Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-11-02
.T0OPP!OSE SELLING
! CREDIT CO. ASSETS
Action Against National Guar
antee Company to Be Taken
in Court Today q.
TROUBLE IN MUSIC CHAM

Action TO restrain the National Guar
.ntee Credit Corporation. with Offices
IN The Franklin Bank Building, from
d,snosing of any of its assets, VIII be
,otcr today before Judge Rogers, in
Cannon Pleas Court by Thomas j.
,tooohcr and Francis McAdams. They
rere appointed receivers when the con-
,,orn vos forced into temporary re-
,o;vership last week on petition OF
! stockholders.
Although Francis 3. Bracken. coun-
| ..i for the receivers. declined today
% discuss the scope 9f the legal action
ito no taken, Il is understood that 1t Will
,;nch,de all the affiliated concerns of the
credit corporations. namely, Worth u
r. Inc. of the Stock Exchange
Rmlding. National Music Stores Com
many, Justice & Co. and the Federal
Guaranty Company.
Worth & Co. sold the stock of the
National Guarantee Credit Corpora =
zion and the other concerns mentioned.
franklin Spiese, with various executive
titles. was the directing genius of all.
Investigators Of the credit corporation s
] affairs say that Spiese conceived the
mans and policies of all the concerns
mentioned and was virtual dictator.
The petitioners who brought about
the temporary receivership were act
mated in this step by. failure to obtain
/ satisfactory Information regarding the
concerns affairs, II is said.
Planned Music Store Chain
] Dissatisfaction arose chiefly over the
National Music Stores venture, which,
F, Il is said, failed to live up to the dreams
OF Promoter Spiese. 1t was his plan to
have these establishments in every nook
and corner of the United States. The
chain was to extend from coast to
coast, according TO plans unearthed by
investigators. Efforts were being made
to impress the public that music stores
were as much necessity as chain
grocery stores.
But this venture Of Spiese's was
short lived. Two of the stores were
started in Philadelphia-one on Co.
lumbia avenue near Fifteenth street and
another on Germantown avenue east of
Broad street. Dissatisfaction arose al
most from the outset on account of the
| large amount of money required TO
finance these establishments. Accord
, ing to Investigators. the two stores
started cost more than ten times the
amount of money predicted by their
promoter.
| The Columbia avenue establishment
was closed n few days ago when there
were evident signs of unrest among the
stockholders. The closing of this es-
tablishment was quickly follOkpd by
the petition which brought about the
temporary rcccivership.
In order to arouse enthusiasm about
the music store plan Spiese sent out all
sorts Of alluring literature. the invcS-
tigatOrs say. lie finally sought TO bring
about National Music Week. But
discord arose soon after this thought
was conceived. Among other sale %
grams sent out to cnthuSe the sales =.
men was the following. written. il is
said, by F. w. Rowcroft. assistant
general manager of the music concern ::
Every home needs music"
Every man is prospect.
IF man sets out in life to accom-.
pIish certain things his ambitions are
not likely to meet with defeat If he is
willing to sacrifice enough in order to
accomplish his particular purpose.
1T is fact in nature; we get back
exactly what we give"
so, give your best "