Piano Glissando

Throughout the U. S. last week, many a musical citizen trilled on the keyboards of a Chickering, of a Knabe, of a Mason & Hamlin piano, all products of American Piano Co. factories. The Knabe is the official piano of the Metropolitan Opera Company; Jeritza, Ponselle, Titta Ruffo use it. Moiseiwitsch, Bauer, Ravel endorse Mason & Hamlin. The Chickering advertises itself as "essentially a piano for the home," is the oldest in the U. S.. was the favorite of Franz Liszt.* And almost all great pianists have made music rolls for the Ampico reproducing grands, which are also an American Piano Co. product. None would therefore deny (although they might prefer others; that American Piano Co. pianos are good pianos.

But that did not prevent the American Piano Co. last week from suffering a sudden glissando into the hands of receivers (Manhattan's Irving Trust Co., appointed by Judge Alfred C. Coxe). The petitioners were W. D. Byrnes, Inc., a Manhattan trucking concern, who in presenting a bill for $7,000, declared that the company's property was valued at $3,689,000. that its current and unpaid liabilities were $1,200,000, that its property assets could not be immediately realized without great sacrifice.

American Piano (chartered in 1908) had a long and successful business career until 19-27, when common dividends were first passed. In 1928 the last preferred dividends were paid and the year ending March 31, 1929, showed a deficit of $235,235. Last July President George Urquhart reported that "decline in demand for pianos which started in 1927 continued through 1928, and in the present year to date."

Long has it been common knowledge that the phonograph and the radio were proving themselves formidable rivals to the piano. Long has American Piano unsuccessfully attempted to fight this rivalry. At the height of phonograph popularity in 1922. they bought the J. & C. Fisher Co. and Amphion Co., manufacturers of player-piano actions. Following acquisition Amphion perfected the Ampico reproducing attachments and although the manufacture of player-pianos has been practically discontinued, Ampicos are still distributed to Chickering, Knabe, Mason & Hamlin for installation in their most pretentious grands. This year American Piano added a complete line of radios to their sales list in the twelve American retail stores, in the hope that dwindling piano sales might be offset. But the high price of pianos has not been able to compete with the comparatively low price of radios and phonographs. Since 1924 when total U. S. shipment of pianos was 300,000, sales have steadily decreased. Estimated sales for 1929 are but 115,000.

More immediate cause of American Piano's difficulty however, is installment buying, which while it has helped to sell pianos has not added any appreciable amount to their working capital.

The Irving Trust Co. has announced that the company will continue to operate so that the Metropolitan will still be Knabe equipped, the Chickering will go to many a home and artists will continue to use Mason & Hamlin. And stockholders were somewhat cheered by the assurance in the receivership petition that although the company at present was "unable to meet its matured debts by reason of lack of working capital and is unable to establish adequate means to borrow money." American Piano is "still solvent."

* Chickering, Knabe, and Mason & Hamlin have been manufactured in the U. S. since 1823 (when the first instrument made by Jonas Chickering brought $275), 1837, and 1854 respectively.

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