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THE MUSIC TRADE REVIEW.
Bankruptcy Bill.
ITS LEADING FEATURES—ALL PERSONS WHO
OWE DEBTS ENTITLED TO THE BENEFITS.
EXPENSES OF ADMINISTERING A BANK-
RUPT ESTATE WILL BE SMALL UNDER
THE LAW — INSTANCES IN WHICH
BANKRUPTS CANNOT BE DIS-
CHARGED.
T
HE Torrey Bill, to establish a uniform
system of bankruptcy, was reported to
the Senate last Monday from the Judiciary
Committee. There have been substantially
few changes made since the advanced re-
port of the committee on this measure was
given in THE MUSIC TRADE REVIEW of
March 21st. The most important amend-
ment made by the committee was that pro-
viding that where any debtor, who, being
a banker, broker, merchant, trader or
manufacturer, owing $500, makes an assign-
ment or conveyance of his property or
gives any lien encumbrance contrived or
devised with the actual intent on his part
to defraud his creditors, such act shall not
be deemed bankruptcy. The measure pro-
vides for voluntary bankruptcy. At the
same time Mr. Mitchell, of Oregon, sub-
mitted the views of the minority of the
committee in the shape of the measure
agreed on by the House Committee on the
Judiciary with some modifications. The
latter provides for voluntary and involun-
tary bankruptcy.
This bill is the result of the labors of the
Committee on Judiciary for three Con-
gresses. This committee took the bill in-
troduced by Mr. Powers, of Vermont, for
the basis of its work, his bill being based
upon the Oates bill of the last Congress,
which was a modification of the Torrey bill.
Both voluntary and involuntary bankruptcy
are provided in the bill, the involuntary
features being carefully limited.
All persons who owe debts are entitled
to the benefits of the act as voluntary bank-
rupts, but corporations are excepted, be-
cause the laws of the States creating them
provide for winding up their affairs. Any
person owing debts to the amount Jof $1,-
000 or over, if guilty of an act of bank-
ruptcy, may be adjudged an involuntary
bankrupt, except a national bank, a person
engaged chiefly in farming or the tillage of
the soil and a wage-earner. A wage-earner
is "an individual who works for salary,
wages or hire at a rate of compensation not
exceeding $1,500 per year."
National
banksare closed and their affairs adminis-
tered under the provisions of the national
banking laws. Partnerships, both before
and after dissolution and before a settle-
ment of its affairs, may be adjudged bank-
rupts, and in such cases the partnership
debts must first be paid. All bankrupts are
allowed the exemptions prescribed by the
laws of the State in which the bankrupt re-
sides.
The bill carefully prescribes the duties of
bankrupts, provides for their protection
and detention, allows compositions or
settlements with creditors and provides for
discharges except when frauds have been
practiced. The bankrupt cannot be dis-
charged from taxes, judgments for frauds
and willful or malicious injuries to the per-
son or property of another, debts not
proved and those created by fraud, embez-
zlement or defalcation while acting as an
officer or in a fiduciary capacity. Fees and
compensation of these officers are limited
and the expense of administering a bank-
rupt estate, it is stated, will be small.
All causes of involuntary bankruptcy,
except two, involve fraudulent intent, pur-
pose and act. Suspending payment of
commercial paper for thirty days while in-
solvent, making assignment for benefit of
creditors and filing a written statement ad-
mitting inability to pay debts, also consti-
tute acts of bankruptcy.
Acts of bankruptcy must have been com-
mitted within four months, but in some
cases, as in case of concealment or running
away to avoid the service of civil process,
the transfer of property to defeat creditors,
etc., a return forty-eight hours before peti-
tion filed or a regaining of possession and
ownership of the property transferred ten
days before the commencement of proceed-
ings, relieves the offender from the opera-
tion of the law.
II
ment, and there are three generations of
the family working in the factory. The
Kroeger piano is an instrument well worthy
the attention of buyers who are looking for
good value.
The Heloharp.
MME. SARAH BERNHARDT ENDORSES IT IN A
FLATTERING MANNER.
T
HE following letter has been recently
received by the Meloharp Co., 3^
Union Square, and explains itself:
*7
^ ^ ~ ^ \
&••£-* *-«-*C>
Kroeger Piano Co.
SOMETHING OF THE MEN, THE FACTORY AND
THE PRODUCTS.
D
EALERS, when visiting Harlem,
should not fail to drop in to the
commodious factory of the Kroeger Piano
Co., at 524-532 East 134th street. They
will be royally treated by the Kroeger staff
and thoroughly enlightened on the up-to-
date methods of the firm and the excellent
attributes of the instrument manufactured.
Mr. C. B. Garretson, the president, is a
gentleman of wide experience in business
affairs, a man of keen perceptions, excel-
lent judgment and force. Mr. J. L. M.
Couch, the indefatigable secretary, who can
discuss literature with the same ease that
he can diagnose piano construction—first
cousin, by the way, of Quiller Couch, one
of the most noted of English litterateurs,
who writes under the pseudonym of "Q"—
and last, but not least, Mr. A. W. Kroeger,
treasurer of the company, are a trio of men
whom it is a delight to meet and an honor
to know. A stroll through the factory con-
vinces one that the Kroeger Piano Co. are
making an excellent instrument, of fine
finish and good tone quality.
President
Garretson speaks in the highest praise of
the Bothner action, which is used exclu-
sively in the Kroeger. The varied styles
of case work are much to be commended,
and there is a heavy demand for their lead-
er, "No. 4," which is a very handsome in-
strument.
The . factory is splendidly
lighted and admirably equipped; it covers
18,000 square feet of flooring exclusive of
offices and elevators. Mr. Bernhard Kroe-
ger, a veteran of forty years' experience, is
at the head of the manufacturing depart-
TRANSLATION.
Gentlemen;
Boston, Maich 26ih, 1896.
The Meloharp is received and it is indeed a delightful inst ument. I
have never seen the like ot it in any country, and its uniqueness of design
is most attractive and the tone charming. I shall be pleastd 1o receive a
concert instrument from you at your earliest convenience.
Yours very truly.
(Signed)
SARAH BERNHARDT.
The Meloharp Co. is delighted at receiv-
ing such a handsome compliment from so
great an artist, and well they may be. The
Meloharp is winning its way in the trade,
and as Bernhardt says, is a "delightful in-
strument. "
Bicycle Harp.
W
E have noticed one novelty, not yet
patented, for a wonder, in the shape
of an seolian harp attachment for bicycles.
A rider with a musical turn of mind took a
cigar box and cut out the greater portion
of the sides, and across these openings, as
well as across the top of the box, were
strung silken threads, alternating in size to
produce the notes of the octave. At the or-
dinary rate of speed a beautiful, soft, harp-
like music is produced, becoming more pro-
nounced as the speed is increased. By a
various changing of the cords in their rela-
tions to each other extremely interesting
and satisfactory results were obtained, New
Ideas says. We shall now expect soon to
see a "patent" aeolian harp attachment for
bicycles.