604 
THE RURAL NEW-YORKER 
May 4, 
PUBLISHER’S DESK 
You certainly furnish us plenty of “fresh 
goods” every week, and anyone who reads 
and thinks and acts should reap 100 times 
the cost every year from this investment. 
No middleman’s profit in this $1. c. e. b. 
Ohio. 
We are trying out an experiment. 
First, do we know the kind of service 
a farmer needs and wants? Second, do 
we give that service. Third, will enough 
farmers recognize and voluntarily 
patronize such a service when it is 
available to them? Our only hope is 
to render the service, and it is an ele¬ 
ment of encouragement to have these 
words of appreciation. 
As long as The R. N.-Y. is as good as it 
is now, as fearless in defense of the rights 
of the farmers and as outspoken as it is in 
regard to frauds and thieves, I expect to 
continue one of your subscribers. I love 
The It. N.-Y. for, among other things, the 
enemies it has made. I am pleased to see 
the vigorous, virile and powerful support you 
are giving the cause of parcels post. If at 
any time I overlook renewing do not strike 
my name off the list, but notify me that my 
paid-up subscription has expired and I will 
give the matter attention. f. b. y. 
Ohio. 
A letter like the above is an encour¬ 
agement no matter who it comes from. 
When as in this case it comes from 
a man who has raised fruit growing to 
the dignity of a profession and the 
importance of a business enterprise, it 
is a real inspiration. 
The It. N.-Y. is a good foresight, and 
with the book "Hind-Sights” a man ought 
to get along all O. K. J. w. b. 
Missouri. 
The combination certainly gives a per¬ 
spective both ways—back and forward. 
The Gardner Nursery Company, Osage, 
Jow'a, having apparently exhausted its 
$1.15 gold watch scheme, is now revert¬ 
ing to its old “model advertising orch¬ 
ard” fake. On a casual reading of the 
long circular you might get the impres¬ 
sion that Mr. Gardner was about to 
make you a present as he asserts; but if 
you read carefully and reason wisely, 
you will see that all the pretenses about 
gifts and advertising, and tests are mere 
subterfuges to induce you to send $10 
for a lot of plants that you would not 
think of buying on a straight frank 
proposition. Any reasonable person 
knows that Mr. Gardner simply wants 
to sell the list of stuff for $10, and that 
is all there is to it. The unfortunate 
part of it is that he will catch inexperi¬ 
enced growers. And with all the fakes 
he is able to boast that farm papers and 
other journals that guarantee their ad¬ 
vertisers back up the scheme, which to 
any experienced grower is a fake on the 
face of it. Every farmer is interested 
in clean and honest advertising. A par¬ 
ticular farmer may not get caught on 
this particular scheme; but he may be 
taken in on some other. Realizing this, 
honest men interested in advertising 
propositions are now forming clubs 
among themselves to fight the advertis¬ 
ing rogues. Farmers can help protect 
their own interests by protesting to the 
farm papers which carry deceptive and 
fake advertisements. 
In your issue of May 14, 1910, you gave 
a very comprehensive analysis of the condi¬ 
tion of the American Real Estate Company. 
I would greatly appreciate it if you would 
give your present opinion based on the cur¬ 
rent statement enclosed in your valuable 
paper. G. H. s. 
Connecticut. 
The total value of real estate and im¬ 
provements is given as $22,310,507.36. 
Other assets coming under the head of 
personal property $1,823,733.03, making 
total assets $24,134,240.39. 
The real estate is subject to mort¬ 
gages amounting to $10,179,833.18. The 
company has outstanding bonds and 
certificates amounting to $11,808,343.32. 
Other obligations amount to $69,476,54, 
making a total indebtedness according 
to this statement of $22,057,653.04. The 
surplus or net is given at $1,976,587.35 
after allowing for the $100,000 of stock 
which figures as a liability in book¬ 
keeping accounts. 
The first thing to observe is that the 
values of assets are practically all esti¬ 
mates, and for the purpose of an ex¬ 
perienced investor are not accepted 
without qualification and verification. 
Before an experienced investor would 
even take a mortgage on the real estate, 
he would demand a list of it with the 
location and description of each piece, 
and an appraisal by an expert selected 
by himself. This appraisal would be the 
basis of loan and the cost of the ap¬ 
praisal would be paid by the company. 
This would be the position of a capitalist 
who was putting his money into a first 
mortgage. Why should not the small, in¬ 
experienced investor all the more de¬ 
mand such an appraisal for money loaned 
on the bond or certificates which in effect 
are long-time notes of the company 
without any other lien on the property 
whatever? These obligations of bonds 
or notes amount to over $10,000,000. 
They carry six per cent, interest. They 
are sold through advertisements and 
agents which could hardly cost less 
than an average of one per cent, more, 
so that the cost of the company would 
be seven per cent. The mortgage rate 
for money is four, four and a half and 
five per cent. So that economy in 
financing would require that all the 
money possible be first borrowed on 
mortgage at these rates before money 
was borrowed on the credit of the com¬ 
pany at seven per cent, or possibly 
more. 
There are probably two dozens of 
concerns operating in and around New 
York City on this plan. Some of them 
are swindles pure and simple, others are 
fairly conservative, but all of them when 
not pure swindles, are highly specu¬ 
lative. In case under review, anyone 
can see that there is less than 10 per 
cent, of a surplus, accepting the esti¬ 
mate of value as it is. There is 90 
cents of definite debt for every dollar 
of estimated value. How much would 
you loan a land speculator in your own 
town on a note when you knew that 
his present mortgages and debts 
amounted to 90 per cent, of the esti¬ 
mated value of his total holdings? You 
must remember that every foot of this 
property could be sold independent of 
the bond holders. The eleven million 
mortgage would have to be paid; but 
the bonds or notes would come in like 
other debts, afterwards. We think 
many inexperienced investors get an 
idea that these bonds are a lien on the 
real estate. That is why we are at so 
much pains to show them that they are 
nothing of the kind. In such instances 
the small loaner takes all the chances 
of the speculation. If by any chance 
the concern succeeds, the promoters 
get the profits. If the speculation fails, 
the small investor loses. Ten per cent, 
is a small equity in New York real 
estate. Different experts will often 
make a greater variation in appraisals. 
The land in some sections may increase 
in value, but the buildings are constantly 
deteriorating, and in some sections of 
the city land values are less than 10 
years ago. The appraisals of this 
property may be all right but everybody 
knows that the tendency would be to 
make them high enough to cover the 
liabilities. To do otherwise would be 
equivalent to an admission of insol¬ 
vency. The only way to be fairly 
certain is to get your own appraisal. 
I think j’ou are doing a great thing 
for the farmers in exposing all crookedness. 
But why do the farmers have to suffer 
by the hand of schemers any more than 
other people? Perhaps they do not, hut 
we hear more about it. w. B. 
The farmer does not suffer more than 
other people from schemers. They 
probably suffer less. Games are suc¬ 
cessfully worked in the city that a 
farmer would see through at first sight. 
Still there always has been and proba¬ 
bly always will be crooked schemes 
worked in the country districts and 
many of them are cunningly devised. 
We cannot stop them entirely. They 
are as old as human nature. We simply 
want our people to recognize them, and 
being forewarned, avoid them. 
If consistent could you give mo any 
information in .regard to the value of Mar¬ 
coni stock. Through the death of a relative 
I had a few shares of this stock left me, 
and any information you could give would 
be very much appreciated. g. s. t. 
New York. 
There have been wide variations in 
the price of this stock of late, going all 
the way from $45 per share to $350, and 
in one day dropping back to $150. The 
company is to be reincorporated for 
$10,000,000, those holding old stock to 
receive an equivalent of stock in the 
new company. What the new stock will 
sell for on the market is a matter of 
speculation. No one can know, but the 
sudden variations of the old stock indi¬ 
cates an attempt to manipulate the mar¬ 
ket. While I would not attempt to ad¬ 
vise others, if I held the stock, when 
it was soaring so high I should certainly 
have cashed it in. 
The new compan}^ has taken over the 
assets of the defunct United States 
Wireless on the basis of one share for 
two, and an additional cash assessment 
of 50 cents per share on the old hold¬ 
ings. This was brought about not by 
any of the old promoters, some of whom 
are in jail, but by an independent com¬ 
mittee which attempted to conserve 
what was left, and it looks now as if 
it would be wise for the holders to pay 
the 50 cents per share and take their 
quota of the new stock. j. j. d. 
AM Goods 
BUY FROM THE MAKER AND 
Money Back 
Guaranteed 
SAVE DEALER’S PROFIT 
on Demand 
The B altimor E Co. 
la® COOPERAGE 
26 S. Liberty manufacturers BALTIMORE, MD. 
Tanks, Towers, Silos, Windmills, Pumps, Gasoline Engines, Motors 
and Every Kind of Equipment for Supplying Water 
WRITE VS VOVR WANTS TO-OAT QUICK SHIPMENTS 
The “Noweto” 2-H. 
Cooled Gasoline Engine, 
complete as shown in cut, 
P. Water 
$ 49.00 
“Simplex” Water System, this hand 
power system of water supply with 
ample pressure to supply AH 
the home with water for 
Same outfit with Gaso- Q4 
line Engine for - - - - /UvU 
Use this system for sixty days at 
our expense. If not found as rep¬ 
resented, money will he 
promptly refunded 
1000 Gallon Cedar 
or Cypress Tank 
with 20 foot Steel 
Tower, complete as 
shown in cut, for 
$ 69.00 
Guaranteed for five 
years. 
We make all other 
sizes equally as low 
in price. 
Hand and Power Pomps 
100 Gallon Cypres* Tank 
Just the thing for 
the farm. 
Can be used as a 
Sprayer by adding 
Solid Cover for $3.00 
extra. 
Shipped whole, 
ready for use. Best 
value ever offered 
at price. 
Spraying Tank 
100 gallons 
capacity. 
Complete 
like cut 
NOTHING CHEAP ABOUT OUR 
WRITE FOR CIRCULAR 
GOODS BUT THE PRICES 
PRESERVE THIS ADVT . 
RIFE 
RAM 
Water In Quantity 
all over your farm-house, field 
or barn—pumped without cost or 
trouble for you by 
an automatic Rife 
---- Ram. Raises 
^water 30 feet for each footof fall 
r— no trouble or pumping expense. . 
I Satisfaction guaranteed. Booklet, 
I plans, estimate, FREE. 
| RIFE ENGINE CQ.,2420 Trinity Bldg, H.Y. 
PERFECTION 
STABLE EQUIPMENTS 
If you want the Best Stanchion, 
Manure Carrier. Stall or Manger 
Partition or Water Basin on 
the market, write the 
| STANLEY C. SWIFT MFQ. CO. 
Box u, Cuba, K. Y. 
I Merit not in Ad., but in the goods. 
Bd EXCELSIOR SWING STANCHION 
Waurantkd The Best. 30 Days’ Tkiai. 
Unlike all others. Stationary when open 
Noiseless Simple Sanitary Durable 
The Wasson Stanchion Co., 
Box GO, Cuba, N. Y. 
Harvey Bolster Springs 
I prevent damage to eggs, garden truck, fruits, live stock I 
Ion road to market. Make any wagon a spring wagon. Soon! 
[save cost—produce brings bigger prices—wagon lasts I 
|!ongcr—horses benefited—thousands in use—“my wagon | 
rides like auto” says one. Get a pairat dealers. 
If not at dealer’s write us. Insist on Harvey’s. 
I 40 sizes—lit any wagon—sustain any load to 
10,000 lbs. Catalog and fistful of proofs free. 
HARVEY SPRING CO.. 71617th St., Racine, Wis. 
GUARANTEED 
S AVE YOUR BACK 
Save time, horses, work 
and money by using an 
Electric Handy Wagon 
Low wheels, broad tires. No 
living man can build a better. 
Book on “Wheel Sense” free. 
ELECTRIC WHEEL CO. Box48, Quincy, ill. 
LABOR-SAVING 
m 
BARN EQUIPMENT! 
Porter Hatter Carriers, 
Porter Peed Carriers, 
Sanitary Steel Stalls, 
Perfect Cow Stanchions, 
Barn Door Hangers, 
llay Carriers, Porks, Pulleys, 
Hay Slings, etc. 
The most complete and UP-TO-DATE 
line made in the U. S. 
New Illustrated Catalogue Mailed Free 
Upon Request. 
J. E. PORTER CO., OTTAWA, ILL. 
Why Don’t You Drop the Old Hoe? 
The Acme Corn Planter has a “hang” other 
planters lack. The seed box, being centered, 
gives balance. Handy to either right- or left- 
handed men. The drop is accurate and can 
be changed by the i humb-screw. 
I AIMP Corn and Potato 
ACME PLANTERS 
The Potato Planter does away with stiff backs. 
Plants at an even depth. Leaves the ground level. 
Write for FREE Booklet. “The Acme of 
Potato Profit,” and name of nearest dealer. 
If -he is not handy to you, we will ship, prepaid, 
on receipt of price. 
POTATO IMPLEMENT CO. 
301 Front Street, 
Traverse City, Mich. 
Insist on planters with 4 
this trade mark. $ IDO 
