502 
The  RURAL  NEW-YORKER 
March  24,  192:: 
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. 
Buffalo,  March  9. — Auxiliary  receivers 
today  were  being  appointed  in  all  the 
cities  where  there  are  local  stores  and 
offices  of  the  L.  R.  Steel  Enterprises, 
which  now  are  in  the  hands  of  receivers. 
<  >ue  of  the  three  receivers  named  for  all 
the  Steel  corporations  by  Federal  Judge 
Hazel  will  serve  on  each  board  of  receiv¬ 
ers. 
The  task  of  the  receivers  is  to  find  the 
actual  assets  of  the  numerous  companies 
included  in  the  receivership.  The  assets 
have  never  clearly  been  set  forth  in  any 
statement  issued  by  the  parent  corpora¬ 
tion  within  the  last  two  years.  Most  of 
the  Steel  property  is  mortgaged  and  some 
is  held  under  contract. 
Steel  stock  was  sold  to  at  least  00.000 
individuals,  according  to  latest  informa¬ 
tion.  More  than  $22,000,000  was  raised 
in|this  manner.  The  number  of  creditors 
is  placed  at  8.000.  their  claims  aggregat¬ 
ing  .$950,000. 
The  receivership  prevents  any  action  in 
bankruptcy  or  any  step  said  to  have  been 
planned  by  hostile  creditors. — Daily  paper. 
In  printing  this  account  of  the  L.  R. 
Steel  fiasco  we  have  only  a  feeling  of  sor¬ 
row  and  pity  for  the  00,000  people  who 
have  put  their  savings  into  the  enter¬ 
prise.  We  have  done  our  part  to  keep 
our  readers  from  risking  their  money  in 
the  Steel  promotions.  A  small  army  of 
salesmen  were  employed  to  sell  the  Steel 
stocks — on  the  same  plan  as  Elliott  of 
“Business  Builders”  fame.  Subscribers 
have  sometimes  asked  if  we  could  prove 
Steel  was  dishonest  or  could  be  charged 
with  swindle  in  connection  with  the  stock 
sales.  We  answered  we  had  no  informa¬ 
tion  of  dishonesty.  But  whether  Steel  was 
honest  in  his  intentions  or  not,  the  result 
is  the  same  to  the  investor.  The  fact  has 
oriee  more  been  demonstrated  that  no 
healthy  enterprise  can  be  established  by 
this  “strong-arm”  stock-selling  method. 
Publisher’s  Desk  has  records  going  back 
for  more  than  30  years,  and  we  know  of 
no  exception  to  the  rule.  To  do  so  is  just 
as  illogical  as  to  build  a  house  on  the 
sands  of  the  seashore  and  expect  it  to 
stand.  We  could  name  dozens  of  similar 
stock-selling  campaigns,  every  one  of 
which  has  resulted  in  receiverships  and 
eventually  an  entire  loss  to  the  investor. 
We  have  many  inquiries  along  the  line 
of  the  advisability  of  joining  reorganiza¬ 
tion  committees  after  a  company  in  which 
a  subscriber  held  stock  has  gone  into 
bankruptcy.  As  a  rule,  the  investor  is 
asked  to  put.  up  10  or  25  per  cent  of  his 
original  investment  on  the  prospect  of 
recovering  what  is  lost.  Perhaps  invest¬ 
ors  have  recovered  in  this  way,  but  we 
have  no  record  of  such  cases.  E.  A. 
Schwab,  investigator  for  the  Better  Busi¬ 
ness  Bureau  and  National  Vigilance  Com¬ 
mittee,  throws  some  new  light  on  fakers’ 
operating  as  “trustee  for  stockholders, 
etc.,  as  follows : 
Because  a  sucker  bites  once  on  a  fake 
stock  scheme  isn’t  any  reason  why  he 
is  immune  from  other  get-rieh-quick 
swindlers. 
The  clever  faker  knows  that  most  suck¬ 
ers  bite  again  and  again.  This  knowledge 
gave  birth  to  what  is  known  as  the  “spe¬ 
cial  trustee”  scheme.  It  is  a  skilful  hoax 
that  capitalizes  sympathy  and  adroitly 
robs  the  speculator  of  the  one  chance  he 
mav  have  to  recoup  his  losses. 
The  “special  trustee”  is  familiar  in  the 
oil  and  mining  games. 
The  faker  using  this  scheme  keeps  his 
eye  on  all  the  stock  companies  afloat  in 
his  region.  Perhaps  one,  say  in  oil,  has 
the  earmarks  of  legitimacy  and  actually 
looks  like  an  honest  investment.  The 
faker  employs  an  agent  to  buy  or  procure 
in  some  manner  a  list  of  stockholders  in 
this  concern. 
Armed  with  this,  he  prepares  a  letter¬ 
head  purporting  to  be  that  of  the  com¬ 
pany  he  plans  to  “operate  on.  A  letter 
is  written  on  this  stationery  addressed : 
“Dear  Stockholder.’”  And  he  signs  it 
with  the  signature  of  one  of  his  employes 
and  the  title:  “Special  Trustee  for 
Stockholders.”  t  . 
The  letter  intimates  that  the.  stock  ot 
the  legitimate  company  is  precarious,  that 
the  company  is  about  to  go  on  the  rocks. 
He  gives  the  impression  that  he.  as  special 
trustee,  is  looking  after  the  stockholders’ 
interests,  and  he  urged  the  stockholder 
receiving  the  letter  to  save  what  he  can 
from  the  wreckage  by  trading  his  stock 
for  “something  much  better.’’ 
This  is  the  bait.:  “The  way  is  now 
open  for  you  to  make  a  profit  on  your 
previous  investment.  You  may  have  lost 
before,  or  vou  may  have  thought  you  lost. 
But  yotv  v t a, lose  Stupes  if 
you  win  once.  Here  is  your  chance  to 
win.” 
When  the  frightened  sucker  trades  in 
his  good  stock  he  gets  in  return  a  stock 
of  very  problematical  value — for  which 
he  has  to  pay  more  money,  usually  25 
per  cent.  And  the  “special  trustee”  un¬ 
loads  the  good  stock  at  a  profit  in  the 
open  market,  but  at  such  a  decreased 
price  as  to  cripple  the  good  company. 
t  We  have  complaints  from  egg  shippers 
that  Atlantic  Egg  Company.  325  Green¬ 
wich  Street,  New  York,  is  slow  in  mak¬ 
ing  payment  for  shipments.  In  one  case, 
after  persuasion,  a  check  was  sent  in  pay¬ 
ment  of  two  cases  of  eggs,  but  check  went 
to  protest.  The  concern  is  not  a  commis¬ 
sion  house,  and,  therefore,  not  bonded  for 
protection  of  shippers.  Neither  has  it 
any  rating  by  commercial  agencies.  We 
trust  this  will  be  sufficient  for  the  guid¬ 
ance  of  shippers. 
♦ 
I  am  inclosing  a  letter  from  Harrison 
Parker,  and  to  me  it  seems  like  a  rather 
strange  one.  I  have  traded  with  Leonard 
Morton  &  Co.  and  everything  has  been 
O.  K.,  but  have  never  sent  any  money 
for  anything  like  this.  They  sold  bonds, 
but  one  coukl  have  a  «$75  bond  by  trading, 
so  as  I  traded  there.  I  was  to  have  one 
after  I  had  traded  a  stated  amount;  but 
this  makes  me  hesitate.  Please  let  me 
know  what  is  best  to  do.  m.  O. 
New  York. 
The  letter  of  Harrison  Parker  is  in¬ 
deed  unusual.  lie  would  make  himself 
a  great  martyr  to  the  cause  of  “co-opera¬ 
tion.”  We  cannot  refrain  from  exclaim¬ 
ing  :  “What  fakes  and  swindles  have 
been  committed  in  thy  name!”  His  bank¬ 
ers  have  entered  into  a  conspiracy  with 
his  enemies  to  ruin  him  and  kill  off  the 
great  co-operative  enterprise.  Leonard 
Morton  &  Co. !  It  would  be  difficult  for 
his  bankers  -to  kill  something  which 
doesn’t  exist.  And  on  the  strength  of  this 
cry  of  “Wolf”  Mr.  Parker  only  asks  the 
friends  of  “co-operation”  to  send  him 
.$10  on  a  personal  note  for  one  year.  We 
advise  those  appealed  to  in  this  way  to 
turn  a  deaf  ear  to  the  entreaty,  and  those 
who  are  patronizing  Leonard  Morton  & 
Co.  on  the  prospect  of  securing  a  bond 
of  any  value  have  disappointment  in 
st<?re  for  them. 
I  am  sending  you  enclosed  herewith 
my  check  for  renewal  of  my  subscription, 
together  with  the  subscription  of  one  of 
our  banks.  I  gave  this  bank  a  large 
number  of  clippings  from  Publisher’s 
Desk  a  few  days  ago,  and  the  president 
was  so  interested  in  it  that  I  am  now 
giving  the  bank  a  subscription.  I  have 
been  a  subscriber  for  about  12  years,  and 
a  consistent  reader  of  Publisher’s  Desk, 
and  in  all  that  time  have  never  been 
caught  in  a  fraudulent  scheme  or  promo¬ 
tion.  j.  l.  w. 
Tennessee. 
Here  is  a  good  record  of  avoiding  get- 
rich-quick  schemes.  There  are  few  who 
haven’t  purchased  a  “gold  brick”  some 
time  in  their  lives.  We  have  no  objection 
to  more  bank  presidents  on  our  subscrip¬ 
tion  list.  We  believe  many  would  enjoy 
and  profit  by  reading  the  paper  if  they 
once  became  familiar  with  its  contents. 
I  could  not  help  writing  you  to 
sympathize  with  Mrs.  E.  J.  M.  S.,  New 
Jersey,  who  has  .$500  invested  in  Mark 
Harris  oil  syndicate.  I  have  two  engraved 
and  beautiful  oil  stock  certificates  for 
Majestic  Oil  and  Castle  Oil  &  Gas  stock, 
which  cost  me  just  $200.  and  I  have 
charged  same  up  to  profit  and  loss  and 
experience  accounts.  No  more  Mark 
Harris  investments  for  me :  much  rather 
a  savings  bank  account  or  U.  S.  Treasury 
certificate  paying  four  per  cent.  Then  at 
least  you  know  your  principal  is  abso¬ 
lutely  safe.  d.  p.  a. 
New  York. 
This  subscriber  got  his  education  com¬ 
paratively  cheap.  The  $200  lost  may  pay 
this  subscriber  big  dividends  by  keeping 
him  out  of  other  wildcat  investments  in 
which  he  might  lose  large  amounts.  We 
have  asked  for  reports  from  anyone  who 
ever  invested  in  Mark  Harris’  promo¬ 
tions  and  did  not  lose  all.  No  one  has 
yet  come  forward  claiming  any  other  re¬ 
sult.  Harris,  of  course,  suggests  in  his 
literature  investments  in  “listed  stocks.” 
but  these  are  not  his  promotions.  Brok¬ 
ers  of  the  Harris  class  are  a  grave  men¬ 
ace  to  the  inexperienced  investor. 
Tommy  and  Reggie  were  indulging  in 
an  infuriated  fight.  Reggie  was  a  guest 
in  Tommy’s  home.  Tommy  had  just  be¬ 
stowed  a  tremendous  kick  upon  his  play¬ 
mate.  when  his  father  came  on  the  scene. 
“Why  did  you  kick  Reggie?”  he  asked 
severely.  “I’m  tired  of  playing  with 
him.”  was  the  answer.  “I  want  him  to 
go  home.”  “Then  why  didn't  you  ask 
him  to  go  home?”  inquired  the  stern  par¬ 
ent.  “Oh !” — it  was  the  young  hopeful’s 
turn  to  be  shocked— “why.  daddy,  that 
■  wouldn't  be  polite!” — Answers. 
j  -  ---  -  5  **»  •  * rt  '  1 
Protect  Your  Investment 
By  Using  a 
McCormick-Deering 
Hoosier  Kentucky  Empire  Jr. 
Grain  Drill 
No  matter  how  fertile  your  soil  nor  how  good 
the  seed  bed,  if  the  seed  is  not  properly  put  into 
the  ground  the  yield  is  sure  to  suffer.-  You  can 
prevent  this  happening  to  your  crop.  Safeguard 
your  investment  by  using  a  good  grain  drill. 
When  you  drive  into  the  field  with  one  of  these 
dependable  drills  you  may  rest  assured  your  seed 
will  be  planted  right.  None  will  be  cracked,  nor 
will  there  be  any  skipping  or  bunching.  The  seed 
will  be  evenly  distributed  in  uniform  seed  trenches 
and  covered  to  the  correct  depth.  Every  grain 
will  get  a  square  deal. 
McCormick-Deering  Hoosier,  Kentucky,  and 
Empire  Jr.  Drills  are  built  for  horse  or  tractor 
power.  Grass  seed  attachments  always  avail¬ 
able.  Furrow  openers  for  any  soil — the  Mc¬ 
Cormick-Deering  dealer  will  show  you  the 
style  that  is  suitable  for  your  soil. 
International  Harvester  Company 
OF  AMERICA 
CHICAGO  dNCONPORATCOt  VJ  S  A 
branch  Houses  and  15,000  Dealers  in  the  United  States 
Sent  on  Trial 
Jtmeticam,  Cream 
SEPARATOR 
91 
m  MB  Thousands  in  Use  fe  Ssffi 
tigating  our  wonderful  offer:  a  brand  new,  well 
HH|  made,  easy  running,  easily  cleaned,  perfect  ekim- 
ruing  separator  only  $24.95.  Skims  warm  or  cold 
BhBBB  tnilk  closely.  Makes  thick  or  thin  cream.  _  Different 
from  picture,  which  illustrates  our  low  priced,  large 
capacity  maohines.  Bowl  is  a  sanitary  marvel  and  embodies  all  our  latest 
improvements.  Our  Absolute  Guarantee  Protects  you.  Besides  wonderfully  low 
prices  and  generous  trial  terms,  our  offer  includes  our — 
Easy  Monthly  Payment  Plan 
Whether  dairy  is  large  or  small,  do  not  fail  to  get  our  great  offer.  t)ur  richly  illustrated  catalog,  seat 
free  on  request,  is  a  most  complete,  elaborate  and  interesting  book  on  cream  separators.  Western 
orders  filled  from  Western,  points.  Write  today  for  catalog  and  see  our  big  money  saving 
proposition.  A^7C 
American  Separator  Co.,  Box  1^75  Bainbridge,  N.Y. 
YOUR  COWS- 
Have  they  udders  like  these? 
'HR  condition  Of  the  odder  and  teats  has  everything  to  do  with  the  milk  yield. 
“  Avoid  hard  milking  and  restricted  flow  by  keeping  the  tissues  soft  and  silky- 
free  from  hurts  and  sores. 
Bag  Balm  guards  udder  health  in  thousands  of  dairies  because  Its  effect  Is  so 
prompt  and  thorough.  Its  great  penetrating  and  healing  powers  ciuickly  clear  up  cuts, 
scratches,  chaps.  Inflammation,  bruises  anywhere  on  the  body.  For  relieving  Lakea 
Bag  it  has  no  equal.  Effective  in  treating  Bunches  and  Cow  Pox. 
Never  get  out  of  Bag  Balm.  It  has  so  many  uses  In  keeping  little  hurts  rrom 
getting  big.  Druggists,  general  stores  and  feed  dealers  sell  it,  60o  for  big  10-ounce 
package.  „ 
If  you  have  never  tried  Bag  Balm,  clip  coupon,  below  and  mail  to  us  for  ud- 
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Dairy  Association  Co.,  Inc.,  Dept,  t3"  Lyndonville,  Vt. 
Dairy  Association  Co.,  Inc.,  Lyndonville.  Vt. 
Please  send  me  your  sample  package  of  Bag  Balm,  which  I  will  try  at  the  first  opportunity. 
Name  . . . .  Address  . . . . 
Dealer  . 
i 
