“ If each of such payments is a preference under the act, is it to be set off under § 60c [1] of the act by deducting subsequent sales therefrom, carrying forward to the next payment any excess of preferences, but not of sales, treating any excess of preferences as thus ascertained as a sum to be surrendered before the allowance of the creditor's claim?'
The first question is answered in the negative on the authority of Jaquith v. Alden, 189 U.S. 78, 47 L. ed. 717, 23 Sup. Ct. Rep. 649; and the second need not be answered. ”