734 
■Uhe  RURAL  NEW-YORKER 
May  G,  1916. 
PUBLISHER’S  DESK 
It  lias  come  at  last.  It  was  inevitable 
from' the  start.  The  American  Real  Es¬ 
tate  Company  is  in  the  hands  of  a  re¬ 
ceiver.  Ten  years  ago  we  refused  the 
advertising  of  this  concern,  and  predicted 
what  has  now  happened,  and  cautioned 
small  investors  against  its  debenture 
bonds.  Year  after  year  since  we  have 
kept  our  people  advised,  and  annually  or 
oftener  repeated  the  warning.  The  ad¬ 
vertising,  however,  was  accepted  regu¬ 
larly  and  published  almost  continuously 
by  many  of  the  high-class  magazines  and 
literary  and  religious  publications  of  New 
York.  Some  of  them  commended  the 
company  editorially  and  disputed  our  es¬ 
timates  and  analysis  of  conditions. 
The  company  bought  real  estate  in  New 
York  City  and  suburbs  subject  to  heavy 
mortgages,  and  borrowed  the  money  to 
pay  the  balance  on  notes  of  the  com¬ 
pany,  which  they  called  gold  bonds.  These 
bonds  or  notes  ran  10  to  20  years  at  6 
per  cent.  Some  of  them  were  paid  in  in¬ 
stallments.  the  investor  agreeing  to  pay 
in  a  definite  amount  monthly.  The  con¬ 
tract  provided  that  the  investor  incurred 
a  loss  if  default  were  made  iu  the  pay¬ 
ments. 
The  real  estate  holdings  were  appraised 
at  .$22,098,000,  and  the  mortgages  and 
notes  about  equal  the  appraisal.  With 
any  knowledge  of  real  estate  investments 
in  New  York  it  did  not  require  much 
prophecy  to  see  that  property  bought  en¬ 
tirely  on  borrowed  money  would  sooner 
or  later  come  to  grief.  It  was  simply  a 
question  of  how  long  small  investors 
would  continue  to  accept  promises  in  ex¬ 
change  for  their  money.  A  number  of 
the  note  holders  have  recently  demanded 
payment  on  mature  notes.  These  evi¬ 
dently  could  not  be  replaced  and  a  re¬ 
ceiver  was  the  only  recourse.  If  forced 
to  a  prompt  settlement,  the  property 
would  have  to  be  sold,  and  the  note  or 
bond  creditors  would  fare  badly.  With 
the  expenses  of  a  receivership  they  will 
not  fare  any  too  well  at  best.  They  will 
have  to  wait  now  for  both  interest  and 
principal,  and  take  what  they  can  get. 
The  papers  that  published  this  adver¬ 
tising  have  a  responsibility  to  their  sub¬ 
scribers  that  cannot  be  satisfied  with  ex¬ 
pressions  of  regrets.  They  claim  respon¬ 
sibility  as  well  as  respectability,  and  (bey 
knew  that  the  chances  were  great.  They 
would  not  invest  their  own  money  iu  the 
promises  of  the  American  Real  Estate 
Company,  but  they  influenced  their  read¬ 
ers  to  do  so.  They  ought  to  make  up 
the  losses. 
Ou  November  24,  1914,  Bernard  Ball, 
a  live  poultry  dealer  in  New  York  City, 
was  murdered  in  West  Washington  Mar- 
kket  in  New  York  City.  Last  week 
Frank  Ferrara,  a  chauffeur,  and  Giuseppe 
Arichiello  were  convicted  of  tin*  murder. 
Several  other  Italians  are  under  indict¬ 
ment.  The  market  is  on  the  West  Side 
of  the  city,  and  the  Italians  belong  to  a 
gang  on  the  East  Side.  Ferrara  drove 
the  car  and  Arichiello  was  accused  of 
firing  one  of  the  shots  that  killed  Baff. 
It  is  a  part  of  the  evidence  that  the 
Italians  were  hired  to  do  the  killing.  Baff 
was  pi  hying  the  live  poultry  game  with 
the  other  wholesale  dealers,  a  dozen  or 
more  of  whom  were  in  the  penitentiary 
last  year;  but  Baff  played  more  success¬ 
fully  than  the  others.  A  large  sum  of 
money  was  raised  for  defensive  purposes, 
and  it  is  believed  that  the  Italians  got  a 
portion  of  it.  Several  other  murders  fol¬ 
lowed  In  an  evident  attempt  to  cover  up 
tracks  and  remove  evidence.  The  con¬ 
viction  of  the  Italians  is  thought  to  be 
only  a  step  in  the  pursuit  of  the  real 
murderers  who  instigated  the  crime  and 
paid  for  it.  Until  they  are  convicted  jus¬ 
tice  is  unsatisfied. 
I  am  enclosing  $1  for  my  renewal  to 
your  paper.  I  think  it  is  one  of  the  best, 
if  not  the  best  farm  paper  I  know  of. ^  I 
am  also  going  to  ask  a  favor  of  ymi.  Can 
rou  find  out  anything  about  M.  G.  Green 
it  Co.,  of  .829  Broad  street,  Lynn.  Mass? 
They  advertised  in  our  local  daily  just 
before  Thanksgiving,  and  again  for  about 
three  weeks  before  Christmas,  for  live 
poultry,  and  as  I  had  some,  and  was  not 
able  to  dispose  of  it  in  local  market  at 
the  time.  I  shipped  them  on  December 
20th,  09  lbs.  chickens  and  28*4  lbs.  old 
liens,  which  they,  according  to  ad.,  would 
pay  10  and  15  cents  per  lb.  for.  amount¬ 
ing  to  $15.82  in  all.  I  have  never  heard 
a  word  from  them  yet,  have  written  them, 
but  can  get  no  reply,  but  my  letters  do 
not  come  back,  so  think  they  must  get 
them  all  right.  Suppose  it  is  the  same 
old  story  of  getting  something  for  noth¬ 
ing.  F.  W.  A. 
Vermont. 
Thus  far  we  have  been  unable  to  get 
any  response  from  this  company,  which 
seems  to  be  a  one  man  concern  conducted 
by  Edward  J.  Moran.  .Tr.,  now  located  at 
81  Stickney  street,  West  Lynn.  Mass. 
We  do  not  expect  to  get  this  money 
without  suit,  but  the  experience  is 
enough  to  warn  readers  to  refrain  from 
making  shipments  to  Moran  or  the  Green 
Company.  Complaint  should  be  sent  to 
the  Post  Office  Department. 
Through  their  advertisement  in  the 
Country  Gentleman  I  got  into  correspon¬ 
dence  with  the  American  Farmers’ 
School,  at  Minneapolis.  They  did  not 
send  me  sample  lessons  as  per  advertise¬ 
ment.  but  I  finally  was  foolish  enough  to 
sign  a  contract  for  farm  manager  course, 
$110,  $5  per  month.  When  I  left - early 
last  Fall  I  notified  them  not  to  send 
more  lessons  until  1  notified  them  to,  as 
I  would  be  away  and  could  not  handle  the 
lessons,  but  they  continued  sending;  now 
they  claim  to  have  sent  more  than  I  re¬ 
ceived.  This  Winter,  after  I  bad  paid  iu 
$40.  which  was  several  dollars  more  than 
the  same  lessons  would  have  cost  by  the 
lesson,  I  wrote  them  that  I  was  not  at  all 
satisfied  with  their  lessons,  that  for  $1.50 
invested  in  a  good  book,  or  $1  in  a  good 
farm  paper  a  year  I  could  learn  more 
than  I  apparently  could  by  their  course. 
Under  the  circumstances  I  asked  them  to 
surrender  contract,  keep  what  I  bad 
paid  ;  1  would  send  in  all  lessons  which  I 
had  received  and  not  studied,  and  call  the 
matter  square.  This  they  refuse  to  do; 
say  1  must  take  and  pay  for  entire  course, 
and  then  if  not  satisfied  they  will  return 
money.  This  I  do  not  propose  to  do :  I 
know,  when  going  over  the  lessons, 
whether  or  not  they  are  any  good,  and  I 
do  not  care  to  waste  any  more  time  ou 
them.  One  thing  which  seemed  queer  to 
me  was  the  fact  that  as  soon  as  I  re¬ 
turned  contract  and  first  payment  the 
contract  was  at  once  sold  to  a  company 
in  Indianapolis  called  the  Republic 
Finance  and  Investment  Co.,  to  whom  I 
have  had  to  send  payments.  The  school 
now  says  the  matter  of  contract  is  out  of 
their  hands ;  they  have  no  further  interest 
in  the  financial  part  of  the  deal.  This 
struck  me  as  a  strange  feature,  and  in 
my  last  letter  to  them  I  suggested  they 
note  in  their  advertising  that  all  contract's 
would  be  immediately  sold  to  a  loan  com¬ 
pany.  j.  w.  c. 
New  Jersey. 
The  report  of  the  above  subscriber  is 
typical  of  those  who  have  been  induced  to 
sign  orders  or  contracts  for  correspond¬ 
ence  school  courses.  ,T.  W,  C.'s  estimate 
of  the  course  in  question  corresponds  ac¬ 
curately  with  our  own  conviction  regard¬ 
ing  correspondence  school  courses  gener¬ 
ally,  and  on  this  account  we  accept  no 
corresppndence  school  advertising.  We 
took  the  matter  up  with  the  American 
Farmers’  School  in  the  subscriber’s  be¬ 
half.  but  the  school  refused  to  cancel  the 
contract.  The  matter  dragged  along  un¬ 
til  the  beginning  of  the  present  year, 
when  court  summons  was  served  upon  the 
subscriber  to  appear  in  court  in  the  case. 
Rather  than  go  to  the  expense  of  attor¬ 
neys’  fees,  etc.,  to  fight  the  case,  lie  paid 
the  American  Farmers’  School  the 
amount  they  demanded.  The  subscriber 
no  doubt  was  wise  in  doing  so,  as  these 
contracts  are  drawn  in  such  a  way  that 
anyone  signing  them  is  liable  for  the 
full  amount  of  the  course  whether  or  not 
they  get  value  received  for  their  money. 
Our  purpose  in  publishing  the  facts  in 
this  case  is  to  warn  all  readers  that 
when  they  sign  orders  or  contracts  for 
correspondence  school  courses  they  will 
have  to  settle  for  the  amount  specified 
in  the  contract,  or  go  to  the  expense  of 
defending  their  case  in  court.  We  have 
at  the  present  time  complaints  of  a  sim¬ 
ilar  nature  from  other  subscribers — one 
signing  such  a  contract  with  the  Franklin 
Institute.  Rochester.  N,  Y„  and  the  other 
with  the  Sheldon  Correspondence  School. 
Chicago. 
Enclosed  find  card  and  correspondence 
from  Philip  Lambusta,  231  Hudson 
Street,  Newark,  N.  ,T.  The  crate  of  eggs 
was  shipped  in  June  and  I  was  to  have 
$9.50.  I  called  on  him  and  he  promised 
to  pay  hut  have  heard  nothing  from  him. 
I’ll  stand  any  charges.  S.  C.  B, 
Now  Jersey. 
No  adjustment  of  this  account  could 
be  obtained.  It  would  be  a  waste  of 
money  to  sue,  as  there  seem  to  be  no 
assets.  All  we  are  able  to  do  is  to  ueo 
it  ns  another  instance  showing  the  wis¬ 
dom  of  shipping  only  to  responsible  par¬ 
ties. 
How  Was  it 
Made? 
Scientific  methods  of  manu¬ 
facture  are  just  as  important  in 
building  a  suit  of  clothes  as  in 
making  an  automobile  or  a 
reaper  and  binder. 
t  Comfort,  satisfaction — all  that 
is  summed  up  in  the  word  “value” 
— depend  on  little  things  done  in 
the  factory. 
At  this  store  we  know  what  is 
back  of  the  clothes  we  sell  to 
men  and  young  men. 
We  have  traced  Clolhcraft 
quality  back  step  by  step  to  the 
searching  tests  of  material,  and 
the  improvements  in  manufac¬ 
turing  methods,  which  have  led 
to  steadily  increasing  worth 
through  70  years  of  experience. 
Come  and  sc-e  how  the  way 
Clothcraft  is  made  gives  you  the 
benefit  of  style,  comfort  and 
lasting  values. 
clothcraft  special  serges 
6g?£45  5w£45 
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By  using  INGERSOLL  PAINT  —  proved 
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[When  you  write  advertisers  mention 
The  Rural  New-Yorker  and  you’ll  get 
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MACHINE  MFC.  CO. 
Dept.  D,  Warren,  Pa..  U.  S. 
Rides  Like  An  Auto 
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STEEL  WHEELS 
Strong  and  durable,  because 
they  are  made  on  correct 
principles.  Thimble  skein  or 
straight  steel  axle,  we  fit  them 
all.  We  manufacture  Farm 
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Postal  card  request  will  bring 
you  our  Free  Catalog. 
HAVANA  MET  AT.  YVHEEI.  CO. 
Hoy  17.  llnvann.  Ill. 
Free  Box  of  Samples 
sent  to  your  station  charges  prepaid 
Delivered  prices  quoted  i  ou  request 
All  sizes,  2  inches  to  20  inches. 
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