Music Trade Review
Issue: 1926 Vol. 82 N. 21 - Page 8
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The Music Trade Review
Annual Report of Columbia Phonograph
Co, Shows Year of Remarkable Progress
Louis Sterling, Chairman of the Board of Directors, and H. C. Cox, President of the Company,
Issue Statement Pointing Out the Salient Features of the Annual Report
HP HE Columbia Phonograph Co., Inc., New
York City, has just issued to its stockholders
a report of the company's operations for the
year ending February 28, 1926. The balance
sheet indicates the company's remarkable prog-
ress during the past year, the current assets
showing cash in banks and on hand amounting
to $1,904,359.77; accounts and notes receivable,
less reserves, totaling $1,130,992.89 and inven-
tories of raw materials, work in process and
finished goods, less reserves, to the amount of
$950,065.94. The current assets reach a total of
$3,985,418.60 against current liabilities of only
$391,630.85, or a ratio of over 10 to 1.
The loss from operations, after providing for
bad debts, depreciation and obsolete records,
and adding over-head applicable to unused
facilities, totaled $875,311.32, but in the year
ending February 28, 1926, the company reduced
its inventory $1,869,900.00; a remarkable show-
ing in the face of exceptional industrial con-
ditions. In issuing this statement to the stock-
holders of the Columbia Phonograph Co., Inc.,
Louis Sterling, chairman of the Board of Di-
rectors, and H. C. Cox, president of the com-
pany, pointed out the salient features of the re-
port, which are as follows:
"The results of operations of your company
during the fiscal year ended February 28, 1926,
are shown in the accompanying statement of in-
come and deficit. As forecast in the letter to
stockholders dated May 5, 1925, the year has
Pratt Read
Products
have stood for years
as an asset of
incalculable value
to the piano industry.
Know Our
PIANO KEYS
PIANO ACTIONS
PLAYER ACTIONS
and Our Service
Write us at the
first opportunity
PRATT, READ & CO.
Established in 1806
The PRATT READ PLAYER ACTION CO.
Deep River, Conn.
been one of reconstruction but the task is prac-
tically finished. More satisfactory evidence of
that fact is reflected in the present condition of
your company as shown in the attached bal-
ance sheet.
"The record factory is now completely
equipped with modern machinery and is pro-
ducing a high quality record at a low cost.
While our West Plant building has not yet been
sold, its value has been written down in the
balance sheet to a figure which we believe will
not result in further loss in the event of sale.
Your attention is particularly directed to the
reduction in inventory which has taken place
during the year, a reduction of $1,869,900.00.
H. C. Cox, President, Columbia Co.
Our large stock of phonographs has been sold
entirely to Columbia dealers and by them sold
to the public, without resort to "cut-price sales."
Conditions in the trade are therefore favorable
to the introduction of our new, improved phono-
graph which will shortly be placed on the
market. We believe that the product of your
company, as represented in Columbia New
Process Records, is the highest achievement in
the art to date and that it is so regarded gen-
erally among record dealers.
"The reserve for contingencies, which stood
at $518,986 on March 1, 1925, has been absorbed
by charges not applicable directly to the past
year's operations; largely in writing off aban-
doned plant and equipment and loss resulting
from the sale thereof, and in scrapping obso-
lete records in excess of the Reserve created for
that purpose by charges to expense during the
year.
"The ratio of Current Assets to Current
Liabilities at February 28, 1926, is over 10 to 1.
"There has been a revival in the public inter-
est in the phonograph as a means of home en-
tertainment and your company, through an
extensive advertising campaign and greatly im-
proved product, is stimulating this public inter-
est and is well prepared for the future."
Harlan Page Go. Expands
SARATOGA SPRINGS, N. Y., May 15.—Arrange-
ments have been completed by the Harlan Page
Music Co., located at Caroline street and Maple
avenue, for opening a second store at 460
Broadway. A full line of pianos and phono-
graphs has been installed by Mr. Page and a
special campaign for the Brunswick Panatrope
will be started in the near future. The old store
will be continued for at least a year, it was
learned.
MAY 22, 1926
Business Keeps Up Well
In the Buffalo Territory
Grands, Players and Phonographs Selling Well
—New Manager at Loud's—John G. Schuler,
Inc., Moves
BUFFALO, N. Y., May 17.—Piano and player sales
have been holding up steadily throughout the
past two months, and contrary to former years,
there are indications that June business will
compare favorably with that of May. Several
dealers report that May sales show an increase
over the first two weeks of April. Others say
that business has been on a steady healthy trend
for the past two months, with little variation in
the volume of sales.
Arthur W. Erion, president of the Erion Piano
Co., said that the first two weeks of May show
a 50 per cent increase in sales over the same
period in April. An improvement over the cor-
responding period of a year ago also is an in-
dication of a good early Summer business, he
said. Phonograph and record sales are good.
E. W. Heintz, manager of Robert L. Loud's
Music Store, said they are doing a good player
business. Mr. Heintz succeeds Clif Ford as
manager of the Loud store. Mr. Ford has
left the music business entirely and entered
the real estate business.
Piano sales have held up a steady volume
during the past two months, according to F. V.
Lynch, of the Adam, Meldrum & Anderson
Co.'s music department. There is, however, a
decided increase over the volume of the corre-
sponding period of a year ago. Grands are
leading everything else in sales. The Stieff,
Sohmer and Hazelton grands hold equal honors
in the A. M. A. store. Mr. Lynch said there
is a growing demand for records.
John G. Schuler, Inc., who moved from Main
and Utica streets to Jefferson avenue near Main
street about a year ago, is making another move
this week to 1484 Hertle avenue, near Sterling
avenue, in the busy and growing North Park
section. Mr. Schuler said he will make no im-
mediate change in the line of musical instru-
ments carried.
Formica & Fedell is a new sheet music pub-
lishing house in Salamanca, N. Y. Robert
Formica, director of the Y. M. C. A. band there,
and Anthony Fedell, business man, are behind
the project. The first numbers will be released
in August.
Fire damaged the music and radio shop of
Max Freedman in the Main Central Market
building in Main street last week, the loss being
estimated at $15,000. The blaze had gained con-
siderable headway before it was discovered.
The entire contents of the store were destroyed.
The Erie Camera and Phonograph Co., of
Erie, Pa., has filed a petition in bankruptcy.
Premier Wins Popularity
in Dominion of Canada
Premier Representatives in That Country
Featuring the Instrument Energetically and
With Excellent Results
The popularity of the Premier small grand
piano within the limits of the Dominion of
Canada is spreading rapidly, according to infor-
mation obtained this week from executives ol
the Premier Grand Piano Corp., New York.
Canadian dealers have been quick to grasp the
salient points leading to the popularity of the
Premier small grand in the United States; viz.,
convenience of installation in the small, modern
apartment or home, combined with beauty of
line and quality of tone.
Among the representative Premier dealers in
Canada who are featuring this instrument in
a consistent way and securing excellent re-
sults are: Orme, Ltd., 175 Sparks street, Ottawa,
Ont.; the Robert Simpson Co., Toronto, Ont.,
and Layton Bros., Ltd., Montreal, Que., and
others.
The Music Trade Review
Annual Report of Columbia Phonograph
Co, Shows Year of Remarkable Progress
Louis Sterling, Chairman of the Board of Directors, and H. C. Cox, President of the Company,
Issue Statement Pointing Out the Salient Features of the Annual Report
HP HE Columbia Phonograph Co., Inc., New
York City, has just issued to its stockholders
a report of the company's operations for the
year ending February 28, 1926. The balance
sheet indicates the company's remarkable prog-
ress during the past year, the current assets
showing cash in banks and on hand amounting
to $1,904,359.77; accounts and notes receivable,
less reserves, totaling $1,130,992.89 and inven-
tories of raw materials, work in process and
finished goods, less reserves, to the amount of
$950,065.94. The current assets reach a total of
$3,985,418.60 against current liabilities of only
$391,630.85, or a ratio of over 10 to 1.
The loss from operations, after providing for
bad debts, depreciation and obsolete records,
and adding over-head applicable to unused
facilities, totaled $875,311.32, but in the year
ending February 28, 1926, the company reduced
its inventory $1,869,900.00; a remarkable show-
ing in the face of exceptional industrial con-
ditions. In issuing this statement to the stock-
holders of the Columbia Phonograph Co., Inc.,
Louis Sterling, chairman of the Board of Di-
rectors, and H. C. Cox, president of the com-
pany, pointed out the salient features of the re-
port, which are as follows:
"The results of operations of your company
during the fiscal year ended February 28, 1926,
are shown in the accompanying statement of in-
come and deficit. As forecast in the letter to
stockholders dated May 5, 1925, the year has
Pratt Read
Products
have stood for years
as an asset of
incalculable value
to the piano industry.
Know Our
PIANO KEYS
PIANO ACTIONS
PLAYER ACTIONS
and Our Service
Write us at the
first opportunity
PRATT, READ & CO.
Established in 1806
The PRATT READ PLAYER ACTION CO.
Deep River, Conn.
been one of reconstruction but the task is prac-
tically finished. More satisfactory evidence of
that fact is reflected in the present condition of
your company as shown in the attached bal-
ance sheet.
"The record factory is now completely
equipped with modern machinery and is pro-
ducing a high quality record at a low cost.
While our West Plant building has not yet been
sold, its value has been written down in the
balance sheet to a figure which we believe will
not result in further loss in the event of sale.
Your attention is particularly directed to the
reduction in inventory which has taken place
during the year, a reduction of $1,869,900.00.
H. C. Cox, President, Columbia Co.
Our large stock of phonographs has been sold
entirely to Columbia dealers and by them sold
to the public, without resort to "cut-price sales."
Conditions in the trade are therefore favorable
to the introduction of our new, improved phono-
graph which will shortly be placed on the
market. We believe that the product of your
company, as represented in Columbia New
Process Records, is the highest achievement in
the art to date and that it is so regarded gen-
erally among record dealers.
"The reserve for contingencies, which stood
at $518,986 on March 1, 1925, has been absorbed
by charges not applicable directly to the past
year's operations; largely in writing off aban-
doned plant and equipment and loss resulting
from the sale thereof, and in scrapping obso-
lete records in excess of the Reserve created for
that purpose by charges to expense during the
year.
"The ratio of Current Assets to Current
Liabilities at February 28, 1926, is over 10 to 1.
"There has been a revival in the public inter-
est in the phonograph as a means of home en-
tertainment and your company, through an
extensive advertising campaign and greatly im-
proved product, is stimulating this public inter-
est and is well prepared for the future."
Harlan Page Go. Expands
SARATOGA SPRINGS, N. Y., May 15.—Arrange-
ments have been completed by the Harlan Page
Music Co., located at Caroline street and Maple
avenue, for opening a second store at 460
Broadway. A full line of pianos and phono-
graphs has been installed by Mr. Page and a
special campaign for the Brunswick Panatrope
will be started in the near future. The old store
will be continued for at least a year, it was
learned.
MAY 22, 1926
Business Keeps Up Well
In the Buffalo Territory
Grands, Players and Phonographs Selling Well
—New Manager at Loud's—John G. Schuler,
Inc., Moves
BUFFALO, N. Y., May 17.—Piano and player sales
have been holding up steadily throughout the
past two months, and contrary to former years,
there are indications that June business will
compare favorably with that of May. Several
dealers report that May sales show an increase
over the first two weeks of April. Others say
that business has been on a steady healthy trend
for the past two months, with little variation in
the volume of sales.
Arthur W. Erion, president of the Erion Piano
Co., said that the first two weeks of May show
a 50 per cent increase in sales over the same
period in April. An improvement over the cor-
responding period of a year ago also is an in-
dication of a good early Summer business, he
said. Phonograph and record sales are good.
E. W. Heintz, manager of Robert L. Loud's
Music Store, said they are doing a good player
business. Mr. Heintz succeeds Clif Ford as
manager of the Loud store. Mr. Ford has
left the music business entirely and entered
the real estate business.
Piano sales have held up a steady volume
during the past two months, according to F. V.
Lynch, of the Adam, Meldrum & Anderson
Co.'s music department. There is, however, a
decided increase over the volume of the corre-
sponding period of a year ago. Grands are
leading everything else in sales. The Stieff,
Sohmer and Hazelton grands hold equal honors
in the A. M. A. store. Mr. Lynch said there
is a growing demand for records.
John G. Schuler, Inc., who moved from Main
and Utica streets to Jefferson avenue near Main
street about a year ago, is making another move
this week to 1484 Hertle avenue, near Sterling
avenue, in the busy and growing North Park
section. Mr. Schuler said he will make no im-
mediate change in the line of musical instru-
ments carried.
Formica & Fedell is a new sheet music pub-
lishing house in Salamanca, N. Y. Robert
Formica, director of the Y. M. C. A. band there,
and Anthony Fedell, business man, are behind
the project. The first numbers will be released
in August.
Fire damaged the music and radio shop of
Max Freedman in the Main Central Market
building in Main street last week, the loss being
estimated at $15,000. The blaze had gained con-
siderable headway before it was discovered.
The entire contents of the store were destroyed.
The Erie Camera and Phonograph Co., of
Erie, Pa., has filed a petition in bankruptcy.
Premier Wins Popularity
in Dominion of Canada
Premier Representatives in That Country
Featuring the Instrument Energetically and
With Excellent Results
The popularity of the Premier small grand
piano within the limits of the Dominion of
Canada is spreading rapidly, according to infor-
mation obtained this week from executives ol
the Premier Grand Piano Corp., New York.
Canadian dealers have been quick to grasp the
salient points leading to the popularity of the
Premier small grand in the United States; viz.,
convenience of installation in the small, modern
apartment or home, combined with beauty of
line and quality of tone.
Among the representative Premier dealers in
Canada who are featuring this instrument in
a consistent way and securing excellent re-
sults are: Orme, Ltd., 175 Sparks street, Ottawa,
Ont.; the Robert Simpson Co., Toronto, Ont.,
and Layton Bros., Ltd., Montreal, Que., and
others.
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