Music Trade Review

Music Trade Review -- © mbsi.org, arcade-museum.com -- digitized with support from namm.org
THE MUSIC TRADE REVIEW.
RECENT LEGAL
DECISIONS.
- T k Hi
i5
Type."
[PREPAJIED EXPRESSLY fOR THE MUSIC TRADE REVIEW.]
CORPORATION—MORTGAGE—LIABILITY.
The United States Circuit Court of Appeals
for the Seventh Circuit held, in the recent case
of The Sutton Manufacturing Company vs.
Hutch inson, reported in the Chicago Legal
News, that a solvent corporation, if not forbidden
by its charter, may mortgage its property to
secure the performance of obligations assumed
before or at the time of the execution of the
mortgage ; that a mortgage executed by a corpo-
ration whose debts exceed its assets to secure a
liability incurred by it or in its behalf, will be
sustained if it appears to have been given in
good faith to keep the corporation upon its feet
and enable it to continue the prosecution of its
business ; that a corporation is not required by
any duty it owes to creditors to suspend opera-
tions the moment It becomes financially em-
barrassed, or because it may be doubtful whether
the objects of its creation can be attained by
further effort on its part; that it is in the line
of duty when in attempting in good faith, by the
exercise of its lawful powers, and by the use of
legitimate means, to preserve its active existence
and thereby accomplish the objects for which it
was created; and that in such crisis in its
affairs, and to those ends, it may accept financial
assistance from one of its directors, and by a
mortgage upon its property secure the payment
of money then loaned or advanced by him, or in
that mode protect against liability then incurred
in its behalf, but in such a case a court of equity
will closely scrutinize the transaction. In the
case before the court two of the directors of the
insolvent mortgagor company owned nearly four
hundred out of the one thousand shares of the
stock of the mortgagee company. The court
held that the mortgage had the effect to protect
their interest in the property of the latter corpo-
ration against the liability previously incurred
by its accepting drafts drawn by the former, and
to withdraw the property mortgaged from its
primary liability for the debts of the mortgagor
company, and that the case presented was one in
which an insolvent corporation, recognizing its
inability to further prosecute its business, and
with no hope of recovering from its financial
embarrassments, gave a preference by mortgage
of its property to some of its directors, being
also creditors, which, according to the principles
announced in the opinion, could not be right-
fully done.
*
*
RUSSELL
[SFHCIALI.V RKPORTED FOR THE MUSIC TRADE REVIEW.]
Machine for making perforated sheet music,
No. 527,970, W. E. Griggs.
(Successors to STARK & STRACK.)
Musical instrument tuning key, No. 528,013,
A. McKensie.
PIANOS
MANUFACTURED BY
The Capen Piano.
W*HE BROCKPORT PIANO CO., Brockport,
-C) N. Y., report that the " Capen " piano has
been received with much favor by the trade.
Dealers and others who have looked Into the
merits of this instrument say it is an excellent
piano and a good seller. This company will
shortly issue a new catalogue, which will con-
tain illustrations of several styles.
Music LEAF TURNER. — Cyril P. Brown,
Spring Lake, Mich. According to this inven-
tion a wheel pivoted on a suitable case or frame
carries a number of outwardly extending arms at
whose ends are swinging fingers arranged in
pairs, the apparatus being readily applied to a
music stand, piano or organ, and the fingers
being adapted to clasp the leaves, whereby they
may be easily turned one by one without touch-
ing them with the hands. Any desired number
of leaves may also be turned back simultaneously.
MUSICAL, INSTRUMENT.—Evaristo Enriquez,
Bos. 171 and 173 South Canal Street,
CHICAGO.
THE
Sterling Company,
FRAUDULENT CONVEYANCE—CREDITORS.
A voluntary conveyance will not be held
fraudulent as against the creditors of the debtor-
grantor if, at the time of the conveyance, suffi-
cient property is retained from which the indebt-
edness of such grantor may be made, according
to the decision of the Supreme Court of Indiana
in the case of Emerson et al. vs. Opp.
Musical instrument damper, No. 527,811, A.
Rechter.
MANUFACTURERS OF
Pianos and Organs,
San Juan Bautista, Tobasco, Mexico. This in-
strument has an elongated solid wooden body,
mainly cylindrical, flattened on top and tapered
toward the head, and there are frets on the top,
strings fast at the head and keyed at the lower
end of the body, with a removable peg at one
side and a longitudinal pin at the lower end of
the body. Music is made with the instrument
by the joint action of the fingers, mouth and
tongue, the melody, when played according to
the design of the inventor, partaking of the
nature of strains from a guitar and an
harp.
Foreign Patents.
^
Germany and Italy have been admitted to
the benefits of the new international copyright
law. For an American citizen to secure copy-
right in Great Britain, the title must be entered
at Stationers' Hall, London, the fee for which is
five shillings sterling, and the work must be
published in Great Britain simultaneously with
its publication in the United States, and five
copies of the publication are required. A for-
eigner may secure copyright in France by de-
positing two copies of the publication at the
Ministry of the Interior in Paris. In Germany a
foreigner must enter his work in the general reg-
istry book of copyrights at Leipzig, and have it
published by a firm having its place of business
within the German Empire.
FACTORY :
DERBY, CONN.
THE Toronto Empire says: Mrs. Mary A.
Wells, of 23 Suburban place, was arrested last
night on the charge of stealing a piano, the
complainant being David Best, who represents
the Mendelssohn Piano Company.
Mrs. Wells purchased the piano, she states,
for
$365 and paid all but $22 on it. She sent the
THE STERLING ORGAX has always taken the lead, and
piano
to the States, and she alleges that because
the improvements made this year puts it far ahead ol
the balance due on the instrument was unpaid
all others. jgfSrr.d for Catalogue.
she was arrested.
It is admitted by all that ne piano ever put upon the
market has met with such success as THE STERLING
and thomands will testify to their superiority of work-
manship and durability. Why ? Because they are made
just as perfect as a piano can be made.
t & Davis Pianos
GRAND, SQUARE AND UPrtltlMi
Indorsed by Liszt, Gottschalk, Wehli, Bendel, Straus, Soro, Abt,
Paulus, Titiens, Heilbron and Germany's Greatest Masters.
Established over HaK a Century.
3OSTON, MASS.