Presto

January 29, 1927.
PRESTO-TIMES
ORGANIZE TO HANDLE
INSTALLMENT PAPER
Houses in Allied Rediscount Corporation with
Guaranty Trust Co., New York, Formed to
Stabilize Deferred-Payment Business.
A movement to stabilize the purchase of instalment
paper by finance companies was inaugurated last
week when the Allied Rediscount Corporation, char-
tered in New York State, was organized. Thh rep-
resents a combined movement by finance companies
throughout the country and contemplates inviting
other responsible companies to join them as fast as
memberships are available. The idea of the corpora-
tion is strictly a cooperative measure, to be national
in scope.
E. W. Johnson of Blake Bros. & Co., New York,
was elected president of the corporation at its firsi
meeting, held in its temporary quarters at 5 Nassau
street. A. M. Klepinger and \Y. Worth Smith, Jr.,
were named vice-presidents, and O. I. Pilat secretary
and treasurer. Stockholders elected the following di-
rectors: E. W. Johnson and Louis Bacon of Blake
Bros. & Co., Boston; A. M. Klepinger of the Con-
tinental Finance Company. Dayton, Ohio; Dafvid
Kempner of G. B. Bergin, New York, and W. Worth
Smith, Jr., of the Dealers Motor Finance Corpora-
tion, Richmond, Va.
Tt will be noticed that while the business of the new
company seems to embrace no line of industry in
particular and that while pianos are not mentioned,
automobiles are named with limitations as to financ-
ing to one year which suggests too short a time to
compete with instalment paper discount companies
already serving the piano business.
The companies instrumental in starting this move-
ment have agreed that membership in the organiza-
tion shall be subject to the following requirements
and restrictions: Periodical aud'ts of member com-
pany's books by certified public accountants, limita-
tion of automobile financing to twelve months., 33 l /s
per cent cash payment on the purchase price of new
cars, 40 per cent cash payment on the purchase price
of used cars, no member company at any time to have
outstanding obligations in excess of a rat'o of four to
one as against capital and surplus, and that only
during the heaviest season of borrowing.
The Guaranty Trust Company of New York will
act as trustee for the Rediscount Corporation. The
underlying collateral, against which guaranteed notes
of the Rediscount Corporation are to be issued, will
consist of collateral trust notes of the individual mem-
ber finance companies, the underlying purchase
money obligations being trusteed at their local banks
Announcement of the corporation's formation, made
by the Guaranty Trust said the corporation's notes
would lie guaranteed unconditionally by the Metro-
politan Casualty Insurance Company of New York.
The legality of all trust receipts and contracts will be
supervised by Gould & Wilkie.
CALLING ATTENTION
TO CHRISTMAN MODELS
Ingenious Form of Trade Letter Which Was
Sent Out by the New York Manu-
facturers.
An attractive and very unusual form letter, drawing
attention to the Period Models of the Christman
Piano Co., of New York, was recently circulated in
the trade. The letter, in fac simile, which formed the
letter, is as follows:
SUPPLEMENT OF NEWSPAPER
TELLS OF FORMAL OPENING
Fourteen Pages of Nashville Banner Devoted to
Claude P. Street Co. New Store.
The Claude P. Street Piano Company, Nashville,
Tenn., announced in the January 11 issue of The
Nashville Banner the formal opening of what is con-
sidered one of the finest music stores in the South,
at 717 Church street. In honor of the occasion the
newspaper published a fourteen-page supplement.
This special edition contained many interesting
articles about pianos; a number of short stories of
well known Chickering and Chickering Atnpico own-
ers, prominent among whom are the Cheek family of
Maxwell House Coffee fame, which possesses nine
Ampicos, and the local broadcasting station WLAC;
also a history of the Claude P. Street Piano Company
and personality sketches of various members of the
organization.
In addition a very beautiful musical program ren-
On the two inside pages of the letter sheet were
dered by Nashville's leading artists, was broadcasted
illustrations of four of the Christman styles, includ-
over a local radio station from one of the main dis- ing the Florentine, Heppelwhite, Jacobean, and Queen
play rooms.
Anne designs, all remarkably beautiful instruments.
There is also a copy of the recent enthusiastic letter
FOURTH IN RADIO EQUIPMENT.
concerning the Christman piano from John Barry-
The United States ranked fourth in importance more, the distinguished actor.
in the list of nations supplying some foreign coun-
tries imports of radio equipment in the first seven
The Littletield Piano Co., Dieter Block, Montpelier,
months of 1926, says an announcement just issued by Vt., has made extensive alterations and improvements
the Department of Commerce.
to its quarters.
There is but one true test of all great pianos—
TONE
In that essential at all times and in all places the
JAMES & HOLMSTROM PIANO
has stood in the front rank*
All the other requisites of a truly great piano are also embodied in it*
Our merchandising plan builds sales* Write us for it*
JAMES & HOLMSTROM
Office:
25-27 West 37th Street, New York
i
Factory:
Alexander Ave. and I32nd Street, New York
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