698 
W* RURAL. NEW-YORKER 
May 7, 1921 
PUBLISHER’S DESK 
All letters to Publisher’s Desk depart¬ 
ment must be signed with writer’s full 
name and address given. Many inquiries 
are answered by mail instead of printing 
inquiry and answer, hence unsigned let¬ 
ters receive no consideration. 
Is the Pittsburg Tin Plate and Steel 
Corporation a bona fide concern ? It is 
rather late in the day to ask the ques¬ 
tion perhaps, as a few of us in this place 
took shares in it without any investiga¬ 
tion. because a former resident, a young 
fellow, related to some of the subscribers, 
was the one canvassing for that company 
through here. He claimed already to 
own shares in it and recommended it to 
those whom he solicited as a sure thing, 
8 per cent interest I believe. That was 
one year ago in February. We had two 
or three little dividends, then they ceased, 
so it is nearly a year since anything has 
been heard from the company direct, ex¬ 
cept that they have been ousting an in¬ 
competent president and installing a new 
set of officers, but not a word about 
dividends or principal involved. The 
agent says that everything is all right; 
that probably dividends will be coming 
again by next Fall anyway, etc. One 
time last year the Post Office Depart¬ 
ment seemed to be investigating and 
asked for all we had received in way of 
communications, etc., from the company, 
and we mailed the same to them in New 
York City fall except the certificate is¬ 
sued) and that was the last heard of 
that. w. d. v. 
New York. 
We are sorry not to be able to give 
the subscriber the assurance he is seek¬ 
ing. The Pittsburgh Tin Plate & Steel 
Corporation we regarded from the start 
as merely a stock-selling scheme, and 
readers were warned as to the proposi¬ 
tion during the time the promoters were 
active. Our latest report showed that 
the president and the auditor of the con¬ 
cern had been arrested in Pittsburgh 
charged with fraud in connection with 
this stock promotion. It has -been sug¬ 
gested that the title of this company 
should be spelled “Steal'’ instead of 
“Steel.” 
The Connecticut Agricultural experi¬ 
ment Station, New Haven, Conn, is send¬ 
ing the following message to purchasers 
of fertilizers; 
It is reported that agents of a cor¬ 
poration are endeavoring to secure sidl¬ 
ing agents in various parts of this State 
who are to pay the corporation one thou¬ 
sand dollars for this opportunity and 
who will receive commissions from their 
sales. 
Farmers are offered fertilizers at a 
price *20 per cent lower than can be 
obtained from any other source and to 
be paid for on the usual terms; but each 
purchaser, with a part of this 20 per cent 
saving in purchase must buy stock in the 
corporation in blocks of $100. receiving 
therefor eight shares of preferred and 
four of common stock. He pays $20 
or more at once to bind the bargain. 
This is a combination of stock jobbing 
and fertilizer purchase. The Station 
feels it necessary to call attention to these 
facts and to remind farmers that there 
is a large number of brokers and manu¬ 
facturers of established reputation who 
have done business in this State for years 
and from whom fertilizers can lx* bought 
at fair and competitive prices without 
the need of stock speculation in connec¬ 
tion with the purchase. It must also lx* 
remembered that a purchase of stock 
makes the holder liable for an assess¬ 
ment to the par value of the stock in 
case the corporation fails in business. 
There is always opportunity to invest 
in the stock of fertilizer companies with 
established business and reputation, if 
anvone considers it a profitable invest¬ 
ment after careful study of their financial 
status; but to buy fertilizer with a string 
of stock attached involving serious re¬ 
sponsibility is more than unwise—it is 
foolish. ‘ R. TI. JENKINS, PIRECTOR. 
We endorse every word of the above 
advice to farmers by Director Jenkins, 
and no better service can be performed 
by an experiment station than to issue 
warning against such schemes. This 
stock selling scheme is not new. and we 
have yet to find any concern employing it 
that did not finally come to disaster. 
Buying stocks or memberships, with the 
string to them that the investor will be 
able to buy the product at wholesale is 
a delusion and a snare. Our reports 
show that United Phosphate and Fer¬ 
tilizer Corp., 280 Broadway. New York 
City, is working such a scheme, whether 
or not this be the concern Dr. Jenkins’ 
warning refers to. 
Do you think the enclosed proposition 
of-the Farmers’ Market Club of Roch¬ 
ester. N. Y., is on the square? It looks 
almost too good to me. I personally 
kne w one solicitor, and his stories often 
do not agree. I do not know for sure, 
but I believe solicitor pockets $5 of the 
$15 fee, and two men in the office split on 
the rest, then goodbye farmer’s money. 
Yours for a square deal for the farmer, 
New York. W. D. E. 
The circular of the Farmers’ Market 
Club enclosed does not bear the name of 
any farmer or other individual name. 
We are always suspicious of so-called 
farmers’ organizations with which no 
farmer of prominence is identified, or the 
identity concealed. Whether the sug¬ 
gested division of the spoils is accurate 
or not, we can see no reason why any 
farmer should pay $15 to join the club 
(?) until something more definite is 
known of the organization. 
In December, 1018, I subscribed for 
three shares of preferred stock in the then 
Republic Mortgage Corporation of Pitts¬ 
burg, Pa., with which, when paid. I was 
to have 50 per cent in common stock, and 
paid on this contract $148,50, against a 
total of $380 at $110 per share. Owing 
to some scandal that came up in connec¬ 
tion with the payment of a large percent¬ 
age to the brokers selling the stock, I 
stopped payments. In the meantime the. 
company was thoroughly investigated by 
business men of my old home city, who 
could find nothing to show that stockhold¬ 
ers would lose money. The company was 
later taken over by the Republic Accept¬ 
ance Corporation, Frick Annex. Pitts¬ 
burgh. there being a reorganization, and 
T understand they are now and have been, 
steadily paying dividends. c. C. K. 
New York. 
The Republic Acceptance Corporation 
deals in commercial papers and the finan¬ 
ces and sale of automobile trucks. Infor¬ 
mation is m>t furnished in sufficient detail 
to permit of an accurate analysis of the 
Republic Acceptance Corporation, but the 
stock can only be considered an ordinary 
speculation, whose value depends largely 
upon the margin of profit developed under 
all conditions. A business of this type, 
if conservatively capitalized and well 
managed, may operate on a profitable 
basis during normal times, but the nature 
of the Republic Acceptance Corporation, 
its past record and its outlook under the 
unfavorable conditions existing, is not at¬ 
tractive, and we do not consider the stock 
as worthy of consideration from an invest¬ 
ment standpoint. The Commonwealth 
Finance Corporation of New York and 
the II. Y. Greene promotions of Boston, 
Mass., were organized for the same pur¬ 
pose, and during the flush seasons for 
automobile and motor truck trade were 
apparently successful. Both these con¬ 
cerns now are in financial difficulties, and 
the prospects for the big incomes prom¬ 
ised those who purchased the stock have 
vanished. This department cautioned 
readers repeatedly of the danger of invest¬ 
ing their savings in promotions of this 
sort during the time the promoters were 
active in soliciting subscriptions. 
Can you give me any information about 
the International Sales Company, for¬ 
merly of Kansas City, Mo., now of Chi¬ 
cago. Ill.? I sent a magazine subscrip¬ 
tion through them more than seven months 
ago. and my inquiries are very unsatis¬ 
factorily answered. Some of my letters 
are marked “Out of Business.” a. l. c. 
New York. 
The International Sales Company 
moved to fllS X. Robey St., but they have 
since gone out of business, and the Post 
Office Department is unable to locate 
them. 
On December 23 I mailed F. K. Walt ; 
fV. Reading. Pa., a check of $18.25 for 
500 lbs. oyster shell, 200 lbs. beef scrap 
and 100 lbs. mash, and have not received 
it yet. I have written several times, but 
only got answer on registered letter say¬ 
ing that machinery was broken. Have 
you had any complaints against this firm? 
New Jersey. h. f. s. 
\ es. we have another complaint against 
F. K. Walt, Reading’, Pa. Our letters 
in the subscribers’ behalf are ignored. 
Our records hlso show a number of com¬ 
plaints against Mr. Walt back in 1014. 
when he was trading under the name of 
Farmers’ United Bone Fertilizer Co. of 
Reading, Pa. 
Operating under the name of Neva 
Nanette Welty Syndicate, a 23-year-old 
school teacher was placed under heavy 
bonds for embezzlement. Miss Welty was 
the promoter of an oil development 
scheme, and sold shares of stock in tlx* 
above company, but investors had a finan¬ 
cial loss for their dividend. The syndi¬ 
cate was operated from Chicago and was 
capitalized at $60,000. Oil fields near 
Muncie were to be developed, but, like 
many of the oil schemes, the prospects 
were in the future, and the money col¬ 
lected in advance. 
That Swivel 
__ W 
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EUGENE C. STACY, Manufacturer 
14 Court St., Tiffin, Ohio 
Send me.Load Binder, bizq. 
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Name....... 
Town 
State. 
. R. F. D. 
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Court 
( 8 ) 
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<!*) 
