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THE MUSIC TRADE REVIEW
HOW MUS1CJS MINED
ASKS ASSISTANCE OF CREDITORS
Motion, Pictures Used at Wanamaker Audi-
torium to Show the Making of Piano W i r e -
Frank E. Morton Gives Lecture
Chairman of Creditors' Committee in Charge of
Bransfield-Billings Co. Believes Company Can
Continue if the Proper Support Is Offered—
Declared Bank Is Willing to Help
"Mining Music" was the subject of a lecture,
illustrated by motion pictures, given at the
Wanamaker Auditorium each day during the
present week. These pictures were loaned by
the Acoustic Engineering Department of the
American Steel & Wire Co. Crowded houses
listened to this lecture each day and seemed to ]
be much impressed with the detailed process (
necessary in the manufacturing of piano wire. |
The motion pictures, which were produced by •
the Essanay Co., showed in detail the process
from the digging and selection of ore to the
finished product. The lecture was given by j
Frank E. Morton, acoustic engineer of the j
American Steel & Wire Co.
As a finishing touch to this very interesting
lecture the actual product of this plant was
heard through the medium of the Knabe Am-
pico, on which was rendered the March Mili-
taire:
THE WAR AND THE VENEER TRADE
So far the effects of the war in the veneer
and panel trade have been felt mainly in the
way of making the transportation problem more
difficult. The giving of preference to the gov-
ernment needs of railways has made the car
shortage more acute for the time being, and this
interferes in the delivery of veneer and panel
orders. Where it hurts worse, however, is in
curtailing shipments of logs and flitches. Some
of the veneer mills have found it difficult to
keep a supply of raw material, under existing
conditions, and the trade as a whole has easily
suffered more from this than from any let-up
in orders as a result of the war.
- There are already orders enough ahead to
take care of the summer run, and the main hard-
ship coming to the trade at present from war
conditions is in the scarcity of cars and the
difficulty of transportation, which, of course, is
supplemented by a more acute scarcity of help
since some of the young men are called to serv-°
ice.
f
James Cooper, chairman for the creditors'
committee, at present in charge of the affairs
of the Bransfield-Billings Action & Supply Co.,
Saginaw, Mich., has sent the following letter
regarding the affairs of the company to its
creditors. The letter contains some interesting
uggestions and reads as follows:
"Samuel Schaflander, James Brown and Henry
I. Holmes purchased three small claims against
:he company aggregating $557.45, and as as-
signees of these claims filed on June 11, 1917, a
P'etition in the United States Court to have the
company adjudged a bankrupt. We have thus
far been unable to learn what prompted these
gentlemen to file this petition, but we are sat-
isfied that they are not interested in conserving
the rights of the creditors or stockholders of
the company.
"Since the creditors' meeting on May 29, a
new inventory has been taken, and from this
inventory it appears that the quick assets amount
to within $75,000 of total liabilities. In addi-
tion to the quick assets the company has a
valuable plant, valuable patent rights and the
good will of a going business. The plant alone
cost $300,000. The company has patent rights
which were purchased for $189,000, upon which
all but $57,000 has been paid. The company is
hot insolvent. The bankruptcy suit will be de-
fended. The bankruptcy proceedings may be-
come a benefit instead of an injury if the cred-
itors will act promptly and accept at once the
following proposition which your committee
recommends.
"The company will give its note for the
amount of each creditor's claim, payable on or
before August 1, 1918, with interest at 5 per
cent, per annum payable at maturity. If this
extension is granted by the creditors and a sat-
isfactory management is kept in charge of the
affairs of the company, the Bank of Saginaw
will advance to the company new funds up to
$40,000 in addition to the amount it has already
advanced to the company, provided the stock-
MATERIALS,
TOOLS AND
SUPPLIES
holders and directors give a satisfactory addi-
tional security for the present and future in-
debtedness of the company for it. If a ma-
jority of the creditors in number and amount
accept this proposition, a petition will be filed
in the present bankruptcy proceedings, and this
proposition will be made to the creditors in the
manner required by the Bankruptcy Act. A
meeting will be called by the United States
Court, notice of which will be given to the cred-
itors, confirmed by the court and the present
bankruptcy proceedings dismissed.
"A stockholders' meeting is being held in Chi-
cago to-day for the election of the new board
of directors, consisting of James T. Wylie, Mar-
tin W. Brady, of Saginaw, and James Cooper,
Hay City, representing the creditors, and John
J. Bransfield and Willis J. Rayburn, of Chicago,
representing the stockholders. Mr. Wylie will
be elected president, and your committee be-
lieves that owing to the large inventory of ma-
terial on hand the business shall be operated so
that during the coming year, by cutting down
the inventory, the bank indebtedness can be
paid and a remaining indebtedness left which
can easily be retired in full by a new financing
method.
*
"Please notify your chairman, James Cooper,
care the Bigelow-Cooper Co., Bay City, Mich.,
your willingness to grant this extension, and at
the proper time papers will be sent you to
execute to carry out the agreement as outlined
above."
INVISIBLE HINGES
"OUT OF SIGHT
j
EVER IN MIND "
I
Soss Hinges
emphasize beautiful
wood finishes as
there is no project-
ing metal on either
side of door.
=
|
II
M
J|
{§
100
When you fail to
see an unsightly
Hinge protruding
you know "SOSS"
is the answer.
FOR
f§
Made in
numerous sizes.
PIANO MANUFACTURERS
HINGES, BUTTS, CASTERS, PEDALS, FELTS,
CLOTHS, PUNCHINGS, SWINGS, HANGERS,
KNOBS, LOCKS, ETC., AND A FULL LINE OF
TOOLS USED IN TUNING, REGULATING AND
REPAIRING. CORRESPONDENCE INVITED.
HAMMACHER, SCHLEMMER & CO
SendTfor Catalog " S " §
I
SOSS MANUFACTURING CO.
4 3 5 4 4 3 ATLANTIC AVE. BROOKLYN.N.Y
Richardson Piano Case Co.
Manufacturers of
Upright— | V
Cases
NEW YORK SINCE 1848
Established 1891
I
4th Ave. & 13th St.
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LEOMINSTER
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MASS.