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THE MUSIC TRADE REVIEW
Nelson Bankruptcy Bill Passed.
SUBSTITUTE
FOR
ADOPTED
THE TORREY MEASURE
BY THE SENATE.
The Senate on Thursday, by a vote of 49
to 8, passed the Nelson Bankruptcy Bill.*
Thisaction was a surprise to many Senators,
as the Torrey bill, for which the Nelson
measure was a substitute, had been favor-
ably reported by the Judiciary Committee.
The result is regarded as a personal triumph
for Senator Nelson.
The Nelson bill provides that any debtor
other than a corporation owing $200 or
more who is unable to pay his debts may
file his petition in a district court asking
for a discharge from his debts and offering
to surrender all his property for the pay-
ment of his debts, except such as is legally
exempt. Accompanying the petition shall
be a schedule of property and indebt-
edness.
The petition shall be heard by the court
not less than thirty nor more than ninety
days from the time it is filed. If the court
upholds the petition the estate of the bank-
rupt is transferred to an assignee for set-
tlement. Creditors can resist the proceed-
ings before the court on certain enumerated
grounds of fraud, preference to creditors,
etc. Preferences four months prior to the
filing of the bankruptcy petition and trans-
fers of property within six months are
void.
After the settlement the court gives a
final hearing, and when all proceedings
have been regular a final decree is given
"discharging and acquitting the bankrupt.
Such discharge does not include any debts
or obligations which shall have been cre-
ated in consequence of his defalcation as a
public officer or as an executor, adminis-
trator, guardian or trustee, or while acting
in any other fiduciary capacity, nor any
debtor obligation to surety of the bankrupt
who has paid or may pay any such fiduci-
ary debtor any part of it, nor any debtor
obligation created by the obtaining of
moneys or property under false pretenses."
The provision as to involuntary bank-
ruptcy is in effect as follows:
The "Weber" Forging Ahead.
Credit System Needs Reforming.
When visiting the Weber-Wheelock ware-
rooms on Thursday, the Review met Mr.
Louis Dederick, of the Manufacturers' Co.,
Chicago, who, with Mr. Chickering, of the
wareroom force, is making a brief stay in
the city in connection with the further
development of their rapidly increasing
business.
Reference was made recently to the un-
flagging energy of Mr. Weeelock in the
work of re-establishment, if such a term is
permissible. Results are now well in evi-
dence. The wholesale business of the
Weber-Wheelock Co., particularly in the
East, West and Northwest, is making rapid
strides in the right direction. Extensions
of trade are being made in all directions,
under the most favorable auspices. The
old standard staff of Weber representatives,
some of whom dropped out, are quickly
coming into line again. These men, well
remembering what the Weber was under its
founder, now realize that a master-hand is
again guiding its destinies, and they in-
tend to give hearty support in a substantial
way to the present aggressive policy of the
firm.
The heavy losses sustained by merchants
during the past few years have had the
tendency to make all who are doing an ex-
tensive credit business scrutinize, much
more closely, accounts which otherwise
would be passed over without much
thought; and the consequence is that all
debtors who have not been able to meet
bills as they mature have suffered from the
increased pressure brought to bear by their
creditors.
One often hears the remark, " Credit is
too cheap," and, indeed, no truer words
could be spoken. As competition becomes
more keen, the desire of the manufacturer
or jofrber to outstrip his competitor be-
comes more and more evident in the loose
manner of crediting in vogue nowadays.
The " dating ahead evil," about which so
much has been written and said, is just as
much in evidence as ever, and is increasing
instead of diminishing. It is too cften the
case that the impulse to sell warps judg-
ment, and investigations of the financial
condition of the would-be purchasers are
superficially made and carelessly passed
upon. The dishonest buyer who intends to
get all the goods he can and then make
away with them and defraud his creditors,
finds little difficulty in carrying out his
plans, although in numerous instances they
would be nipped in the bud if credit men
scrutinized orders more closely and took
pains to investigate more thoroughly. A
remarkable instance of how little attention
is paid to the character of orders has just
come to light. A retailer in a city of per-
haps 75,000 inhabitants, whose stock was
valued by himself at only $5,000, has dis-
appeared after purchasing nearly $15,000
worth of goods, none of which he paid for,
says an exchange. It is incomprehensible
that such should have occurred ; but such
instances are extremely common. Even
after a dealer has failed and settled with
his creditors, when his failure is strongly
criticised, he expects shortly to be able to
go into the market and purchase goods on
credit just as freely as before, and very
often his expectations are realized. The
so-called " honest" failures are becoming
much less noticeable, and creditors are sur-
prised when they secure 40 or 50 per cent,
of their claims. If dishonest insolvents
were treated as they are in other countries,
a large class of objectionable dealers would
be eradicated and much loss averted. It is
time that more care and stringency be ob-
served in making credits and the character
and quality of accounts be taken more into
consideration, rather than the bulk and ex-
tension of business so much dwelt upon.
Selected a Stultz & Bauer.
As The Review was visiting the Stultz
& Bauer factory and warerooms on Thurs-
day, a glimpse was caught of a Stultz &
Bauer piano just being shipped to the New
York city address of Bruner Greenup, of
theGreenup Music Co., Louisville, Ky. Mr.
Greenup, who is sojourning here for the
present, has in constant use one of the
handsomest Stultz & Bauer instruments at
his home. It is a pretty good sign of ap-
preciation when he finds it necessary to
have one of the same style sent to his tem-
porary residence, when there are so many
others right here to chose from, if he liked
them better.
Compliments Col. Hollenberg.
If Little Rock had a hundred men made
of the " stuff" like the component parts of
Col. F. B. T. Hollenberg, all the neigh-
" T h a t if any debtor being a banker, broker,
merchant, trader or manufacturer, who owes $500 boring cities would be outclassed, says the
or over, and who is unable to pay his debts, shall Little Rock, Ark., Gazette. Whether at
at any time within four months of the time of the
filing of the petition assign, transfer, convey or in home or abroad he is working for Little
any manner voluntarily encumber any of his prop- Rock. Monday he had business in Mem-
erty with the actual intent to prefer or defraud any
of his creditors, he shall be deemed a bankrupt phis, and while there he took occasion to
and may be proceeded against in a court of bankrupt- let the government purchasing agent know
cy. A creditor or creditors having debts against
such a bankrupt to the amount of $500 or more may that Little Rock jobbers are well prepared
within four months after the act of bankruptcy has to furnish such supplies as he might desire
been committed file in the court of bankruptcy in
the district in which the bankrupt resides a petition to purchase for the flood sufferers. Fol-
setting forth the acts of bankruptcy and praying lowing up his preliminary work the Board
for an adjudication against the bankrupt and the of Trade is arranging with the agent for
distribution of his estate among his creditors.'"
The court then proceeds within thirty bids of Little Rock men to be received.
days to hear the case. The accused may
A new pianoforte keyboard having six
Used the Fischer Grand.
demand a jury. On the hearing the court
rows of keys has recently been exhibited in
or jury holds whether the accused is or is
On Tuesday the music lovers of Balti- Manchester, England. An octave is formed
not a bankrupt. The other proceedings more greatly enjoyed a notable recital by six keys in two contiguous rows. All
are as in the case of voluntary bankruptcy. under the auspices of Sanders & Stayman the keys are on the same level, and each
Fees in both classes of bankruptcy are pro- at Lehmann Hall. The artists included note is separated from the next by an in-
vided, viz. : Attorney's fees, not above Miss Carlotta Nocolai, Miss Blanche P'ort terval of two semi-tones.
Sanders, D. B. Merrill Hopkinson, and
$100; assignee, not above $3 per day. Mr. Natorf Blumenfeld, with Mr. Charles
Sherman, Clay & Co., of San Francisco,
Appeals are allowed except when entire Van Lear as accompanist. The famous Cal., have secured the agency for the A. B.
bankrupt estate is under $5,000.
Fischer concert grand was used exclusively. Chase pianos.