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XON31 'MOJ.JV
THE
RCWEW
flUJIC TIRADE
SINGLE COPIES, 10 CENTS
$8.00 PER YEAR.
V O L . X X X V I I L No. 5. pnMM Every Sat, liy Eflwarfl Lyman Bill at 1 Madison Aye,, New Tort, Jan. 30,1904.
file an answer to the inquiries, and no ade- thanked the members for the honor which
TO AMEND BULK SALE LAW.
Credit Men's Association Wants It Made More
Stringent—Present Statute Affects Only Hon-
est Buyers—Only Penalty a Suit to Set Sale
Aside.
The Board of Directors of the New York
Credit Men's Association were scheduled to
meet some time this week to discuss proposed
amendments to the "sale of goods in bulk"
law, which will be introduced at the present
session of the Legislature.
The present law, which was passed last Ap-
ril, is designed to put a stop to the practice,
formerly very prevalent, commercially known
as the "sell out," by which a merchant who
had got into difficulties disposed of his stock
in bulk to a single purchaser, often for a
small fraction of its value, and, before his
creditors learned of it, had disposed of the
proceeds so that they were beyond reach, if
he had not placed himself outside the juris-
diction of the courts.
The present law, it is said, has been only
partially successful in attaining the object in-
tended. It has operated to make buyers more
careful, because, as one eminent lawyer said,
in buying a stock of goods under the new law
the purchaser was also very likely to buy a
law suit. The objection made to it is that it
is not clear enough and not specific enough.
It reads as follows:
"A sale of any portion of a stock of mer-
chandise other than in the ordinary course of
trade in the regular and usual prosecution of
the seller's business, or the sale of an entire
stock of merchandise in bulk, shall be fraudu-
lent and void as against the creditors of the
seller, unless the seller and purchaser shall, at
least five days before the sale, make a full
and detailed inventory, showing the quantity,
and, so far as possible, with the exercise of
reasonable diligence, the cost price to the sell-
er of each article to be included in the sale,
and unless such purchaser shall, at least five
days before the sale in good faith, make full,
explicit inquiry of the seller as to the name
and place of residence, or place of business,
of each and every creditor of the seller and
the amount owing each creditor, and unless
the purchaser shall, at least five days before
the sale, in good faith notify, or cause to be
notified, personally, or by registered mail,
each of the seller's creditors, of whom the
purchaser has knowledge, or can with the ex-
ercise of reasonable diligence acquire knowl-
edge, of such proposed sale and of the stated
cost price of merchandise to be sold and of
the price proposed to be paid therefor by the
purchaser. The seller shall, at least five days
before such sales, file a truthful answer in
writing of each and all of said inquiries."
The objections to the law as it stands are
that no place is named where the seller shall
quate penalty is provided for disobedience to had been done him, and stated that the Asso-
the law. The practice in some cases is said ciation should congratulate itself upon what
to have been to nail the answers up in some had been accomplished, and that he looked to
obscure part of the store and call that a the members to continue their efforts along
compliance with the law. There has been a the lines of trade betterment with the ob-
good deal of laxity also in the notification of ject of making the coming year the most suc-
creditors. In effect the law has deterred hon- cessful since the inception of the Association.
est buyers from purchasing doubtful stocks,
but has not reached the dishonest ones whom WORLD'S FAIR READY FOR EXHIBITS.
it was framed to catch. The remedy under
it, a suit to set aside a sale, is considered too Prompt Action by Exhibitors Asked to Prevent Con-
cumbersome.
gestion of Freight Cars—Estimated That 30,-
000 Cars of Exhibits Will Reach St. Louis Be-
There was a good deal of talk in the be-
fore Middle of April.
ginning about the unconstitutionality of the
[Special to The Review.]
law, it being alleged that it was in restraint
St. Louis, Mo., Jan. 25, 1904.
of trade. It has not been attacked in this
The
Louisiana
Purchase Exposition is now
State, but in Massachusetts a few days ago
ready
and
waiting
for the exhibitors to in-
the courts decided that an almost identical
stall
their
exhibits.
The managers of the fair
law was constitutional.
ask
exhibitors
to
hurry
forward their goods,
The meeting this week will decide upon the
especially
those
of
a
domestic
nature. Be-
amendments desired to make the law effec-
cause of the unprecedented participation by
tive, and a bill will be immediately drawn for
both foreign and domestic exhibitors, vast
presentation at Albany.
amounts of exhibits are in the course of ar-
rangement. The time for the opening of the
S. B. SMITH ELECTED PRESIDENT exposition is rapidly approaching, but appar-
Of the Detroit Association—The Other Officers— ently this fact is not causing exhibits to be
Members Well Pleased With General Condi- rushed forward with the promptness that is
tions.
absolutely essential to insure rapid delivery of
[Special to The Review.]
the cars to the World's Fair site, and to avoid
Detroit, Mich., Jan. 23, 1904.
The annual banquet of the Detroit Music possible congestion in the handling of the
Trade Association, which was scheduled to cars after they have reached St. Louis. Ade-
be held at the Fellowcraft Club on Wednes- quate railroad facilities are ready, the ware-
day evening, Jan. 20, was postponed until the houses have all been erected, and the build-
following morning owing to the unusually ings are in such a state of completion that
stormy weather and the uncertainty of car installation of exhibits can be begun immed-
service. Therefore the members of the Asso- iately.
Some of the foreign exhibits are now on the
ciation assembled at 10 o'clock on Thursday.
The secretary read the minutes of the preced- way here.
It is estimated that from 25,000 to 30,000
ing meeting, after which the treasurer pre-
cars
of domestic exhibits alone will reach St.
sented his report, showing that the financial
Louis
during the last of March and the fore
condition of the Association was in a healthy
part
of
April, unless exhibitors are more
condition with a good balance being carried
active.
As
the fair will be opened on April
forward into the new year. The election of
30,
it
will
be difficult to handle this enor-
officers then followed with the following
mous
influx
of freight traffic at the last mo-
result:
ment.
President, S. B. Smith; first vice-president,
M. A. Van Wagoner; second vice-president,
C. W. Davis, of C. W. Davis & Co., of
E. R. Laugheed; third vice-president, C. W.
San
Jose, Cal., is a hustler with a capital H.
Marvin; fourth vice-president, J. Henry
He
is
sending out some piano literature which
Ling. H. T. Schmidt was elected treasurer,
is
admirably
written and should be productive
the secretary for last year, P. H. Mugford,
of
highly
satisfactory
results.
being continued in office. The following com-
mittees were appointed: Executive Commit-
Four Hazelton upright pianos were recent-
tee—Jas. Vaughan, M. A. Van Wagoner,
ly
sold by the Pommer-Eilers Music Co., of
Joseph Warren, J. Henry Ling. Nominating
San
Francisco, to the Sacred Heart Convent,
Committee—C. A. Grinnell, E. L. Spencer,
the
well-known educational institution of
E. R. Laugheed.
Oakland.
President Smith, on taking the chair,