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THE MUSIC TRADE REVIEW.
140
J. R. GRAHAM, JR.,
ESTABLISHED 1840.
(SUCCESSOR TO J. R. OR A HAM.)
"VZEUSTIEIEIRS.
AND FACTORY: Thirtieth Street and Bl eve nth Avenue, New York.
exempt. The court said: " I t does not follow
that a company which is organized exclusively
CORPORATION—INCREASE OK STOCK—CAPITAL. for manufacturing purposes, and which actually
The Supreme Court of Errors of Connecticut carries on manufacturing within the state, but
held, in the recent case of Spooner vs. Phillips, which employs part of its capital in other than
that in the case of the increase by a joint stock its strictly manufacturing operations, is wholly
association of its capital stock to represent profits exempt from taxation. To so hold would be to
actually invested in extending its business and offer a premium to such companies for trans-
increasing the value of its plant, and of the appor- gressing their charters, and to give them an ad-
tionment of new shares pro rata among the ex- vantage over others with which they might
isting shareholders, the new shares did not rep- come in competition outside of their legitimate
resent income or dividends, but capital, and did field of operations, which the legislature cannot
not pass by a gift of the original shares b}'
" deed of trust " to and for the use of another,
and '' to pay over the dividends and income
thereof " during her life.
NATIONAL BANK—LIABILITIES—ESTOPPEL.
The United States Circuit Court for the Dis-
trict of Washington held, in the recent case of
Weber vs.' Spokane National Bank, that the
provision of the United States Revised Statutes
(sec. 5292) which provides that national banks
shall not contract liabilities in excess of their
paid-up capital stock except upon notes of circu-
lation, etc., does not prevent such items of
liability being included in determining whether
the indebtedness of the bank exceeds its paid-up
capital stock at the time it incurs a liability as
guarantor, and also that the bank may, in an
action against it and its receiver on a promis-
sory note, avail itself of the defense that the
note was executed in violation of the provision
referred to.
MORTGAGE—FRAUD—ANTECEDENT DEBT.
The Supreme Court of Georgia held, in the
recent case of Dinker, et al. vs. Potts et al.,
that goods fraudulently purchased under cir-
cumstances which entitle the vendor to a recis-
sion for fraud do not become the property of the
purchaser so as to enable him to mortgage them
to an existing creditor as security for an ante-
cedent debt, and thus create a mortgage lien
superior to the title of the vendor, who, on dis-
covery of the fraud, rescinds the sale and claims
the goods, the mortgagee not paying anything
nor parting with anything as a consideration for
the mortgage, but the consideration being the
antecedent debt only. The court further held
that a mortgage in Georgia passes no title, and
while the rights of a mortgagee who parts with
value at the time he obtains the mortgage are
protected the same as if he had purchased and
acquired title, the principle upon which such
protection is afforded does not apply to the case
of a mortgage taken purely as security for a debt
already in existence.
FACTORY:
525 to 531 W, 24th Street, N. Y,
THE WONDERFUL
A. B. CHASE
be presumed to have intended. The 20th section
of the act of June 30, 1885, would seem to be
more sweeping than the proviso under consider-
ation. It was therein enacted 'that the taxes
laid upon manufacturing corporations by and
under the revenue laws of this commonwealth,
be and the same are hereby abolished as to such
corporations, and the laws under which such
taxes are laid and collected be and the same are
hereby repealed so far, and so far only, as they
apply to manufacturing corporations,' the dif-
ference between the two being that the proviso
of 1889 ex vi termini excludes from the exemp-
tion manufacturing companies not exclusively
organized as such, while the act of 1885 by its
letter relieves from the burden of taxation all
manufacturing corporations, whether they are
exclusively such or not. Under the latter it wavS
held, in Commonwealth vs. Lackawanna Iron
and Coal Company, 129 Pa. 346, that a company
whose principal business was the manufacturing
of steel rails, but which had invested part of its
capital in mining property, city lots, bonds and
mortgages and store goods, was not exempt from
taxation on that part of its capital that was so
invested otherwise than in its strictly manufac-
turing operations. The reasons given in sup-
port of that judgment apply with equal force to
the present case, and need not be repeated here.
They require that the present defendant pay
tax upon so much of its capital as is employed
outside of its legitimate field of operations.—
BradstteeVs.
PIANOS.
pull
TrR. W. J. D. LEAVITT, who was for sev-
eral years one of the regular players
upon the great Music Hall organ in Boston,
says the Youth's Companion, contributes to the
Globe, of that city, an account of some of his ex-
periences. One day, he says, after the regular
noon recital, a considerable part of the small
1. Wonderful in Tone quality.
audience came upon the platform, as usual,
Rich, deep, bell like and pure.
and plied him with questions. He answered
2. Wonderful in strength of frame.
them by rote, having been asked the same
Strongest possible combination of woods glued things many times before, until a solemn-look-
ing man with a tall hat and umbrella elbowed
and bolted together.
3. Wonderful in improving by age and use. his way to the front.
" You didn't use the full power of the organ,
Pianos sold five years ago are said to be better
did
you ? '' inquired the stranger.
in tone than when they were sold.
"Yes, sir; several times. The last piece
i. Wonderful in selling qualities.
was, nearly all of it, played with a full organ."
Tone, action, style, finish, patented improve-
The questioner looked first at the organist
ments all taking.
and then at the audience. Then shook his
head slowly.
5. Wonderful in popularity.
" I guess not, " he said, " I understand this
Even our strongest competitors all praise them.
organ
isn't allowed to be played full force in
6. Wonderful in phenomenal success.
TAXATION—MANUFACTURING CORPORATIONS.
this
hall.
It's too powerful."
Only 5 years since the first A. B. CHASE
Mr. I,eavitt was too polite to contradict a
The Supreme Court of Pennsylvania held, in
pianos were made, and now they are taking
stranger.
the recent case of The Commonwealth vs. Wm.
the lead everywhere.
"Well, sir," said he, "between you and me,
Mann Company, reported in the supplement to
confidentially, it never was played full force
the Philadelphia Legal Intelligencer, that while 7. Wonderful in character of its agents.
The very best men in the trade seek the agency but once, and Dr. Oliver Wendell Holmes has
a corporation organized exclusively for manu-
for these instruments. No others need apply. recorded the fact that it killed nearly all the
facturing purposes and actually carrying on
fish in the harbor.''
manufacturing within the state during the tax
For terms and territory, address:
Hat, umbrella and man disappeared, and the
year is exempt from state tax under the act of
other members of the company were able to
June i, 1889, its property or capital stock used
resume their interrogations.
for purposes other than manufacturing is not so
NORWALE, OHIO.
THE A. B. CHASE CO.,
Used Exclusively in Seidl,
Thomas and Gilmore Concerts
at Madison Square Garden,
New York.
130 Fifth Avenue, corner 18th Street, New York.
BOSTON,
NEW YORK,
CHICAGO.