Presto

23
PRESTO
January 22, 1920.
TO START PIANO
PRICES DOWNWARD
Interview with President C. G. Eteger, of the
Steger & Sons Piano Mfg. Co., Suggests
That Selling Figures May at Least
Go No Higher in the Near Future.
C. G. Steger, president of Steger & Sons Piano
Mfg. Company, states that prices of musical instru-
ments are now high enough and, for the good of
the nation, should not go higher. In order to cope
with the present cost of living, the Steger institu-
tion has taken steps to prevent any advances in the
prices of its products during 1920. Whenever
possible, his company, according to Mr. Steger, will
reduce prices, by increasing facilities and developing
output, thereby lowering manufacturing costs. This
reduction in the cost of manufacture is planned to
absorb practically all of the necessary increases in
In every respect there appears to be little change
in the conditions that have prevailed for the past
two years. The demand for musical instruments
from dealers is very great. Fully appreciating that
situation, the officers of the Steger institution intend
to absorb the advances in the cost of manufacture,
through the media of enlarged manufacturing
facilities and more extensive output.
"In certain other industries it has been discovered
that there is a general tendency among many buy-
ers, who are making comparison between present
and former prices, to hold off until conditions
moderate.
Has Reached Critical Point.
"If the manufacturer continues to saddle his
advancing costs upon the dealer and if the dealer
in turn passes them on to the retail buyer, it is a
question how many more increases the retail buyer
will stand. Personally, I am sure that no wise buyer
is willing or eager to accept any more increases. It
does not pay to kill the goose that lays the golden
egg and it is not judicious for a manufacturer or
merchant to become too grasping. No person likes
to pay more than the fair value of an article and no
American, particularly, wants to be 'held up.' The
price situation has reached a critical point and it
is time for industrial leaders to concentrate their
efforts, with all of the power at their command, to
check and reduce the high cost of living. By giving
good value and by taking only a reasonable profit,
the manufacturer and merchant will extend to the
public fair treatment, and in that way do much to
counteract the growing danger of unrest that ema-
nates from the vicious circle of rising costs. Fur-
thermore, they will contribute most effectively to
the future prosperity of our country.
."Regardless of what other concerns may do, how-
ever, for the year 1920 no further advances in
selling prices will be announced by the Steger in-
stitution. Additional factories will be built to in-
crease our facilities and develop their efficiency,
existing costs will be stabilized and whenever
possible lowered, without reducing quality—and at
every opportunity we will endeavor to bring about
a reduction in the prices of pianos, playerpianos
and phonographs. Without overlooking the present
high cost of supplies, it is our belief that, in the
American spirit of fairness, all manufacturers and
merchants should strive to cut the high cost of
living by lowering prices, so far as they are able."
HADDORFF WINS TESTIMONIAL
FROM DISTINGUISHED ARTISTS
C. G. STEGER.
the cost of supplies, material and labor—while
maintaining the present standard of quality.
"The public will not stand for perpetual advances
in price," says Mr. Steger, "and although many
manufacturers announced new price schedules on
January 1st, the officers of our company decided
not to do so. Industrial leaders feel that prices
have reached the apex. Everybody knows that in
many instances they are unreasonably high. The
public will not be willing to go on forever paying
any price that is named by the manufacturer. The
shortage of goods in various lines at present has
induced buyers to pay exorbitant prices—but this
condition eventually will change. Every effort
should be made to eradicate the vicious circle of
rising costs.
Practicing Many Economies.
"The Steger institution does not intend to wait
for any other concern in the music industry to lead
the way. By planning our purchases carefully and
obtaining supplies far in advance, many economies
have been effected. We do not propose to be misled
by the prevailing fever, on the part of some busi-
ness men, to go to the limit in gouging the public.
A fair profit is all that any manufacturer or mer-
chant should ask or receive—and the policy of
profiteering is certain to be disastrous and destruct-
ive in the long run.
"I have heard many people discuss certain busi-
ness houses that have tried to be very fair in their
prices (notwithstanding the pressure that was put
upon them through rising costs of material and
labor) and it is clear to me that the public intends
to remember in the future those concerns that did
not greedily take advantage of a bad situation.
Demand Is Very Great.
"The music industry is still confronted with
constantly increasing price conditions, affecting
materials for musical instrument manufacture. These
advances range from 12 to 43% per cent and, in
addition, there is an extreme scarcity of supplies
for making pianos, playerpianos and phonographs.
Stars in Musical World Praise Piano They Used
at a Club Concert.
A Haddorff Grand piano, furnished by Grosvenor
& Lapham, of the Fine Arts Building, Chicago, won
deserved encomiums of praise for its tonal beauty,
its mechanical excellence and other good points
from the artists who participated in the concert at
which it was used. This concert took place at the
Illinois Athletic Club, on Sunday, January 11, and
the artists who took part.
They were: Miss Myra Sharlow, star soprano of
the Chicago Grand Opera Company; Miss . Mina
Hager; Mme. Anne Hathaway, violinist, and Isaac
Van Grove.
All of these artistic persons, after the concert,
signed a testimonial attesting the merits of the Had-
dorff Grand piano used on that occasion, which
reads as follows:
"I wish to express my appreciation of the splen-
did tone of the Haddorff Grand piano used in to-
day's programme."
The Presto representative had the pleasure of
hearing a Haddorff Grand demonstrated for his ben-
efit at Grosvenor & Lapham's rooms in the Fine
Arts Building on Wednesday. "Sweetheart" and
another selection, played by the young woman
demonstrator, showed the grandeur of tone of
which the instrument is capable.
HALLET & DAVIS EMPLOYES
HOLD ANNUAL PARTY
Manager Radcliffe's Workers Make Merry with
Feasting and Dancing.
The employes of the Hallet & Davis Piano Com-
pany held their annual party on the night of Jan-
uary 12 in the company's building, Boston, Mass.,
the fourth floor of which was cleared for the occa-
sion.
v .,.
The program, which continued until midnight,
opened with a concert of piano, orchestra and vocal
selections, and proceeded, after refreshments had
been served at 9 o'clock, with vaudeville numbers
and finally a dance.
It was all under the direction of Retail Manager
W. W| Radcliffe.
WEGMAN CASE IS
TO HAVE RETRIAL
Widow of the Late Henry Wegman Is Sus-
tained by Higher Court in Claims
Against Bank and the Capitalists
in Stock Value Suit.
By a decision of the Appellate Division at Roches-
ter, N. Y., the suit brought by Mrs. Julia Wegman
Page against the Cayuga County National Bank,
Paul B. Clark, William K. Payne and James M.
Knapp, all of Auburn, N. Y., has again been ordered
for trial. The cast was first opened in the Cayuga
County Supreme Court before Justice S. Nelson
Sawyer. A motion to dismiss the complaint was
denied and thiis motion was appealed from by the
defendants. The order denying this motion is af-
firmed by the decision of the Appellate Division,
with $10 costs and disbursements. All justices con-
curred.
The case has attracted considerable interest in
the piano industry and trade because of the one-
time prominence of the Wegman Piano Co., which
was founded by the late Henry Wegman in 1873.
Mrs. Wegman in her complaint asks $700,000 dam-
ages, and charges the defendants with conspiracy
in attempting to get possession of the stock and
finances of the Wegman Piano Company of Au-
burn.
Plaintiff's Allegations.
The plaintiff claims the capital stock of the com-
pany was $125,000. Before, and up to, January 6,
1915, the respondent, Mrs. Page, claims that the
defendants represented to her that the Wegman
Piano Company had so increased its business that
it would be advisable to accept an offer made by
Knapp to pay into the company's business all the
money it needed to carry on its additional business.
The respondent also claims Knapp agreed to ac-
cept common stock. She was also told, she says,
that everything would be done for the reorganiza-
tion of the stock plan of the company, and all other
matters would be attended to for the increase in
business.
The respondent claims that George H. Nye, presi-
dent of the Cayuga County National Bank, agreed
to cease to give financial and banking accommoda-
tions to the company for the sole purpose of com-
pelling the company to take advantage of the offers
and propositions made by the defendants. The re-
spondent says she relied upon all the statements
of the defendant. The respondent states that she
is unfamiliar with business law and claims she was
totally dependent upon Paul R. Clark, who acted
as attorney for the company, for all information
and advice in conducting the business. She asserts
that the defendant Knapp, she later discovered, was
not of sufficient financial ability to invest sufficient
money in the company, and she claims he never in-
tended to put any money in the business.
The respondent goes on to state that about Jan-
uary 6, 1915, Clark came to her and explained that
Knapp believed that certain details of the company's
affairs should be cleaned up and disposed of and
that this could be done only through bankruptcy
proceedings. She asserts he also explained that a
resolution would have to be passed by the board of
directors, and she says she was told that if this was
done the bank would of course have to cease its
financial connection with the company.
The respondent claims these suggestions, which
were later carried out, was bad business policy, but
that she at the time was unaware of this fact. She
asserts this action on the part of the defendants
was done solely "for the purpose of obtaining con-
trol and ownership of the assets of the corporation."
A resolution setting forth that the company was
unable to pay its just debts and demands was
passed by fhe board of directors on January 6, 1915,
and the company became bankrupt.
The new trial in the case will probably take place
in the Cayuga County Supreme Court. William J.
Baker of Rochester represents Mrs. Page.
Another Wegman Piano Co.
Pianos bearing the name of the Wegman Piano
Co. have been made at Newark, N. J., by a new in-
dustry which adopted the name. It is understood
that suit will be pressed against the company to
stop the use of the Wegman name. Mr. Hartmann,
formerly of the did Chase & Baker Company, at
Buffalo, is at the head of the concern at Newark.
The cases promise to fill quite a large place in the
eye of the piano trade. Henry Wegman, Jr., is liv-
ing in Chicago, where he is with the Smith, Barnes
& Strohber Company.
Harry Wunderlich, piano dealer of Kansas City,
Mo., was in Chicago on Wednesday of this week'
placing orders for more instruments.
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