, exported in 1918. The eleven
months' total shows that 3,920 player-pianos,
valued at $1,449,885, were exported during May,
1919, as compared with 3,392, valued at $1,038,-
035, for the same period of 1918, and 2,394, valued
at $736,377, in 1917.
Of the aggregate exportations there were 9
piano-players, valued at $2,778, in May, 1919, as
against 45 piano-players, valued at $12,416, for
the same period of 1918. For the eleven months'
period 83 of these instruments, valued at $21,951,
were sent abroad, as compared with 217, valued
at $56,353, in 1918 and 135, valued at $38,620, sent
abroad during 1917.
The exports of perforated music rolls for the
month of May, 1919, amounted in value to $17,-
936, as compared with $20,285 in May, 1918. The
eleven months' total amounted in value to $188,-
915, as compared with $140,944 in exports for
the same period in 1918 and $87,332 in 1917.
The value of all other musical instruments
and parts thereof sent abroad during May, 1919,
amounted to $113,540, as compared with $116,157
in 1918. The total exports for the eleven months
under this heading foot up $1,146,408, as against
$1,085,266 exported during the same period of
last year and $996,960 in 1917.
SIMPSON LEAVES FOR GOLFING TRIP
H. Simpson, vice-president of Kohler & Camp-
bell, is enjoying his vacation on the excellent
golf links in the vicinity of Greensboro, Vt.
Victrola XVI, $225
Victrola XVI, electric, $282.50
Mahogany or oak
Other styles $25 to $950
Victor
Supremacy
is overwhelming
Musically, artistic-
ally, commercially,
Victor supremacy is
always, everywhere, in
evidence.
Its universal recog-
nition makes success
easy for every Victor
retailer.
Victor Talking Machine Co.
Camden, N. J., U. 3. A.
" V i c t r o l a " i, the Registered Trademark of
the Victor Talking Machine Company designating
the products of thil Company only.
W a r n i n g : The u» of the word Victrola
upon or in the promotion or tale of any other
Talking Machine or Phonograph products u mis-
leading and illegal.
I m p o r t a n t N o t i c e . Victor Records and
Victor Machines are scientifically co-ordinated
and synchronized in the processes of manufacture,
and should be used' together to secure a perfect
reproduction.
"HIS MASTER'S VOICE"
Future scanning projects are planned by the International Arcade Museum Library (IAML).