Music Trade Review

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THE
MUSIC TRADE
REVIEW
HIGH PRAISE FOR THE POOLE.
IMPORTANT BANKRUPTCY DECISION.
A Great Compliment from the Santiago College,
Chili—After Three Years of Use States the Poole
Piano Has "Grown Sweeter" and Better—A Let-
ter Worth Reading.
By the U. S. Supreme Court—Modifies the Practice
of All Bankruptcy Tribunals—Creditors Re-
ceiving Payments on Account Within Four
Months of the Filing of a Bankruptcy Peti-
tion Need Not Surrender Such Payments Be-
fore Being Allowed to Prove Up the Balance of
Their Claims—This Ruling Completely Up-
sets Present Practices.
The Poole Piano Co. have received a splen-
did tribute regarding the musical and wear-
ing qualities of the Poole pianos from the
Santiago College, Santiago, Chili. The com-
munication is one of which the Poole Piano
Co. can with all justice feel proud, and one
which their representatives in all parts of
the country can utilize as an effective argu-
ment in favor of the high standing and es-
teem in which the Poole pianos are held. The
Poole of to-day is even a better piano than
that of three years ago. Constant improve-
ment is the motto of President W. H. Poole
and this is exemplified in the beautiful pianos
which are being placed on the market to-day
by the Poole Piano Co:
Casilla 67,
Santiago College,
2050 Augustinas.
Santiago, Chili, Jan. 12, 1903.
My Dear Mr. Crandall: —If it were possi-
ble for us to feel more grateful to you for your
great kindness in selecting us such a beauti-
ful piano than in our first hour of joy in its
possession, it is as this present moment of
recounting our many mercies.
It has grown sweeter and even richer in
tone with its three years of use, and we feel
prouder of it than" on the day the express
company landed it at our door.
We have had it thoroughly tested by the
finest musicians of the city and all are equally
delighted with the quality of its tone.
Were it not that the Germans have a way
of introducing pianos so cheap in Chili, we
are sure many orders would go from here for
the "Poole" piano.
Accept once more with the new year our
hearty thanks for our beautiful "Poole"
piano.
JULIETA GERARD,
President of Alumnae Club.
BERTA MANRIQUES,
Cor. Secretary.
ADELAIDE W. LAFETKA,
Honorary President.
BARNEY ENLARGES WAREROOMS.
J. H. Barney, Jr., & Co., the well-known
dealers of Newport, R. I., have just com-
pleted a large addition to their store on
Thames street, which will be used entirely for
the repairing and renovating of pianos. It
is situated in the rear of the warerooms, one
story high, 25x23^ feet. Another improve-
ment and a most striking one is the removal
of the old repair shop, which space has been
thrown into the store proper, giving them
over 3,000 feet of floor space in which to ex-
hibit their elegant stock of pianos and musi-
cal instruments, which is large and varied
enough to do credit to one of the large cities.
GEO. COLE FOR EUROPE.
Geo. Cole, of I. I. Cole & Son, manufac-
turers of veneers in this city, expects to leave
for Europe on June 3. The trip will be one
of business and pleasure combined, and is
made necessary by the expansion of the busi-
ness of this house.
Judge Holt has appointed James B. Rey-
nolds receiver of the assets of Dielman &
Lincks, manufacturers of piano cases at 151
to 157 Eleventh avenue, in place of Senator
N. A, Elsberg, who declined to serve.
[Special to The Review.]
Washington, D. C, May 26, 1903.
A bankruptcy decision of the highest im-
portance to the musical instrument trade
has just been rendered by the United
States Supreme Court. It modifies the
practice of all bankruptcy tribunals and
will affect several thousand bankruptcy
cases throughout the country, as it will op-
erate retroactively as to cases adjudicated
within the past year.
This important decision has been handed
down in the case of Jaquith, trustee, vs. Al-
den, on appeal from the United States Cir-
cuit Court of Appeals for the first circuit,
and holds, in effect, that the decision in
the case of Carson, Pirie, Scott & Co.. in
which it was held that section 57g required
creditors receiving pavments on account
within four months of the filing of a bank-
rupt's petition to surrender such payments
before being allowed to prove up the bal-
ance of their claims, does not apply in any
case where the creditors sold goods or ex-
tended credit to the bankrupt after he be-
came insolvent; provided that such sales or
credits equal or exceed in amount the pay-
ments received on account.
Under the decision in the Carson case,
manufacturers receiving payments on ac-
count from insolvent dealers within four
months of the filing of the bankrupt's peti-
tion have been obliged to surrender such
payments before being permitted to prove
up the balance of their claims. As the
amount of dividends to be paid by the bank-
rupt's estate has usually been problemati-
cal, it has sometimes been impossible for a
creditor to calculate within any degree of
accuracy whether he would better retain his
payments on account and sacrifice his
claim, or surrender them and take his
chances; but, in either case he has been
called upon to make a very substantial
sacrifice. In the case which the Supreme
Court has just decided, it is held that if the
creditor has furnished any goods to the
bankrupt within four months of the filing
of his petition, he may retain payments on
account to the value of such goods and stili
preserve his right to prove up the balance
of his claim. Thus a manufacturer who has
furnished goods to a dealer at any time
within four months of the presentation of
the dealer's petition in bankruptcy is en-
titled to retain payments on account of the
value of such goods, and then prove up his
claim for goods furnished prior to the date
of the bankrupt's insolvency.
In taking this new view of the law, it is
argued by the Supreme Court that when
the net results of the transactions taking
place after the bankrupt becomes insolvent
is to increase his estate, the payments
made cannot properly be regarded as pref-
erences within the meaning of section 57g
of the National Bankruptcy Law. The de-
cision completely upsets the practice of
11
bankruptcy courts of original jurisdiction,
which have held with practical unanimity
that all payments received within four
months of the filing of a bankrupt's petition
must be surrendered in order to entitle the
creditor to prove the remainder of his
claim.
SALE OF A. B. CAMERON PROPERTY.
Lloyd M. Howell, the receiver of the A. B.
Cameron Mfg. Co., bankrupt, announces that
the personal property belonging to the estate
of the above-named bankrupt, consisting of
the machinery, materials, lumber, office furni-
ture, pianos and cases in course of construc-
tion, and all other personal property belong-
ing to the estate of the above-named bank-
rupt, now located at the factory at 229-241
Borden avenue, Long Island City, Borough
of Queens, New York city, New York, will
be sold under an order of the court as fol-
lows : Sealed bids will be received by the
receiver at his office, on the 4th day of June,
1903, at 10 a. m. Such bids to be made as
follows, viz.:
All bids to be sent to the receiver in sealed
envelopes, endorsed "Bid for A. B. Cameron
personal property," and accompanied by a
certified check or cash for ten per cent, of the
amount of the bid.
The machinery, materials, etc., may be ex-
amined and inspected at the premises on the
28th and 29th days of May, 1903, between
the hours of 10 a. m. and 4 p. m. In the
event that the receiver shall reject any of the
bids submitted for any portion or portions of
the said property in accordance with the fore-
going, then the said portion or portions of
the said property, the bids for which shall
be rejected by the said receiver, and also all
the personal property belonging to the estate
of the said bankrupt for which no bids shall
be received by the said receiver, will be sold
by J. W. and W. H. Reid, United States
auctioneers for the Eastern District of New
York in Bankruptcy, on the 8th day of June,
1903, at the premises, 229-241 Borden ave-
nue, Long Island City, Borough of Queens,
New York city, New York, at 10.30 a. m.
PIANO FACTORY IN MECHANICVILLE.
[Special to The Review.]
Mechanicville, N. Y., May 25, 1903.
It is generally understood here that the
syndicate which bought the five-acre plot of
ground in the south part of the village intend
to erect a large building in the near future
for the manufacture of pianos. The factory
will employ 100 skilled mechanics. The
property adjoins the Delaware & Hudson R.
R. and is therefore most conveniently located
for shipping purposes, for Mechanicville as a
railroad center has few rivals in the country
for a village of its size.
The piano factory when built will, it is
reported, be four stories in height and will
cover considerable ground space, it will be
connected with a switch track with the D.
&H.
RECEIVING CONGRATULATIONS.
William H. Daniels and Robert L. Loud,
piano dealers of Buffalo, are in receipt of
numerous telegrams from different piano
dealers and manufacturers throughout the
country congratulating them upon the suc-
cess of the recent convention of piano dealers
and manufacturers held in that city.