460 
THE RURAL NEW-YORKER 
March CO, 
PUBLISHER’S DESK 
Fanners who are being urged by Her¬ 
bert Myrick, of Springfield, Mass., 
through the mails and canvassing agents 
to invest their savings in stocks of his 
companies will be interested in the fol¬ 
lowing extract from “Farm, Stock and 
Home,” a prominent farm paper of 
Minneapolis, Minn.: 
During the Summer of 1910, Mr. Myrick 
and his company purchased a semi-monthly 
publication. “The Minnesota and Dakota 
Farmer,” of Brookings, S. D. The consid¬ 
eration was $40,000 in stock, shares $100 
each, in a corporation known as the North¬ 
western Orange Judd Company, organized 
under the laws of Minnesota. This stock 
had the endorsement of the Orange Judd 
Company of New York, guaranteeing six 
per cent interest per annum until October 
5, 1915, and an agreement on each certi¬ 
ficate that the stock of the Northwestern 
Orange Judd Co. would be repurchased any 
time prior to October 5, 1915, by the Orange 
Judd Company of New York, for $100 per 
share with any interest accrued thereon, 
upon six months’ notice in writing by reg¬ 
istered mail to the New York office. 
On Oct. 21, 1910, Mr. C. D. Kendall be¬ 
came the owner of 22 shares of stock of 
said Northwestern Orange Judd Company. 
On Nov. 15, 1910, Mr. Kendall gave notice 
in writing by registered mail that he wanted 
to sell his stock under the guarantee and 
tendered the certificates properly endorsed. 
Mr. Kendall alleges and claims that no 
part of the $2,200 has been paid and en¬ 
tered suit in the Hennepin County, Minne¬ 
sota, District Court. Mr. Myrick was served 
with papers Sept. 1, 1911, personally, at 
the office of the “Northwest Farmstead” in 
Minneapolis, but the merit of the suit has 
not been decided because Mr. Myrick claimed 
the service was irregular and “said guar¬ 
antee, if any there was, on which said 
alleged claim is based, was not executed 
and was not to be performed in the State 
of Minnesota.” The lower court decided 
against his contentions and the case has 
been appealed to the Supreme Court. 
In the meanwhile another corporation was 
formed under the laws of South Dakota, 
called the Northwest Orange Judd Co., capi¬ 
tal stock. $500,000. It was announced as 
having absorbed the "Minnesota and Da¬ 
kota Farmer,” that the new publication 
would be issued weekly and called the 
North West Farmstead. 
It is somewhat bewildering to follow the 
various corporations under the guidance of 
Mr. Myrick, but it looks as if this “North 
West Farmstead,” with its $500,000 capital 
stock, has, so far as known or can be dis¬ 
covered, cost Mr. Myrick and his officers 
only $40,000 worth of stock in the North¬ 
western Orange Judd Co., of Minnesota. 
Mr. Myrick under oath deposes “that the 
interest and only interest which the Oi’ang'e 
Judd Co. of New York has in the Farmstead 
is a contract whereby the Orange Judd Co. 
of New York is to print and publish the 
Farmstead for a stipulated percentage as a 
manufacturers’ profit and the North West 
Orange Judd Co. of South Dakota is to 
pay and make good this percentage if the 
profit does not reach the sum agreed upon.” 
This was sworn to on the 4th day of Octo¬ 
ber, 1911. 
In the literature sent out from Minne¬ 
apolis asking farmers and others to buy 
stock, he says the Orange Judd Co. of 
New York guarantees six per cent, annually 
on the stock of the Farmstead Company in 
direct opposition to his sworn statement 
that the New York Orange Judd Co. has no 
interest in it except to publish it for a stip¬ 
ulated manufacturing profit. 
“Farm, Stock and Home” has no quarrel 
with Mr. Myrick, and the only reason the 
above facts are published is that we think 
it proper and just to let any of our readers 
who have been solicited to join with Mr. 
Myrick, have no reason to complain that 
they were not fully informed if they invest. 
Our information is that the agreement 
was to pay cash for the purchase price 
of the paper, but the sellers were in¬ 
duced to hold stock guaranteed by the 
Orange Judd Co., in lieu of the cash 
while adjustments were being made. In 
circulars before us Mr. Myrick says the 
new company was organized for $1,000,- 
C00, and that $750,000 of this went into 
the treasury of Orange Judd Co. at once 
in purchase of some expired subscrip¬ 
tions of his other papers, and this publi¬ 
cation. It seems from the certificates 
that the capitalization of the new com¬ 
pany was $500,000. 
Ag a lesson in frenzied finance this 
Northwest deal seems to cap the climax. 
Mr. Myrick’s cash investment would 
seem to be his lawyer’s fee, and the 
printing of stock certificates, carfare, 
and incidentals. Of the 5,000 shares, the 
old owners got 400, and Mr. Myrick had 
the 4600 remaining. In other words, the 
old owners gave up ownership and con¬ 
trol of their property in exchange for 
a minority interest of less than one- 
tenth of it. Mr. Myrick gets more than 
nine-tenths of it which cost him only 
lawyers’ fees and a little printing. Of 
course the redemption of the stock was 
guaranteed, but Mr. Myrick repudiates 
the guarantee, and the holders of the 
stock must go to the expense of a suit 
to enforce their claims. But this is not 
all. Mr. Myrick is putting in a claim of 
$100,000 against the old owners as an 
effect of their suit, and he is selling 1 the 
remaining stock to farmers at $100 per 
share as a first-class, safe investment. 
This stock is also guaranteed by the 
Orange Judd Co., which repudiates the 
guarantee of the stock issued to the old 
owners of the “Minnesota and Dakota 
Farmer.” It will be seen that Mr. My¬ 
rick could sell 2,000 shares of this stock 
to farmers at $100 per share, and, if the 
stock is already issued to him, put $200,- 
000 cash into his pocket, and yet own a 
controlling interest in the company and 
run it to please himself. One of his 
other companies does the printing and 
probably the publishing. Expense and 
salaries could be arranged to adjust 
balances of loss or gain. Isolated farm¬ 
ers with a share or two could not afford 
to go to law to enforce the guarantee, 
as these business men of the Northwest 
have done, and if Mr. Myrick or his suc¬ 
cessor chose to repudiate the guarantee, 
and omitted dividends on the stock, the 
minority shareholder would have no re¬ 
dress short of suit. 
As the record stands, it seems this 
stock cost Mr. Myrick practically noth¬ 
ing, but if he is forced through the 
courts to redeem the stock on the guar¬ 
antee, and pay the $40,000 in cash, the 
cost to him even then would only be 
eight cents on the dollar. For every 
share sold to a farmer at $100 he would 
make a clear profit of $92. 
Like “Farm, Stock and Home,” The 
R.N.-Y. has no quarrel with Mr. My¬ 
rick or his papers. We have no quarrel 
with any promoter or even with any 
crook. When it appears that our sub¬ 
scribers are not in danger from them 
we pass them by unnoticed. We try to 
recover money unwisely invested in 
them, but our chief concern is to give 
our own subscribers information that will 
protect them from disappointment and 
loss. As a farm paper, publisher and ed¬ 
itor, it may be assumed that many farmers 
would have confidence enough in Mr. My¬ 
rick’s representations to make small in¬ 
vestments in them without investigation. 
Heretofore he has given no information 
that an experienced investor would ac¬ 
cept as a basis for values. Now the 
value has been questioned, and one of 
tlic guarantees repudiated, it seems only 
fair that Mr. Myrick should furnish a 
statement of assets and liabilities, also 
of earnings and disbursements, to show 
the actual value behind the securities he 
is offering farmers in exchange for their 
savings, and also a statement of his 
position in reference to the guarantees 
in defense of his good faith. The R. 
N.-Y. does not accept promotion scheme 
advertising, but it will gladly donate to 
Mr. Myrick space for such a statement, 
verified by himself. 
I enclose circular of Todd Laboratory 
Co., Philadelphia, Pa., which came to mo 
by mail. It is evidently a fraud and 
should he exposed. I did not bite. 
Pennsylvania. c. s. b. 
This concern claims that it has pre¬ 
scriptions for a number of patent or 
proprietary medicines that have won¬ 
derful curative properties. Their 
scheme is to sell stock of the company, 
and make you rich quick through the 
sale of the medicines. It is really won¬ 
derful that people who have the means 
of making you rich quick, and are anx¬ 
ious to do it, should not employ some 
of the schemes to relieve themselves of 
the trouble of persuading you to turn 
your savings over to them. If they had 
to work for a living they would prob¬ 
ably find it just as hard to save a dol¬ 
lar as the rest of us. 
Creditors of the New York Central Realty 
Co. took steps early this week to petition 
the corporation into bankruptcy. Their i 
action makes it appear that the recent 
efforts on the part of some of the bond¬ 
holders to maintain the company as a sol¬ 
vent and gointr enterprise have failed of 
success. The attorneys place the liabilities 
at $130,000 and the assets at $30,000.— 
Financial World. 
Talk of reorganizing such concerns 
is wasted breath. These promoters get 
an option for the purchase of some land 
under a contract for, say, $100,000, to 
be paid $20,000 in cash and $80,000 pur¬ 
chase money mortgage on the land. 
Then a company is organized for, say, 
$500,000, and probably a bond issue au¬ 
thorized later for $40,000 more or less. 
The property is then deeded to the pro¬ 
moters, who sell it to the new company, 
taking the entire $500,000 stock in ex¬ 
change. The dear public is then let in 
on the ground floor for these stocks and 
bonds at par. The $20,000 payment 
comes out of the proceeds. More mon¬ 
ey is paid to companies controlled by 
the promoters to lay out a few streets 
and sidewalks, for automobiles and other 
promotion luxuries, and when the inevit¬ 
able day of reckoning comes the “suck¬ 
ers” get a long, typewritten letter explain¬ 
ing the effects of panic and dullness in 
real estate, and urging them to send in 
more money to protect their property. 
This is a general plan. The details 
differ in individual cases, but the gen¬ 
eral result is always the same. The 
victim who sends good money for the 
bad plays the sucker the second time. 
If I put my farm in two or three real 
estate agents’ hands and one sells it, can 
the others collect fees or commissions? 
Connecticut. f. h. s. 
Not unless you make an agreement or 
sign a contract to do so. 
I am in receipt of $9 from the Atlantic 
Coast Line for loss of oranges in 1910. 
This was evidently pigeonholed in the Claim 
Department and might have in its narrow 
coll forever laid but for the kind efforts 
of The II. N.-Y., and certainly I appreciate 
your successful endeavors. I thank you 
cordially. e. e. t. 
Florida. 
In December, 1910, this subscriber 
sent 26 boxes of oranges to a Phila¬ 
delphia commission house. Only 22 
boxes were delivered. Because of the 
different companies handling this ship¬ 
ment the tracing was rather compli¬ 
cated. The commission house wrote us, 
“If you can get this from the transpor¬ 
tation, you are a good one.” We got it; 
but the adjustment was not made until 
a year and three months after shipment. 
That may not be a tire-out policy, but it 
is certainly a tire-out process. 
I have just received and read most of 
your book on “Hind-Sights” and am so well 
pleased with it I have thought it would be 
fine to get up a 30 to 40 minute lecture 
from it for use at farmers’ institutes. May 
I have you permission to do so? 
INSTRUCTOR. 
This book was prepared exclusively 
for the information and benefit of farm¬ 
ers and country people generally. There¬ 
fore the above suggestion is along the 
line of our own purpose. We are glad 
to have any use made of the informa¬ 
tion that will make it more useful in 
protecting the feelings and savings of 
the people. I believe that there is no 
question more important to the people 
of this country to-day than the suppres¬ 
sion of tricksters and rogues, not alone 
for the sake of saving the money they 
extract from the people; but because of 
the moral effect on the community. A 
people who would tolerate rogues and 
swindlers is doomed. We must not let 
our children get the notion that it is 
easier and equally as safe to earn a liv¬ 
ing by swindles as by work. By all 
means give the people information at 
the farmers’ institutes that will pro¬ 
mote both their material and moral wel¬ 
fare. j. j. D. 
There is good money in those trees on the 
wood lot. Do you know how to get it? All 
you need is an “American ” Saw Mill which 
you can run with the farm engine to cut that 
standing timber into first class lumber. It 
is easy money with an “ American ” Mill, 
which cuts more lumber with less power 
and at less cost than any other. Your 
neighbor has timber, too. Cut it for him 
with your “ American ” Mill. You will both 
make money that way. “Making Money 
Off the Wood Lot ” is a book which tells 
you all about lumber cutting. We want 
you to have a copy. Ask us for it. Write 
to our nearest office. 
American Saw Mill Machinery Co. 
129 Hope Street, Hackettstown, N. J. 
1582 Terminal Building, New York 
Chicago—Savannah—New Orleans 
MILK BOTTLES 
Perfect cap seats, color, weight, 
annealing, capacity, thickness and 
even distribution guaranteed : : : 
WISNER MFG. CO. 
230 Greenwich Street, New York 
COOK YOUR FEED and SAVE 
Half the Cost—with the 
PROFIT FARM BOILER 
With Dumping Caldron. Empties 
ite kettlein one minute. Xhesimplcst 
and best arrangement for cooking 
food forstock. Also make Dairy ana 
Laundry Stoves, Water and 
Steam Jacket Kettles, Hog 
Scalders, Caldrons.etc. I^*Send 
for particulars and ask forcirculat- J. 
D. K. Sperry & Co., Batavia, III. 
Don’t Pay for This Sheep Shearing 
Machine Until You See and Examine it 
Most dealers have it. If yours hasn’t, ask him to get one for you, and when It comes 
have it set up and try it. If you are convinced that it is what you want, buy it and try it on 
your 6hcep with the distinct understanding that it must do th* work O. K. or no sale. 
This STEWART BALL BEARING MACHINE No. 9 
is just the easiest of all shearing machines to turn. 
A boy can run it all day without tiring. It is ball 
bearing throughout, including a ball bearing shearing 
bead, shears quick and evenly all over. 
The price including four sets of knives is only $ 1 1 .50 
It is really a wonderful machine and you * * "™" 
will be agreeably surprised at the work it does. 
Get your dealer to send now, or if you prefer send $2 
and we will ship C. O. D. for balance and you may try the 
machine and if not satisfied we will refund all you paid out. 
Send for copy of new 1912 catalague and Expert In* 
structions on shearing sheep. 
CHICAGO FLEXIBLE SHAFT COMPANY 
143 La Salle Ave., CHICAGO 
What Is Your Ideal of a Binder? 
If it is a binder that performs every duty in the correct 
manner, and at the right time, and does not have one 
unnecessary piece on it, then the JOHNSTON “CONTI¬ 
NENTAL” BINDER is your ideal. 
This name—JOHNSTON—on farm machines has stood 
for Quality throughout the entire development of modern 
implements. It carries with it a guarantee of strength, 
endurance, capacity, simplicity, service—all summed up in 
the one word—Efficiency. 
JOHNSTON 
Farm Machines 
constitute a complete 
line of farm implements 
every one of which is 
built from the farmer’s 
point of view. We 
sacrifice nothing to 
maintain our present 
supreme position 
among farm machine 
builders, but we are 
strong on simplicity. 
In the JOHNSTON 
“ CONTINENTAL” 
BINDER are more 
features that gratify 
the farmer than in any other make. It is a 
common thing to see a user of a “ Conti¬ 
nental” “preaching” its virtues to his 
neighbors. The one piece steel frame, 
dust-proof steel roller bearings, steel angle 
cutter-bar, easy control of all parts, extra 
quality canvas, the tying mechanism 
and trip in the “Continental” make 
up the binder that sur¬ 
passes all others. 
Get acquainted with a "Johnston.” Wrltt 
today for free catalog. A postal will do. 
Johnston Harvester Co., Box 100-A, Batavia, N_Y. 
