The delicate cornet playing on this record is the work of Jimmy McPartland, most often remembered for his association with the Austin High Gang. He idolised Bix, replacing him in the Wolverines.
On first hearing, his playing here sounds similar to Bix's, yet McPartland's own musical approach is evident on closer inspection. While there are similarities in tone and articulation, the phrasing is different - McPartland serenades us directly, while Bix's solos often give the impression we are eavesdropping on an altogether more private world.
In the interests of comparison, here's Bix playing Way Down Yonder in New Orleans: