New-York tribune., 1896-02-04


FAILURES DUE TO THE HEAVY FALLING OFF
N THE DEMAND FOR H1GH-GRADE ~
srrr-MENTs. OWING TO THE HARD
T1MEs-INcREAs1NG COST OF
PRODUCTION ANOTHER
CAUSE
Three failures in the piano trade Were an
nounced yesterday those OF the NeDtr '',V
Company. William E. Wheelock & CO. anu '''
Stuyvesant Piano Company, all X "h'cn ,'''
Germs were closely connected in business " imam
f. Vheelock & Co made an assignment anu
the other two companies applied FIR receiver
in the supreme Court.
william r Wheeock and Charles = lawson
composing the firm oc william f. Wher'o'N
Co.. manufacturers Of pianos. at Thlr'-"'' anu
One-hundred- and-f0ry y-ninth-st. with "19er 'o"''
al Nos 3 and 25 East Fourteenth-st "la'e al"
assignment 70 Henry Warren Beeoe "''"ou'
preference. "Bradstreet's" reports staie '"''
the business was established IN h" oy "i''
Wheel0cf and three years later Mt A""9'"
became a mariner. John W Mason has been
special partner from the start H. mas SrF''"'
times increased his special capital I'm th" hFm
until Il was 81 900 70 January /. 1881 me '''''
built up a large business. and also extended
It's interests TO other concerns. some IN th!s city
and some in other cities among them chicago
Denver and Pittsburg Mr. Wheellck became
president Of tha Weber Plano Company oi New
York about three years ago. and also y the
Stuyvesant Piano Company Two years ago ''r
firm claimed assets y $55o.O9o. liabilities OK
s335 0op
CLOSELY UNITED ~ BUSINESS
Arnold Greene & Patterson. attorneys for the
firm. said Yesterday that the concern has hdd
f1r some time past intimate business relations
with the Weber Piano Company. and when me
directors OF tha. company decided to Apply 'oF
a receiver - was found % be- doubtful whether
the firm would be able 20 meet maturing oo"-
gallons assumed by the firm i9r the account ~
the Weber Piano Company which that company
could Mt provide for Th4 attorneys clu.i give
no idea a. presen, ot the lab.ll'lrs or assets.
Application was made 90 Justice Lawrence. u
the supreme Court. Yesterday by Arnold Greene
& Patterson for the appointment OF tenn
,,-. -ac.fvc- ror the Weber Piano Company
80 N.v--y,rk whose warerooms ar ~ NJ. l''
Fifth-ave. and factory AZ Seventh-af". ana ''F-
or,aan-h-st The application was ~ the re-
Quest ~ the directors ~ the COMPANY Ml'.i'm
+ Wheelock president. William Foster. wee
president. Robert + Tilney. treasurer. h""''
" Beebe Robert Nidaud. Alberf Weber tni H.
pritton Havens II was said tha; trade IN ."S"-
grade pianos FOR the last year hal. in '.n--
quencc ~ the hard times. been much 'Nr'"'i'l
while th. cost q production had been in'I i--l
Large losses have been incurred in tn" last t.-i'
and obligations matured and are about to n1-
ture IA the next few months - ne extent 'i
$50 600 Taxes also ou real estate o"n.l .I
the company o. the amount o; 5000 are dHa 'N'
unpaid j. Ras found that th- assets ~ 'N"
sucn a character ~ 90 he immedia,-iy ~Fa.i..Dr
far the needs oi ne company TIE i0iaI "a
hilltles a appearing 90 d." papers ar" '.'t'''.
~ viii eh 100000 are bonds -. urea nt '-'i i't".
ou fhe factory property. N'D..'i ....s iAf"ti".
81 -13 contingent a. lliYrscr nn bills r'"'-Nti'
under discount and Oh" haIan i'I i'''-
rhanlisr. .t- The assets are valued ~ az l'is'
$4,000. exclusive OBJ; thr factory li 'l -f'f. "" '
has boon generally valued az 81" l"n. subject
- a mortgage - 500 600 tn" assets consist "i
a large stock 3 materials used iu 'n" fu-nuit'-
tur- - pianos and prepared far Surn r." a. ai
expense " 800 oe0. nfty-nine piln's ln course
" cDusfru tl0n. 200 pianos rented 3r 'n -'t
me-lt. due flr pianos ~ inr ailments f-'.'f
bills receivable on hand Slor1. op-H "A -ni7'
81 -sI. cash. tl1Os. and eight lots ln seattle.
wash. The factory property c.npri 'rs 80.
III g. ~ Seyentn-afe. ana ~ lt' io ''' N'Si
Sevonteenth-st. All the employees have i,e"
rald % date Among the creditors are a."
Chemical National Bank 80 ooo. Gans"''ort
Bank $1,000. National CITY Bank ~ BROOKLYN.
$50 900. spragu- National Bank " Brooklyn. 80
OO0. William f. Wh~eiock Co.. S'il'
FOUNDED BY ALBERT WEBER.
B-afstrcet's reports state tina, The company
was inc arporaied In August l,s2 with d capita!
stock % $40 90o of whrh 500 900 s preferred and
100000 comm IL succeeded - the es.a'e x
the late Albert Weber. who established the bHsi-
ness many years ago The estate transferred the
factory property % the company and tne IrsA '-
- The ~. Iow and daughters ot Mr.. Weber were
secured ty mortgage on the property i.F f-1V."
William H. Wherock became president ~hrn inc
company was formed and Albert Weber. s.4 ol
the founder. manager .,
The nrm ~ William T. Wheeiock & Co. holds
tls5f0V stock in o." company ana me pay ."''7
Individually about $,s.O09 THe directors Ci I'D"
c,,fuuauv suggcs el the name = william Foster.
tn. vice president s1r r. eiver a he j. lNi!-
nately acquainted with the business. ana just =
Lawrence appointed him. tNinH the i'NI a,
ss0OOo Gr0syenor : Hubbard was appointed
referee and the order - show cause for ne nSto-
luton %: the company was set down FOR MAY D..
Application was also made - Justice Law Nr'i''
by Ia avcns s Beebe FOR the appointment OF
celvel fJr the Stuyyesant Piano g mpanF ot N'7
20i and 20G East One-hunired- and seventh, '''
the r-quc-t OF these directors W +. hrtl'. b.
Robert T. Tllney. K. L. NIdaud and Sp'it'r"
Hubbard II was set forth that the company
had indorscd and had discounted customers "'lrs
received In the course OF business 10 the extent
az RIO 600 some Of which have not been pdll ~
the makers, and other firms whose notes ~ S-VVo
have been discounted nave suspended or are
| about To suspend. The company mas large ha7' =
bur cannot convert them at once into cash. IL
was said that these assets We're sutl - pay
the debts II they were not sacrificed. Tne assets
are nomingly $50 900 T. $50 900 consisting oi 'as
g. TAG bills receivable on hand S@G.9lS. accounts
receivable s. i65 pianos consigned $3.50. nstaI
ment account s. $50. unfinished pianos. maier!als
etc amount not given. The liabilities amount 10
sls 600 of which S3s. 800 are contingent as IN
dnrser for merchandise $40 for services SiOoo
The company was incorporated In March, 1850.
with a capital " $40 900 and the business was
| controlled by William +. Wheelock & Co, MT
Wbeelock being the president. The directors
suggested the name of Robert F. Tilney the
! treasurer for temporary receiver, ana Justice
Lawrence appointed him. with a bond Of $4,000
Tho order 10 show cause for the dissolution or the
| company was set down for May before Lorenz
| Zeler referee.
OTHER BUSINESS TROUBLES.
| Joseph E Rhodes. color printer at No New