Presto
Issue: 1924 1979 - Page 10
10
PRESTO
HOW CONSIGNMENT
PLAN IS HELPFUL
(Continued from page 3.)
meeting the conditions of their agreement. During
the past ten years, the total uncollectible accounts
of our business has been less than 76/1000 of 1 per
cent of our sales during the same period. Nothing
could speak more eloquently of the success of our
dealers.
It has been a great satisfaction to co-operate with
these dealers. Many of them are now financially
strong and buy outright wothout the necessity of
resorting to any financing except the line of credit
they easily obtain from their local banks. Our part
in their success is one of the rewards that is beyond
all calculation in dollars and cents.
Important Consideration.
In assigning customers' leases or notes to manu-
facturers or to others, whether it be on the consign-
ment plan or any other plan of long-time financing,
it is important that the assignment of customers'
paper have a reservation in it which limits the amount
that may be realized by those to whom the cus-
tomers' paper might be assigned, and assures the
dealer the return to him of his equity in that paper.
This prevents any third party, to whom the paper
might subsequently be reassigned, from claiming
ownership to the entire proceeds from the paper as
an innocent holder for value. Neglect of this im-
portant protection has in the past many times re-
sulted in serious loss to dealers.
In conclusion, the consignment plan is just as good
or just as bad as the people operating it make it. It
is subject to all the abuses you mention in your
article of June 14th. It also offers a splendid oppor-
tunity, when rightly handled by manufacturer and
dealer working together, for the dealer of limited
capital to build a successful, business. More dealers,
starting with small capital, have build up profitable
businesses under the consignment plan than under
any other plan of retail piano financing.
WEAVER PIANO CO., INC.
Walter L. Bond, Treasurer.
FIRST ANNOUNCEMENT OF
STEGER & SONS REMOVAL
Special Sale Advertised in Preparation for Leaving
the Steger Building in Near Future.
It has been understood that it is the purpose of the
Steger & Sons Piano Mfg. Co., to leave the building
which bears its founder's name, at Jackson boulevard
and Wabash avenue, Chicago, and take up new quar-
ters elsewhere. The first published statement ap-
peared in last Sunday's newspapers, in an advertise-
ment of a special sale. An extract is as follows:
SWAN PIANOS
are of the highest grade
t h a t c a n be obtained
through over 50 years of
p r a c t i c a l experience in
piano and organ building,
Illustrations a n d c a t a -
logues of various styles
will be furnished p i a n o
merchants on application
"Important Notice: We must move. The Steger
Building has been sold. Our lease expires in a short
time. We must dispose of at least 200 pianos and
player pianos before July 1st, and we know that only
by cutting prices to the limit can this be accom-
plished. If we do not sell these instruments, it will
be necessary to put them in storage. This, you know,
would mean a big expense in cartage, etc., besides,
probable damage to the instruments."
The history of the house of Steger would read like
a romance. The splendid Steger Building was erected
in 1908, and it was meant to stand as a monument to
the Steger piano. But time, with its inexorable de-
mands upon fate and fortune, changed things. The
death of John V. Steger necessitated the splitting up
of the great estate and the Steger Building went to
other ownership. The future of the Steger piano is
assured, however, by the tenacity of the management
and the powerful impetus of the name and estab-
lished business.
THE CABLE PRODUCTS
PENETRATE TO JAPAN
Letter from Miss Hospers, of the Foreign Mis-
sion Board, at Saga, Tells of Remarkable
"Midget" Upright Qualities.
H. O. Meyers, of the Meyers Music House, Cable
Company dealers in Holland, Mich., has just received
a letter from Miss Hendrine Hospers, who is sta-
tioned in Saga, Japan, in which she praises most
highly a Cable Midget upright which she has been
using. This piano was sold by Mr. Meyers to the
TAXES OF BANKRUPT
PIANO INDUSTRY, $1,700.00
Creditors of the Jackson & Morton Piano Co., Mil-
waukee, Get Final Dividend of 2%.
Payment of the final dividend in the Jackson &
Morton Piano Co., of Milwaukee, matter has been
delayed for the Government to audit the books for
the purpose of ascertaining if there would be any ad-
ditional Federal taxes to pay.
This audit has been made and the taxes amount to
approximately $1,700. The creditors' committee have
withheld sufficient money to pay this tax as soon as
the bill is received from the proper authorities.
This left on hand sufficient money to pay the cred-
itors an additional dividend of 2 per cent, for which
checks were sent this week. This makes a total of
52 per cent paid to the creditors, and there will be
no further dividends.
SELLING CHASE BROS. PIANOS.
Sales Manager Lem Kline, of the Chase-Hackley
Piano Co., of Muskegon, Mich., left this week on
quite an extended trip. He is taking orders for the
high-priced Chase Brothers instruments, in which
he is very successful. Mr. Kline has taken a good
many orders for the artistic grades of that make.
LEROY DOWD MANAGER.
Leroy Dowd is now manager of the Dowd Music
Store, Newark, O., which features the Starr pianos
and players in a spirited way. The firm has hand-
some warerooms in the Arcade Annex.
FORMER MRS. STEINWAY DIES.
Marie Lefebvre, formerly Mrs. Charles Herman
Steinway, widow of the piano manufacturer, died at
her home in Pasadena, Cal., on Wednesday of this
week. She was a native of New York.
CABLE MIDGET IN JAPANESE ROOM.
Foreign Mission Board to aid Miss Hospers in her
work in the Japanese Sunday school at Saga.
Accompanying her letter, Miss Hospers sent a pic-
ture of the Cable Midget upright in the Japanese
room, with its straw mats and sliding paper walls', in
which it is used. She says:
"The Cable Midget came through in perfect con-
dition. It is wonderful and the tone is so sweet.
When I was told that the piano had arrived I rushed
out and there, in front of our door, stood a two-
wheeled cart with that precious piano on it. The
piano has caused me no trouble at all and I am de-
lighted with it. It is a pleasure and a comfort, in
this far away land where we often miss our friends."
Because Cable pianos can stand long trips and in
spite of hardship hold their tone, because they stay
in tune well, they have proven most satisfactory for
foreign distribution.
DEATH OF WALTER A. PUSHEE.
Walter A. Pushee, formerly proprietor of the
"Tone Shop" in the Republic Building, Chicago, died
at his home at 2430 N. Mozart street, that city, on
Tuesday of this • week. Death was sudden. Mr.
Pushee had many friends in the Chicago music trade.
He leaves a widow and two children.
SWAN ORGANS
*\ fla /"V
The tremendous superi-
ority of the SWAN Reed
Organs over all others lies
in the absolute mechanism
and scientific perfection hs>
the bellows action and stop
action, making it the best
value in modern o r g a a
building,
Grand, Upright and Player Pianos
New Haven and New York
Mathushek Piano Manufacturing Co.
S. N. SWAN & SONS, *•»«««««, FREEPORT, I L L
For QUALITY, SATISFACTION and PROFIT
NEWMAN BROTHERS PIANOS
NEWMAN BROS. CO.
Established 1870
June 28, 1924.
Factories, 816 DIX ST., Chicago, III.
A QUALITY PRODUCT
FOR OVER
QUARTER OFA CENTURY
I32nd St. and Alexander Ave.,
NEW YORK CITY
Kincller & Collins
Pianos
52KMW4 W. 4aih S
NEW YORK
Place That Want Ad in The Presto
POOLE
^BOSTON'-
GRAND ANOUPRIGHT PIANOS
AND
PLAYER PIANOS
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/
PRESTO
HOW CONSIGNMENT
PLAN IS HELPFUL
(Continued from page 3.)
meeting the conditions of their agreement. During
the past ten years, the total uncollectible accounts
of our business has been less than 76/1000 of 1 per
cent of our sales during the same period. Nothing
could speak more eloquently of the success of our
dealers.
It has been a great satisfaction to co-operate with
these dealers. Many of them are now financially
strong and buy outright wothout the necessity of
resorting to any financing except the line of credit
they easily obtain from their local banks. Our part
in their success is one of the rewards that is beyond
all calculation in dollars and cents.
Important Consideration.
In assigning customers' leases or notes to manu-
facturers or to others, whether it be on the consign-
ment plan or any other plan of long-time financing,
it is important that the assignment of customers'
paper have a reservation in it which limits the amount
that may be realized by those to whom the cus-
tomers' paper might be assigned, and assures the
dealer the return to him of his equity in that paper.
This prevents any third party, to whom the paper
might subsequently be reassigned, from claiming
ownership to the entire proceeds from the paper as
an innocent holder for value. Neglect of this im-
portant protection has in the past many times re-
sulted in serious loss to dealers.
In conclusion, the consignment plan is just as good
or just as bad as the people operating it make it. It
is subject to all the abuses you mention in your
article of June 14th. It also offers a splendid oppor-
tunity, when rightly handled by manufacturer and
dealer working together, for the dealer of limited
capital to build a successful, business. More dealers,
starting with small capital, have build up profitable
businesses under the consignment plan than under
any other plan of retail piano financing.
WEAVER PIANO CO., INC.
Walter L. Bond, Treasurer.
FIRST ANNOUNCEMENT OF
STEGER & SONS REMOVAL
Special Sale Advertised in Preparation for Leaving
the Steger Building in Near Future.
It has been understood that it is the purpose of the
Steger & Sons Piano Mfg. Co., to leave the building
which bears its founder's name, at Jackson boulevard
and Wabash avenue, Chicago, and take up new quar-
ters elsewhere. The first published statement ap-
peared in last Sunday's newspapers, in an advertise-
ment of a special sale. An extract is as follows:
SWAN PIANOS
are of the highest grade
t h a t c a n be obtained
through over 50 years of
p r a c t i c a l experience in
piano and organ building,
Illustrations a n d c a t a -
logues of various styles
will be furnished p i a n o
merchants on application
"Important Notice: We must move. The Steger
Building has been sold. Our lease expires in a short
time. We must dispose of at least 200 pianos and
player pianos before July 1st, and we know that only
by cutting prices to the limit can this be accom-
plished. If we do not sell these instruments, it will
be necessary to put them in storage. This, you know,
would mean a big expense in cartage, etc., besides,
probable damage to the instruments."
The history of the house of Steger would read like
a romance. The splendid Steger Building was erected
in 1908, and it was meant to stand as a monument to
the Steger piano. But time, with its inexorable de-
mands upon fate and fortune, changed things. The
death of John V. Steger necessitated the splitting up
of the great estate and the Steger Building went to
other ownership. The future of the Steger piano is
assured, however, by the tenacity of the management
and the powerful impetus of the name and estab-
lished business.
THE CABLE PRODUCTS
PENETRATE TO JAPAN
Letter from Miss Hospers, of the Foreign Mis-
sion Board, at Saga, Tells of Remarkable
"Midget" Upright Qualities.
H. O. Meyers, of the Meyers Music House, Cable
Company dealers in Holland, Mich., has just received
a letter from Miss Hendrine Hospers, who is sta-
tioned in Saga, Japan, in which she praises most
highly a Cable Midget upright which she has been
using. This piano was sold by Mr. Meyers to the
TAXES OF BANKRUPT
PIANO INDUSTRY, $1,700.00
Creditors of the Jackson & Morton Piano Co., Mil-
waukee, Get Final Dividend of 2%.
Payment of the final dividend in the Jackson &
Morton Piano Co., of Milwaukee, matter has been
delayed for the Government to audit the books for
the purpose of ascertaining if there would be any ad-
ditional Federal taxes to pay.
This audit has been made and the taxes amount to
approximately $1,700. The creditors' committee have
withheld sufficient money to pay this tax as soon as
the bill is received from the proper authorities.
This left on hand sufficient money to pay the cred-
itors an additional dividend of 2 per cent, for which
checks were sent this week. This makes a total of
52 per cent paid to the creditors, and there will be
no further dividends.
SELLING CHASE BROS. PIANOS.
Sales Manager Lem Kline, of the Chase-Hackley
Piano Co., of Muskegon, Mich., left this week on
quite an extended trip. He is taking orders for the
high-priced Chase Brothers instruments, in which
he is very successful. Mr. Kline has taken a good
many orders for the artistic grades of that make.
LEROY DOWD MANAGER.
Leroy Dowd is now manager of the Dowd Music
Store, Newark, O., which features the Starr pianos
and players in a spirited way. The firm has hand-
some warerooms in the Arcade Annex.
FORMER MRS. STEINWAY DIES.
Marie Lefebvre, formerly Mrs. Charles Herman
Steinway, widow of the piano manufacturer, died at
her home in Pasadena, Cal., on Wednesday of this
week. She was a native of New York.
CABLE MIDGET IN JAPANESE ROOM.
Foreign Mission Board to aid Miss Hospers in her
work in the Japanese Sunday school at Saga.
Accompanying her letter, Miss Hospers sent a pic-
ture of the Cable Midget upright in the Japanese
room, with its straw mats and sliding paper walls', in
which it is used. She says:
"The Cable Midget came through in perfect con-
dition. It is wonderful and the tone is so sweet.
When I was told that the piano had arrived I rushed
out and there, in front of our door, stood a two-
wheeled cart with that precious piano on it. The
piano has caused me no trouble at all and I am de-
lighted with it. It is a pleasure and a comfort, in
this far away land where we often miss our friends."
Because Cable pianos can stand long trips and in
spite of hardship hold their tone, because they stay
in tune well, they have proven most satisfactory for
foreign distribution.
DEATH OF WALTER A. PUSHEE.
Walter A. Pushee, formerly proprietor of the
"Tone Shop" in the Republic Building, Chicago, died
at his home at 2430 N. Mozart street, that city, on
Tuesday of this • week. Death was sudden. Mr.
Pushee had many friends in the Chicago music trade.
He leaves a widow and two children.
SWAN ORGANS
*\ fla /"V
The tremendous superi-
ority of the SWAN Reed
Organs over all others lies
in the absolute mechanism
and scientific perfection hs>
the bellows action and stop
action, making it the best
value in modern o r g a a
building,
Grand, Upright and Player Pianos
New Haven and New York
Mathushek Piano Manufacturing Co.
S. N. SWAN & SONS, *•»«««««, FREEPORT, I L L
For QUALITY, SATISFACTION and PROFIT
NEWMAN BROTHERS PIANOS
NEWMAN BROS. CO.
Established 1870
June 28, 1924.
Factories, 816 DIX ST., Chicago, III.
A QUALITY PRODUCT
FOR OVER
QUARTER OFA CENTURY
I32nd St. and Alexander Ave.,
NEW YORK CITY
Kincller & Collins
Pianos
52KMW4 W. 4aih S
NEW YORK
Place That Want Ad in The Presto
POOLE
^BOSTON'-
GRAND ANOUPRIGHT PIANOS
AND
PLAYER PIANOS
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).