Dreamer
You're nothing but a dreamer
Well can you put your hands in your head ? Oh No
I said, "Dreamer ...
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You're nothing but a dreamer
Well can you put your hands in your head ? Oh No
I said, "Dreamer ...
These are the opening words from Dreamer, one of Supertramp's world hits. Formed in London in 1970, Supertramp blended progressive rock and pop styles. Take a few moments to listen here to the song recorded at a live concert in Germany in the 1980s. I bet that you'll recognize the Wurlitzer piano play that was essential to their unique sound.
Specimen stock certificate from The Wurlitzer Company, 1960s.
Image courtesy scripophily.com
The Wurlitzer Company started as the Rudolph Wurlitzer Company in Cincinnati in 1853. They produced pianos and organs, and later electric pianos and also electronic organs. The company's magnificently designed jukeboxes were popular from the 1930s through the 1960s. In some places "Wurlitzer" became a generic name for any jukebox.
Starting in 1950 the American stock market started a long rise. On Dec 29, 1954, the Dow Jones Industrial Average reached the 400 points milestone. On Jan 28, 1965, the DJIA stood at 900 points. Trading volume rose from 16 million shares a day at the end of the 1950s, to 32 million in 1965.
$200 Good Will Bond from The Wurlitzer Company, 1964
But is this a debt certificate in the true sense ?
In the 1950s Wurlitzer got competition from the Seeburg Corporation. The latter's jukeboxes were technologically more advanced and were the first that could play the then-new 45 rpm records. Other competitors where AMI and Rock-Ola. Around 1960 about 750,000 jukeboxes operated in the USA alone.
Wurlitzer was known for its strong marketing efforts. As the stock market was peaking it should not be a surprise that the company introduced these so-called Good Will Bonds for their salesforce, in this case the sellers of Wurlitzer pianos and organs.
The certificates looked like the real thing, printed by security printer GOES, and promised a $200 bonus. Not bad when the average yearly income in 1965 was around $6,900. Well, there were strings attached.
The text on the certificate explains it very clearly :
This Bond represents a total value of Two Hundred Dollarsunder the following conditions : otherwise this bond is valuelessEach coupon represents one-tenth of the total value of the bond.
The holder of the bond lists on each coupon the name and address of a prospective purchaser of a new or used piano or organ, and deposits it with the issuing company.
If the person whose name is listed, purchases a new or used Wurlitzer Piano or Wurlitzer Organ from the issuing company the coupon becomes payable at the face value of Twenty Dollars ($20) in cash upon delivery of the piano or organ.
If the name of a prospective purchaser has been previously presented by another bondholder, or is already contacted by the company, the priority will supersede. Another coupon will be furnished.
This bond and offer is valid for a period of 6 months from date shown above. Each coupon is good for 6 months after the date of listing.
I found a 1955 advertisement for one of Wurlitzer's entry-level electric pianos mentioning a price tag of $300. Selling these instruments must not have been easy. Our bondholder never cashed in.
F.L.
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