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THE MUSIC TRADE REVIEW.
comprehensive ideas of life, force them-
selves to the top, while the smaller indi-
viduals, the men who are always attempt-
ing- to belittle the works of their fellow
men, are percolating through close to the
bottom, and are becoming lost to view.
* *
Rufns W. Blake reached New York last
Monday from his St. Louis trip, where he
has been engaged in President-making.* I
saw Mr. Blake at the depot, and he looked
bronzed and much benefited by his recent
jaunt Westward.
* *
*
The Musical Instrument Trades Protec-
tion Association of London, have appointed
a committee for the purpose of settling
amicably disputes which may arise between
members of the trade. In a letter to a
London trade paper, the secretary stated
that they have already been engaged on
two questions which they have settled satis-
factorily •without a penny of expense, and
in the best interests of both parties. One
cf them was a libel suit, and therefore re-
quired delicate treatment.
The main
object is to do away with costly litigation
and promote a better understanding be-
tween members of the trade.
This is
rather hard upon the lawyers.
* *
At last the official diplomas and medals
are reaching manufacturers in this city,
and while they are late, yet they are none
the less welcome. The diploma, as can be
seen from the reduced fac-simile in the
Strauch advertisement elsewhere, is a very
handsome specimen of steel engraving, and
when suitably framed will be an artistic
reminder of the honors won at the World's
Fair. The medals are neatly encased in
aluminum with velvet lining.
* *
*
Just how the editor who places in free
pages of some of the leading firms of the
trade hopes to receive his return, is diffi-
cult to determine, unless he wishes to play
the live firms against the free men, using
the "dead wood" as a bait. Justwhatkind
of self-respect it requires to conduct this
sort of business, I am unable to fathom.
It is beyond me.
The A. B. Chase advertisement which
appears in another portion of this paper
contains an unique idea, illustrated, show-
ing that the geographical location of Nor-
walk is conducive to the widespread distri-
bution of high grade pianos.
* *
The primary function of a trade-mark is
to indicate ownership and origin. Unless
this is truthfully done, it becomes a means
of fraud upon the public, and will not be
protected. If a trade-mark is a personal
one, designating a particular person and
his reputation and skill, it cannot truth-
fully be used by any other person, and
consequently cannot be assigned. Such is
the statement of the Court of Civil Appeals
of Texas, in the case of Mayer vs. Flana-
gan.
One person cannot, by colorable artifice,
benefit by the trade reputation of another.
Where, for instance, one man has long
made ale at a place called "Stone," and
has long branded his goods as''Stone Ale,
another who should remove a like business
to the same locality, simply for the purpose
of marking his goods "Stone Ale," would
be enjoined. Again, the good-will of a
manufacturer will be protected from a com-
petitor who simply buys from an indiffer-
ent third person, happening to have a name
identical with said manufacturer, the privi-
lege of using that name.
Our esteemed contemporary, the Indi-
cator, seems to have fallen from grace.
We miss the edifying scriptural text from
the editorial columns. How the editor
can pen his thoughts without the inspiring
and convincing biblical truth before him
as a sort of light to keep him in the paths
of righteousness is one of those mysteries
that would require the services of a Sher-
lock Holmes to fathom.
A new style of flute, named after its in-
ventor ("flauto Giorgi"), has recently ap-
peared in Italy. The mouthpiece is at the
end, and may be fitted to any old-fashioned
or Boehm flute. The instrument is made
in various styles and sizes, with or without
keys; the fingering is exceedingly simple,
and the tone and all technical effects are
described as equal, if not superior, to those
obtained on the best Boehm flutes.
Failures and Assignments.
THE EVILS OF JUDGMENT NOTES AND PREFER-
ENCES.
A
MONG the arguments in favor of a
national bankruptcy act, some are
positive and some are negative. Of the
latter are some which, though they might
apply with equal force to any State act
with regar " to insolvencies, are particularly
strong and are recognized as specially im-
portant because of the great abuses that
have grown up in connection with failures
and assignments.
Any law which will
abolish preferences and do away with the
judgment note would to that extent be a
blessing to the business community. In a
vast majority of the current failures the
preference appears, while in too large a
proportion the judgment note comes in as
a disturbing factor—one which usually
does an injustice to the general creditors.
The judgment note and the preference
are substantially one and the same thing,
though the latter need not be so formal nor
conclusive in its character as the judgment
note, iron-clad, irrevocable and 'uncontrol-
lable as far as the debtor or other creditors
are concerned. The judgment note is the
resource of the financial and moral bank-
rupt, to postpone the day of final dissolu-
tion until he shall have feathered his own
nest or that of his co-conspirators. This
word "co-conspirators" is a strong one,
but we believe it does but justice to multi-
tudes of cases. The bank or other busi-
ness connection of the man in difficulties
often extends him credit solely on the
strength of a judgment note. Perhaps that
note is insufficiently protected by the
assets, and then it is too often the practice
of the holder to inveigle others into ex-
tending credit until the debtor shall have
in his possession ample assets to cover the
note, when, if there is no hope of avoiding
ultimate and acknowledged bankruptc)^ it
is put on record.
Such things are often nothing more than
downright robbery of the public as repre-
sented by the outside creditors; and the
debtor and his favored creditors who hold
these notes may justly be styled "conspira-
tors. "
The judgment notes have their apologists
—of course they have. Bankers and mer-
chants of Shylock tendencies who have
profited by them of course approve of them,
and would bitterly fight any legislation or
any court decision which would destroy
their legality; but this plain fact remains
—that when a man is reduced so near to in-
solvency that in order to prolong his finan-
cial existence he must give a judgment
note, he had better make an assignment at
once or place his affairs in the hands of a
receiver.
We doubt if any thoroughly honest man,
who at the same time was in his sober
senses, ever gave a judgment note, says
the "Timberman." The preference is less
objectionable and much depends upon the
circumstances surrounding the preference
and to whom it is given as to whether it
will be seriously criticised; but theoreti-
cally, it is about as objectionable as the
judgment note. There are many cases,
however, in which preferences, if not con-
sented to, at least are not seriously objected
to by the other creditors. For example, a
man may have used the individual means
of his wife in his business. His failure,
wiping out his assets, would leave her
penniless. To make a preference in favor
of such a wife, or a mother similarly cir-
cumstanced, to the amount honestly due
her, is not often objected to by general
creditors. And yet the preference is so
often abused, so often merely the cover for
a "fence," so often the means of hiding
away fraudulently acquired assets where
they cannot be reached by the legitimate
creditors, that the harm which might be
done to the few would be condoned for by
the wide-spread justice of the measure if
preferences were to be absolutely forbidden.
These two features in a general bankrupt
law, if it were otherwise reasonably equit-
able in its provisions, alone would go far
toward justifying its enactment.
A REPORT has reached this office that a
well known dealer of Omaha, Neb., is in
financial difficulties. Particulars are lacking.