3338 
"I't-iK; RURAL NHVV-VURK^Ii 
PUBLISHER’S DESK 
To those who are looking for a suitable 
Christmas present for a friend, we simply 
wish to suggest a subscription to The R. 
N.-Y. This would be a reminder 52 times 
during the year of your thought of them. 
We believe it has merit over many things 
that cost more. 
The New York Real Estate Security 
Company, 42 Broadway, New York City, 
is in the bankrupt courts. A receiver 
was appointed last week. The company 
was incorporated in October, 190S, by 
interests connected with the McVickar- 
Gaillard Realty Company. William E. 
G. Gaillard, director and president of the 
McYickar-Gaillard Realty Company is 
vice-president of the New York Real Es¬ 
tate Security Company and Legare Walk¬ 
er is secretary of both companies. The 
latest statement of the company's condi¬ 
tion is dated Dec. 31, 1912. It shows 
assets and liabilities of $14,018,514. The 
liabilities show mortgages against the real 
estate aggregating $8,281,208; fifteen year 
0 per cent mortgage bonds. $1,503,896; 
capital stock and surplus, $4,052,037; re¬ 
serve for depreciation and other contin¬ 
gencies, $100,000, and other liabilities, 
$21,372. After the receiver was appoint¬ 
ed mechanic liens were filed against 
properties owned by the company. The 
number of bondholders is not known.— 
City Paper. 
This closes another chapter in the his¬ 
tory of frenzied finance in real estate 
operations in and around New York City. 
The scheme of these promoters, like that 
of all similar concerns, was to buy prop¬ 
erty with heavy mortgages, and pay for 
the equity above the mortgage in so- 
called gold bonds, which in ordinary 
language is the mere promise of the com¬ 
pany, to pay. The bonds are debentures 
or notes of the company. Sometimes the 
debentures are exchanged for the equities; 
sometimes they are sold for cash. In all 
such cases there is a concern on the side 
closely connected which does the business 
and makes a profit on it. In this par¬ 
ticular case the McYickar-Gaillard Real¬ 
ty Company acted as the agent. There 
is a commission for sale of the bonds; a 
commission for sale or purchase of the 
properties, a commission for the rents 
collected, and for every dollar of repairs 
or other expense, so that the agency on 
the side may be making big money while 
the company itself may be going behind 
its expenses. The company must pay 
insurance, and repairs, and stand the loss 
of vacant property. It has interest to 
pay on the mortgages, and on the deben¬ 
tures. As long as it can sell new bonds 
and get in new money for them, it can 
pay the interest and keep afloat, but there 
is always a limit to this and then bank¬ 
ruptcy. When the crash comes the hold¬ 
ers of the mortgages collect their money. 
If sold at auction as the property usually 
is, no one is willing to pay more than 
the mortgage, and the mortgagee takes it 
over for the debt. At best such promo¬ 
ters are speculating with other people’s 
money. If there were no companies on 
the side, they might occasionally succeed. 
Then you would get your money back, 
and the promoters would make the pro¬ 
fit. But there always are concerns on 
the side, and the companies usually fail. 
Then the company is unable to pay its 
notes, and the gold bond is a worthless 
piece of waste paper. 
Enclosed please find letter from Lin- 
wood Haines, Ltd. of America, Camden, 
N. J. This concern has a woman can¬ 
vassing in New Jersey for the sale of 
stock subscription. Literature shows no 
assets or liabilities. She approached me 
recently. I asked her what she would 
give me for the money she wanted, and 
she showed me a stock certificate. I 
asked her for something to show what 
it was worth, and she did not seem to 
know ■ what to say. If you look these 
people up you may save people from mak¬ 
ing a bad investment. c. c. ir. 
New York. 
These people claim to distribute goods 
direct from the factory to the consumer. 
In other words it is a middle agency. 
This may be all right in itself. There 
is no great objection to any man or any 
concern buying goods in the factory and 
selling them to retailers, provided he 
puts bis own money into the enterprise 
and finds factories that are willing to 
sell them, and consumers who are willing 
to buy of them ; but why any concern en¬ 
gaged in this kind of business should ex¬ 
pect farmers to furnish the money to 
finance the enterprise is more than we 
are able to understand. If they make 
no false representations as to the value 
of the stock or the nature of the business, 
there is, of course, nothing against the 
sale of the stock to anyone who wants 
to buy it and pay his good money for it. 
If misrepresentations are made in order 
to induce the sales of any stock, then 
that sale is fraudulent and the man who 
parts with his money is swindled, but 
whether misrepresented or not. no man 
can put his money into a stock certifi¬ 
cate of this kind and call it an invest¬ 
ment. We would not even dignify it 
with the title of speculation. To say the 
least, such certificates do not form a de¬ 
sirable investment for the savings of the 
farm. 
In our issue of November 1. a shipper 
complained that he had not received re¬ 
turns for a crate of eggs shipped to Swift 
& Company, 138 Ninth Street, Jersey 
City, N. J. We have since learned that 
the return was made, but apparently 
miscarried; but Swift & Company sent 
a duplicate which was duly received be¬ 
fore the publication of the complaint. 
In this case no blame is attached to 
Swift & Company. The delay seems to 
have been an accidental circumstance, and 
no blame can be attached to the company 
for it. 
Three months ago I listed a farm for 
sale with the Reliable Real Estate and 
Brokerage Co., 62 Delancey street, New 
York city, paying a deposit of $25 in 
good faith, they agreeing to return the 
deposit within 30 days if the farm was 
not sold within the month. The farm 
was not sold. First they answered and 
promised to send customers, now I get 
no reply to letters. I wish you would 
see what you can do for me. H. w. H. 
New York. 
Max Stern, the head of the Reliable 
Real Estate & Brokerage Company, was 
recently arrested and charged with petit 
larceny. There are many complaints { 
similar to the above in which he is 1 
charged with collecting fees of from $25 j 
to $100 on misrepresentations. It is ] 
said that he collected $600 a week on the j 
scheme. Of course, it is now impossible 
to recover this fee. It may be interesting 
to know that Francis B. Sayre, now son- 
in-law of President Wilson, made the in¬ 
vestigation which led to this arrest as 
one of the last pieces of work completed 
before resigning from the staff of District 
Attorney Whitman. In recognition of ! 
the service let us each give him one silent 
wish of joy in his domestic life, and suc¬ 
cess in his future contests with crooks. 
Here’s a “bouquet.” We like The R. 
N-.Y. It has become an “old friend.” We 
usually select it first from about 15 com¬ 
panions, and enjoy every page, ads. and 
all. We have learned to have a real, per¬ 
sonal regard for the “Hope Farm” man 
and “J. J. D..” and would be mighty 
glad to shake hands with the men who 
write such readable and valuable articles 
from week to week. Here’s hoping the 
coming year will bring “you all” many 
blessings and much prosperity. 
Wisconsin. w. f. F. 
It is always pleasant to know that 
one’s efforts are appreciated by his 
friends, and that his work is approved 
by them. We are not vain enough to 
believe that our work deserves the un¬ 
stinted praise that our friends give it. 
We are conscious of faults ourselves, and 
we can but feel that these shortcomings 
are also apparent to our friends. We j 
know, however, that we are exerting our j 
best efforts to serve the interests of the ! 
subscribers of this paper, and we think ! 
it is the recognition of this service and 
this ideal that commends it to our friends 
more than the little success we have at¬ 
tained in the pursuit of our purpose. To 
merit this acknowledgement of our friends 
is our greatest ambition. For 25 years 
now we have been working on the theory 
that a groat and powerful paper could be 
built up on service to the subscriber with¬ 
out consideration of other interests. 
Twenty-five years ago that seemed more 
like a dream than it does today. It has 
been some struggle to maintain the prin¬ 
ciple. There was much pressure and 
many temptations to drive us and lead 
us off the track; but, according to the 
light we had, we followed the ideal. It 
is easier now; but those who know the 
trials of the road, will appreciate our 
pride in such expressions of confidence as 
appear above. J. j. D. 
December 13, 
Hansen’s 
Gloves 
Here are the gloves which have 
shown the world that rough vjork 
does not make rough hands. 
No danger of injury from rusty 
nails, machinery, tug of reins, etc.— 
Hansen’s Glove3 protect against all , 
and give easy, free use of fingers 
and fist. 
They are economical, too, and out¬ 
last a lot of the trashy kind. When 
greasy, they can be made clean, soft 
and shapely with gasoline. 
All strongest, softest leather which 
will not shrivel, shrink, harden, crack 
or peel. Water won’t hurt Hansen’s. 
Send for book showing many of our 
500 styles for motoring, cycling, driving, 
every sport and work. Ask your deal 
er, or write us. We will 
tell you how to order «-l 
and where to buy. Ask \ 
about the Dan Patch ' 
driving glove. Address 
O. C. Hansen Mfg. Co. 
136 Detroit St. 
Milwaukee, Wis. 
ga° 
ve 
CIRCULAR SAWS 
Saw Tables, Wood Sawing Outfits 
on wheels, 6 horse-power gasoline 
engine, $115.00. Ice Hoists. 
Catalogue Free. 
PALMER BROS., Cos Cob, Conn. 
SAWYOURWOOD 
SAWS DOWN 
TREKS 
Wiih n FOLDING SAWING MACHINE. 9 CORDS by ONE MANIn 
10 hours. Send lor Free catalog No. EG8 showing low price and 
LATEST IMPROVEMENTS, hirst order secures agency. 
Folding Sawing Mach. Co., 161 W. Harrison St., Chicago, 11L 
Costs $ 10 
Earns $10 a day 
Hertzler & Zook Portable Wood a $10. investment 
with a $10. a day capacity. Guar- 
anteed one year—backed by a 
i $10,000 Bond. If not satisfactory 
money refunded and freight paid 
* both ways. Saws lumber, lath, 
fence posts,etc. Operates easily. 
|Only$10.saw to which ripping 
1 tablccan be added. Catalogfrcc, 
HERTZLER & ZOOK CO. f Box 3** Belleville, Pa. 
★ Star Fe ed Grinders ★ 
Are proving of great help to 
hustling farmers. Their 
strong construction makes 
them very durable. Guaranteed to do 
quick and thorough work. Many styles 
ILLUSTRATED CATALOU rnrf 
Tells all about ground feed f AAtiti. 
aud grinders. Write for it today. 
The Star Manufacturing Co., 
113DepotSt.. New Lexington. Ohio 
10 Da ys’ Free Trial 
At Our Risk 
Direct from Factory to You 
Grind Your Feed on a 
Quaker City Mill Now 
No matter what kind of grind¬ 
ing you have to do, there is a 
Quaker City Mill to do it. Forty- 
seven years of giving unequaled 
satisfaction should mean some¬ 
thing to you as it does to others— 
sincere friends after the first trial. 
And we will ship you the mill 
3 r ou desire, to put to every test. 
23 Styles—Hand 
Power—to 20 h. p. 
Suitable for grinding any grain, 
separate or mixed—ear or shelled 
corn, any grade of meal, coarsest 
to finest table meals. Grinds 
husks as well as cobs and corn. 
Write for Free Book 
Tells how you can use the mills, 
wnat they will do, how easy they 
operate, what little attention they 
require, and why they grind so 
fast aud fine. We want you to 
study this book and the bargains 
in it. Remember our 47 years of 
growing success. Write at once. 
We would like to 
send you also our 
book of agricultural 
implement bargains. 
SME^SLOO 
Learn from our Free book 
LIVE STOCK 
AND 
GROUND FEED 
bow anyone owning a 
can do it. This is a valu¬ 
able book, intended only 
for those interested. 
STOVER MFG. CO. 
188 Ideal Ave. 
Freeport, - III. 
\Vc also build Alfalfa Grinder., Hand Grinders, Samson 
Windmills, Pump Jacks, Ensilage Cutters. Free catalogs 
MADE 
EASIEST RUNNING MILL 
A Duplex Mill requires 25# loss 
power and will do twice os much work 
as any other mill of equal size. Grinds 
ear corn, shollod corn, oats, wheat, kaf¬ 
fir corn, cotton seed, corn in shucks, 
sheaf oats or any kind of grain. There 
is no mill mado that for speed and com¬ 
plete grinding oquals tho 
FREE CATALOG. 
Kelly Duplex 
Grinding Mill 
Easily operated. Never chokes. 
7 sizes. Fully guaranteed. 
Any powor. Especially ad¬ 
apted for gasoline engines. 
Duplex Mill & Mfg. Co., Box320 Springfield, Ohio 
Feed Cut Roots 
Make Big Stock Profits 
U . Multiply tho value of your stock feed by mixing 
V it with cut roots. Use lesr ’--*- * 
W healthy- help them show more 
^profits-with tho 
Banner Root Cutter 
Seven sizes—hand or power. Self 
feeding—works easy—no choking— ^ 
makes half round chips — separates dirt 
from feed. Thousands in use. Mail postal 
for illustrated catalog. Address 
O. E. THOMPSON & SONS 
Vpsllanti, Mich. 
FARMERS FAVORite 
grain DRILLS ^ 
Are noted for the accurate sowing of all large and small grains—any¬ 
thing from wheat to bush lima beans, and they put the seed in the 
ground at an even depth. Don’t overlook these important facts. 
Farmers’ Favorite Drills are made in every style and size—in plain 
grain and combined grain and fertilizer—from One Horse up. 
Send for the Farmers’ Favorite Catalogue. Read it and then go to 
your local implement dealer and insist on seeing the Farmers’ Favorite 
Drill. Remember that this drill is sold under the strongest possible 
warranty and must be and do ALL we claim. 
ItE America lv, Deeding-M s\Ciriw& ^pnmGr/EiD.O/nol/.S^ 
■ - ■ i i i - •" 1 ~r~-,3 tei 
