Presto
Issue: 1923 1913 - Page 10
PRESTO
10
TOO MANY LAWYERS NEEDED
TO SETTLE BANKRUPT CASES
Story of Four Who Figured in a Small Proceeding
in New York.
One of the subjects which will have consideration
at the approaching convention of the music trades and
industries will probably be that of bankruptcy settle-
ments. It is a subject familiar to most men in the
business. There is seldom a bankruptcy, however
small, that is not the center of a horde of legal gentle-
men who eagerly pick the bones before the doctors
can get close to it.
A short time ago an association of industries in New
York opposed a settlement which presents just such
a front as most of the piano cases do. It was a
settlement of 50 per cent in cash offered by a retailer
who sustained a total loss by fire several months ago.
"Following the fire," an association officer said, "a
meeting of creditors was held, at which an offer of
30 per cent in cash was submitted. This was re-
jected by the creditors, and a committee was chosen
to investigate and report recommendations. An offer
of 50 per cent was later made and endorsed by the
committee, and accepted by some of the creditors. I
have urged all of our members WHO are creditors,
however, to reject the offer until further light is shed
on the entire case.
"First of all, the amount involved is so small that
the case cannot afford expensive administration. The
liabilities have been variously estimated at from $8,000
to $14,000. The assets consist of insurance collected
after dispute—just what I have been unable to learn.
Despite the smallness of the case, there are no less
than four attorneys in on it—all of them waiting for
their share of a pic which could have been cut either
without any or with little legal counsel. The debtor
The Good Old
SMITH A NIXON
CINCINNATI
is represented by an attorney, and the chairman of
the committees is an attorney. The committee also
has counsel, and another attorney is a member of the
committee. Of a creditors' committee of five-, three
are attorneys.
"If the size of the case warranted the; employment
of so much legal talent no complaint would be of-
fered on this score, but there is a principle involved
in our opposition to the present situation. If, under
the circumstances, the debtor can pay SO per cent, in
all likelihood, creditors would receive at least 75 per
cent, if the unnecessary high expense of administra-
tion were eliminated. Even as it is, it seems impos-
sible to get any details regarding the basis for the
SO per cent offer.
"When professional bankruptcy lawyers 'ring in'
four-strong in a case involving $8,000 to $14,000, there
is no doubt that the creditors do not receive as much
as they are rightfully entitled to, especially when
three of them are on the creditors' committee and
control the situation. We are continuing steadfastly
to counter this lawyer-control of financial embarrass-
ments and to use co-operative creditor arbitration
whenever possible."
There is "food for thought" for the piano associa-
tions in the foregoing true story.
BOUGHT ALLENTOWN STORE.
WEBSTER PIANOS
Noted for Their Musical Beauty
of Tone and Artistic Style
ATTRACTIVE
PRICES
Factory
Executive Offices
Leominster,
138th St. and Walton Ave.
Mass.
New York
Division W. P. HAINES & CO., Inc.
Polk's School, at Valparaiso, Ind., Is Making Special
Opportunity to Young Men.
In the spring the minds of active young men turn
to all sorts of things, and many of them in the piano
business would like to get out of the stores. A good
way to accomplish this is to understand piano tuning
and repairing. The best methods are not to be
learned in factories. To handle all makes of pianos
requires special training. This is a good time for
ambitious piano men to consider the special offer of
Polk's School of Piano Tuning, of Valparaiso, Ind.
Secretary Willard R. Powell, an expert in every
branch of the business, and an experienced piano
tuner and regulator, recently said to a Presto repre-
sentative that the outlook for large classes at his
institution this spring could not be better. "We are
certain of a large attendance after April first," said.
Mr. Powell. "We are adding a lot of new equipment
to our school, and are receiving good co-operation
from piano manufacturers."
If there are piano salesmen, or dealers, especially
in the smaller places, who want to gain profitable
education, with which to add to their incomes, now
is the time. Write Mr. Powell on the subject and he
will give your ambitions his personal attention.
Our Motto: "He profits most who serves
best."
CHAFF BROS.
Pianos and Player-Pianos
tand for
atisfaction and
ervice
Made under a guarantee that
is backed by fifty-two years
of success and satisfaction*
Schafl Bros, instruments are
safe for the dealer to sell
and for the customer to buy.
Better than ever, with the same
"Grand Tone In Upright Case."
Grands and Players that every deal-
er likes to sell, for Satisfaction and
Profit.
1229 Miller St., Chicago
NO BETTER TIME TO LEARN
THE ART OF PIANO TUNING
Harvey L. Fatzinger, one of the first members
of the Allentown Symphony Orchestra and a violin
soloist of note, has purchased the interests of H. H.
Pakenham in the "Little Store Around the Corner,"
The M. A. Smith Music Store, 106 Walnut street,
21 North Eighth street, Allentown, Pa. He will fol- Johnstown,
Pa., has been remodeled. The stock of
low the policy of the establishment, specializing in musical instruments
has been enlarged.
playerpiano rolls. Later, a complete stock of violins
and violin supplies will be added.
Pianos and Player Pianos
Smith & Nixon Piano Co.
March 24, 1923
TheSCHAFFBROS.Co.
rtm
Huntingdon, Ind.
The Lyon & Healy
Reproducing Piano
A moderate priced reproducing piano,
beautiful in design and rich in tone.
Write for our new explanatory Chart,
the most complete and simple treat-
ment of the reproducing action.
STRICH & ZEIDLER, Inc.
Wabash at Jackson - - - Chicago
AND
GRAND, UPRIGHT and PLAYER
HOMER PIANOS
KREITER
GRAND PIANO
58 Inches Long
The best exponent of toe present Baby Grand Age.
Its tone — tta lines — its restricted space requirement and
attractive price—
MAKE IT THE PREMIER AGENCY
Get full details of this valuable telling franchise NOW.
Premier Grand Piano Corporation
Large** Institution in the World Building Grand
Pianos Exclusively
WALTER C. HEPPERLA
tnw&tat
JUSTUS HATTEMER
Vie.-Pre.ife.it
510-532 West /3rd Street
NEW YORK
740-742 East 136th Street
NEW YORK
Pianos and Players
Have No Competition Where
Beauty of Cases and Tone
Sustain Profit Making Prices.
Everything the Highest but
the Price.
Inspect them Carefully and See.
Kreiter Mfg. Co., Inc.
320-322 W. Water St., Milwaukee, Wis.
Factory: Marinette, Wis.
John McCormack
famous tenor, says,
"The Miessner Piano certainly fills a long-felt want, the
want of a small piano with a splendid action and lovely tone"
Write Today for Miestner catalogue, prices an i full
information
^MIESSNER
The TJttle Piano with the Bigr Tone
MIESSNER PIANO CO.
General Offices & Factory, 126 Reed St.
MILWAUKEE, WIS.
Enhanced content © 2008-2009 and presented by MBSI - The Musical Box Society International (www.mbsi.org) and the International Arcade Museum (www.arcade-museum.com).
All Rights Reserved. Digitized from the archives of the MBSI with support from NAMM - The International Music Products Association (www.namm.org).
Additional enhancement, optimization, and distribution by the International Arcade Museum. An extensive collection of Presto can be found online at http://www.arcade-museum.com/library/
10
TOO MANY LAWYERS NEEDED
TO SETTLE BANKRUPT CASES
Story of Four Who Figured in a Small Proceeding
in New York.
One of the subjects which will have consideration
at the approaching convention of the music trades and
industries will probably be that of bankruptcy settle-
ments. It is a subject familiar to most men in the
business. There is seldom a bankruptcy, however
small, that is not the center of a horde of legal gentle-
men who eagerly pick the bones before the doctors
can get close to it.
A short time ago an association of industries in New
York opposed a settlement which presents just such
a front as most of the piano cases do. It was a
settlement of 50 per cent in cash offered by a retailer
who sustained a total loss by fire several months ago.
"Following the fire," an association officer said, "a
meeting of creditors was held, at which an offer of
30 per cent in cash was submitted. This was re-
jected by the creditors, and a committee was chosen
to investigate and report recommendations. An offer
of 50 per cent was later made and endorsed by the
committee, and accepted by some of the creditors. I
have urged all of our members WHO are creditors,
however, to reject the offer until further light is shed
on the entire case.
"First of all, the amount involved is so small that
the case cannot afford expensive administration. The
liabilities have been variously estimated at from $8,000
to $14,000. The assets consist of insurance collected
after dispute—just what I have been unable to learn.
Despite the smallness of the case, there are no less
than four attorneys in on it—all of them waiting for
their share of a pic which could have been cut either
without any or with little legal counsel. The debtor
The Good Old
SMITH A NIXON
CINCINNATI
is represented by an attorney, and the chairman of
the committees is an attorney. The committee also
has counsel, and another attorney is a member of the
committee. Of a creditors' committee of five-, three
are attorneys.
"If the size of the case warranted the; employment
of so much legal talent no complaint would be of-
fered on this score, but there is a principle involved
in our opposition to the present situation. If, under
the circumstances, the debtor can pay SO per cent, in
all likelihood, creditors would receive at least 75 per
cent, if the unnecessary high expense of administra-
tion were eliminated. Even as it is, it seems impos-
sible to get any details regarding the basis for the
SO per cent offer.
"When professional bankruptcy lawyers 'ring in'
four-strong in a case involving $8,000 to $14,000, there
is no doubt that the creditors do not receive as much
as they are rightfully entitled to, especially when
three of them are on the creditors' committee and
control the situation. We are continuing steadfastly
to counter this lawyer-control of financial embarrass-
ments and to use co-operative creditor arbitration
whenever possible."
There is "food for thought" for the piano associa-
tions in the foregoing true story.
BOUGHT ALLENTOWN STORE.
WEBSTER PIANOS
Noted for Their Musical Beauty
of Tone and Artistic Style
ATTRACTIVE
PRICES
Factory
Executive Offices
Leominster,
138th St. and Walton Ave.
Mass.
New York
Division W. P. HAINES & CO., Inc.
Polk's School, at Valparaiso, Ind., Is Making Special
Opportunity to Young Men.
In the spring the minds of active young men turn
to all sorts of things, and many of them in the piano
business would like to get out of the stores. A good
way to accomplish this is to understand piano tuning
and repairing. The best methods are not to be
learned in factories. To handle all makes of pianos
requires special training. This is a good time for
ambitious piano men to consider the special offer of
Polk's School of Piano Tuning, of Valparaiso, Ind.
Secretary Willard R. Powell, an expert in every
branch of the business, and an experienced piano
tuner and regulator, recently said to a Presto repre-
sentative that the outlook for large classes at his
institution this spring could not be better. "We are
certain of a large attendance after April first," said.
Mr. Powell. "We are adding a lot of new equipment
to our school, and are receiving good co-operation
from piano manufacturers."
If there are piano salesmen, or dealers, especially
in the smaller places, who want to gain profitable
education, with which to add to their incomes, now
is the time. Write Mr. Powell on the subject and he
will give your ambitions his personal attention.
Our Motto: "He profits most who serves
best."
CHAFF BROS.
Pianos and Player-Pianos
tand for
atisfaction and
ervice
Made under a guarantee that
is backed by fifty-two years
of success and satisfaction*
Schafl Bros, instruments are
safe for the dealer to sell
and for the customer to buy.
Better than ever, with the same
"Grand Tone In Upright Case."
Grands and Players that every deal-
er likes to sell, for Satisfaction and
Profit.
1229 Miller St., Chicago
NO BETTER TIME TO LEARN
THE ART OF PIANO TUNING
Harvey L. Fatzinger, one of the first members
of the Allentown Symphony Orchestra and a violin
soloist of note, has purchased the interests of H. H.
Pakenham in the "Little Store Around the Corner,"
The M. A. Smith Music Store, 106 Walnut street,
21 North Eighth street, Allentown, Pa. He will fol- Johnstown,
Pa., has been remodeled. The stock of
low the policy of the establishment, specializing in musical instruments
has been enlarged.
playerpiano rolls. Later, a complete stock of violins
and violin supplies will be added.
Pianos and Player Pianos
Smith & Nixon Piano Co.
March 24, 1923
TheSCHAFFBROS.Co.
rtm
Huntingdon, Ind.
The Lyon & Healy
Reproducing Piano
A moderate priced reproducing piano,
beautiful in design and rich in tone.
Write for our new explanatory Chart,
the most complete and simple treat-
ment of the reproducing action.
STRICH & ZEIDLER, Inc.
Wabash at Jackson - - - Chicago
AND
GRAND, UPRIGHT and PLAYER
HOMER PIANOS
KREITER
GRAND PIANO
58 Inches Long
The best exponent of toe present Baby Grand Age.
Its tone — tta lines — its restricted space requirement and
attractive price—
MAKE IT THE PREMIER AGENCY
Get full details of this valuable telling franchise NOW.
Premier Grand Piano Corporation
Large** Institution in the World Building Grand
Pianos Exclusively
WALTER C. HEPPERLA
tnw&tat
JUSTUS HATTEMER
Vie.-Pre.ife.it
510-532 West /3rd Street
NEW YORK
740-742 East 136th Street
NEW YORK
Pianos and Players
Have No Competition Where
Beauty of Cases and Tone
Sustain Profit Making Prices.
Everything the Highest but
the Price.
Inspect them Carefully and See.
Kreiter Mfg. Co., Inc.
320-322 W. Water St., Milwaukee, Wis.
Factory: Marinette, Wis.
John McCormack
famous tenor, says,
"The Miessner Piano certainly fills a long-felt want, the
want of a small piano with a splendid action and lovely tone"
Write Today for Miestner catalogue, prices an i full
information
^MIESSNER
The TJttle Piano with the Bigr Tone
MIESSNER PIANO CO.
General Offices & Factory, 126 Reed St.
MILWAUKEE, WIS.
Enhanced content © 2008-2009 and presented by MBSI - The Musical Box Society International (www.mbsi.org) and the International Arcade Museum (www.arcade-museum.com).
All Rights Reserved. Digitized from the archives of the MBSI with support from NAMM - The International Music Products Association (www.namm.org).
Additional enhancement, optimization, and distribution by the International Arcade Museum. An extensive collection of Presto can be found online at http://www.arcade-museum.com/library/
Future scanning projects are planned by the International Arcade Museum Library (IAML).