1278 
PUBLISHER’S DESK 
Find inclosed account sales received from 
Olivit Bros., 335 Washington street, N. Y. 
They make no comments on delay nor any 
excuse for small price. I wired these peo¬ 
ple for prices on sweets; they quoted $1.25 
to $1.35 for good stock. I shipped them 
200 hampers of nice stock; in fact had 
it selected, and after keeping it for about 
40 days return for 25 cents less on hamper 
than inferior stuff sold on same day, 
and doubt very much they would have sent 
this much if you had not prodded them 
up. I only wish we bad more such papers 
as yours. C. R. H. 
Maryland. 
We wrote Olivit Bros, on January 
21 asking for explanation of the fact 
that the returns made the subscriber 
were at 90 cents per hamper, while they 
quoted $1.25 to $1.35, but have received 
no reply. Our experience with this 
house would indicate that it is an estab¬ 
lished policy to ignore complaints and 
inquiries regarding shipments. This sort 
of treatment of customers cannot fail 
to destroy quickly the enviable reputa¬ 
tion which Olivit Bros, once enjoyed. 
The American Correspondence School of 
Law, Chicago, Ill., offers me a three-year 
scholarship free. I enclose you the papers. 
If you think it all right, return the papers. 
If not, consign them to the waste basket. 
A second letter offers me a law dictionary 
if I matriculate at once. w. c. 
New Hampshire. 
This school must be in the business 
of philanthropy. See what they do for 
you. First, pay for advertising in high 
cost magazines. Second, write you sev¬ 
eral letters, and send you volumes of 
nicely printed circulars. Third, make 
you a present of a law dictionary. All 
free and for nothing on the face of it. 
They must think a lot of you. But 
wait. Suppose you sign up. The first 
thing will be a remittance for books, 
or blanks, or other supplies. Take our 
word for it, these people are not in 
business for their health, nor for your 
benefit. They are after your money, 
and if they do not get it one way they 
will try to get it in some other way. 
The literature goes into the waste bas¬ 
ket. 
THE RUKAb NEW-YORKER 
In a special message to the Legisla¬ 
ture, Governor Sulzer has pointed out 
the evils of the stock exchanges of this 
State commonly known as Wall Street 
promotions. Among other things he 
says: 
One of the most widespread of public 
grievances in connection with the purchase 
of stocks arises from false or fraudulent 
prospectuses, statements or advertisements 
regarding corporate securities. Under our 
law as it now exists it is difficult to bring 
to Justice persons who, by means of false 
and fraudulent statements, advertisements 
and promises, deceive and wrong the invest¬ 
ing public. These deceiving practices have 
been attacked under the federal laws for¬ 
bidding the use of malls for fraudulent pur¬ 
poses. 
1 recommend amending the law of this 
State so as to make it a criminal offence 
to issue any statement or publish any ad¬ 
vertisement as to the value of any stock or 
other security, or as to the financial condi¬ 
tion of any corporation or company issuing, 
or about to issue, stock or securities, where 
any promise or prediction contained in such 
statement or advertisement is known to be 
false or to be not fairly justified by exist¬ 
ing conditions. 
This official announcement in itself 
fully justifies all the space devoted to 
the show-up of these schemes in this 
department as a means of the develop¬ 
ment of public protest against such 
transactions, without regard to any sav¬ 
ings the cautions may have effected for 
our people. Laws along the lines here 
suggested by Gov. Sulzer, and efficiently 
enforced, would save millions of dol¬ 
lars annually to the people of this State, 
many of whom are frugal wage-earners, 
and practically all of whom are inexperi¬ 
enced investors of small savings. 
Lnst week Assemblyman Mark Goldberg 
of Albany, N. Y., introduced a bill in the 
New York Legislature to restrict the sale 
of bogus stocks and bonds issued by cor¬ 
porations. The title of the law is “An 
Amendment to the Stock Corporation Law 
in Relation to the Supervision and Regula¬ 
tion of Investment Companies.” This cor¬ 
responds to the so-called “Blue-Sky Law” of 
Kansas, frequently referred to in this de¬ 
partment. The new bill provides that all 
companies, persons or agents, who desire 
to sell stocks, bonds or securities, must 
submit such information to the State De¬ 
partment of Banks as will enable the De¬ 
partment to determine whether they have a 
bona fide proposition and one that Is worthy 
of the confidence and consideration of a 
New York Investor. The companies must 
satisfy the Department that the securities 
have some real value behind them, and they 
must obtain a permit before they can sell 
the securities in this State. Under the bill 
a State Securities Board is to be estab¬ 
lished, composed of the Governor, Lieuten¬ 
ant-Governor and State Comptroller. This 
board is to appoint an examiner of securi¬ 
ties together with deputies and assistant 
deputies. Before a corporation can offer 
its stock for sale in this State, it must 
file with the board a statement showing 
in detail the plan upon which it proposes 
to do business and an itemized statement 
of its actual financial condition. Detailed 
examinations can be held at any time to 
determine if the corporation is solvent or 
if its purposes are fair, just and equitable 
for the transaction of business, and if in 
the examiner's judgment it promises a fair 
return on the stocks, bonds and other secur¬ 
ities which it offers for sale. The exam¬ 
iner’s records must be open to public in¬ 
spection. The examiner is not permitted 
to recommend the securities of any partic¬ 
ular company. Agents promoting or selling 
the stock must register with the clerks of 
the county in which they sell and twice 
each year reports must be filed with the 
State giving the officers of the corporation, 
showing their financial condition, amounts 
of stock, assets and liabilities. Refusal 
to do so forfeits its right to do business in 
the State. Penalties are provided for false 
statements or false entries. 
This is an excellent measure. If 
adopted and enforced it will save the 
people of this State millions of dollars 
annually. Under its provisions an en¬ 
forcement of this proposed law would 
put a stop to the scandals that have vis¬ 
ited the publishing business in the last 
few years through the sale of worthless 
and inflated publishing company stocks 
and debentures. The Hamptons, Hig¬ 
ginses, Lewises, Curriers, Ellises and 
Myricks would have to show some ele¬ 
ment of value before they could sell 
their worthless or inflated certificates to 
frugal and inexperienced investors of 
this State. 
The Blue-Sky law of Kansas has been 
in effect about two years. Fifteen hun¬ 
dred companies applied for permission 
to sell their securities in that State, but 
when requested to answer the questions 
required by the Kansas Banking De¬ 
partment most of them disappeared 
without further parley, and only about 
one hundred of the applications were 
granted. The Governor of Kansas es¬ 
timates that two million dollars have 
been saved the people of Kansas through 
this law in the two years of its opera¬ 
tion. In New York State the savings 
would undoubtedly be many times this 
handsome sum. 
The American Farm Company, Buffalo, 
N.Y.-old. 
The American Seed & Silo Company, Buf¬ 
falo, N. Y.—Old. 
The Lake Erie Seed Company, Buffalo, 
N. Y'.—Old. 
The Equitable Audit Company, Lacka¬ 
wanna, N. Y., and Columbus, Ohio. 
The Universal Exchange Corporation, Co¬ 
lumbus, Ohio. 
The Conservation Company, Hampton, 
J. W. Woodruff, Columbus, Ohio. 
We are getting inquiries from Penn¬ 
sylvania and New Jersey about the pro¬ 
motion schemes of the above concerns 
under the management of J. W. Wood¬ 
ruff, who seems to be the controlling spirit 
in the new concern, as he was in the old 
ones. It will be recalled that some years 
ago Mr. Woodruff did considerable pro¬ 
motion of companies in the farm districts 
of New York, Pennsylvania, Ohio, and 
some Western States. The scheme was to 
go into a farming section and organize a 
local company. Some - .1 interest was 
secured by promising offices and man¬ 
agement to certain local individuals. The 
offices were usually complimentary but 
the managers were usually required to 
put up some cash for stock. It was 
promised to establish a warehouse and 
buy farm products at high prices and 
sell them supplies at low prices. In 
many sections they collected from $10,- 
000 to $20,000 through the sale of stock 
to farmers and people of the local town. 
In some cases a little warehouse costing 
$1,000 or $1,200 was erected and a lit¬ 
tle pretense made of handling some 
goods, but they never lasted long. The 
District Attorney of Ohio had them ex¬ 
cluded from doing business in that State. 
Tn Pennsylvania, if we remember right¬ 
ly, the courts decreed that the stocks 
were sold under fraudulent misrepre¬ 
sentation. The American Farm Com¬ 
pany alleged that The R. N.-Y. had in¬ 
terfered with their business in New 
York State and sued the paper for 
$100,000, which was afterwards with¬ 
drawn. In some of the Western States 
the agents were indicted but escaped be¬ 
fore arrests were made. This informa¬ 
tion is given at this time for the benefit 
of people in Ohio, Pennsylvania and 
New Jersey, who may be solicited to 
make investments in the new concerns, 
which seem now to be under promotion 
by Mr. Woodruff in these States. In¬ 
quiry at Linesville, Pa., where a branch 
silo company was organized and referred 
to as a model, would reveal some interest¬ 
ing information. j. j. D . 
February 22, 
HARDWARE 
Ten Miles For A Cent 
A HARLEY-DAVIDSON MOTORCYCLE can be operated at 
a cost of from one-tenth to one-sixth cent per mile. It costs 
nothing when idle and will last for years. It is ideal for quick trips 
to town for repairs and provisions and will carry an extra passenger 
or freight weighing up to 250 pounds. The 
is the only motorcycle which has a Ful-Floteing Seat. This device 
does away with the jolts, jars and vibration so unpleasant on the 
ordinary motorcycle. 
The Free-Wheel Control, another patented feature, does away 
with the objectionable hard pedaling or running alongside to start. 
Instead the Harley-Davidson can be stopped and started by the 
mere shifting of a lever. 
Over 3700 Harley-Davidsons (more than all other makes com¬ 
bined) in use in the Government R. F. D. Service Send for literature. 
HARLEY-DAVIDSON MOTOR COMPANY 
Producers of High Grade Motorcycles For Eloven Years 
701 A Street MILWAUKEE, WISCONSIN! 
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COOK YOUR FEED and SAVE 
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1 
