1162 
The  RURAL  NEW-YORKER 
September  8,  1923 
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. 
I  wonder  if  it  would  be  too  much 
trouble  for  you  to  find  out  if  the  Morgan 
Manufacturing  Company,  Keene,  N.  If., 
is  all  right,  and  what  stock  is  worth? 
Can  it  be  deposited  at  bank  for  HO  per 
cent  of  value?  c.  G. e. 
Connecticut. 
What  do  you  know  about  the  Morgan 
Manufacturing  Company,  Inc.,  of  Keene, 
N.  II.?  About  a  month  ago  I  returned  a 
card  to  them,  asking  for  information  con¬ 
cerning  their  stock.  They  said  they  were 
sending  a  man  to  see  me.  lie  came, 
showed  me  a  lot  of  literature,  talked  well, 
offered  to  give  me  names  as  references, 
and  tried  his  best  to  get  me  to  buy.  I 
told  him  I  would  ask  The  R.  N.-Y. 
whether  he  was  all  right.  He  had  never 
heard  of  you  people,  and  when  I  told 
him  that  I  would  write  to  you  he  said  I 
need  not  bother,  as  he  would  not  be  back, 
lie  said  they  were  paying  0  per  cent  divi¬ 
dends  on  this  investment.  I  would  like 
to  know7  if  he  is  a  fake.  B.  C. 
New  York. 
Our  answer  to  C.  G.  C.  as  to  how 
much  his  bank  will  loan  on  Morgan  Man¬ 
ufacturing  Company,  Keene,  N.  H.,  stock, 
is  to  ask  his  bank.  This  company  manu¬ 
factures  automobile  accessories  or  special¬ 
ties,  and  is  credited  with  substantial  as¬ 
sets  above  its  indebtedness.  The  com¬ 
pany,  however,  furnishes  no  statement  of 
earnings  which  would  afford  a  basis  for 
judging  the  value  of  the  stock.  A  vig¬ 
orous  stock  selling  campaign  has  been  in 
progress  for  some  time,  stock  salesman  be¬ 
ing  employed  to  call  on  country  prospects. 
Perhaps  some  concerns  selling  stock  on 
this  plan  have  proved  to  be  a  success 
and  paid  dividends  to  their  stockholders, 
but  The  R.  N.-Y.  files  contain  no  record 
of  such.  Our  observation  of  the  result  of 
such  stock  selling  plans  has  been  that  the 
concern  continues  to  pay  dividends  for 
the  duration  of  the  stock  selling  cam¬ 
paign  and  I  hen  bankruptcy  or  receiver¬ 
ship.  We  do  not  say  that  the  stock  sell¬ 
ing  is  the  cause  of  disaster,  but,  there 
does  seem  to  be  a  close  relationship  of 
the  two  events. 
“Investigate  Before  You  Invest .” 
The  above  is  the  slogan  of  the  Erie, 
Pa.,  Chamber  of  Commerce.  The  circular 
sent  out  by  the  Chamber  of  Commerce 
appeals  to  the  public  to  make  war  against 
fake  securities  by  aiding  in  the  enforce¬ 
ment  of  the  (Securities  Act  of  Pennsyl¬ 
vania,  which  provides  that  every  dealer 
or  salesman  of  stocks  or  bonds  must  be 
registered  with  the  State  Department  of 
Banking,  and  must  have  a  certificate  of 
registration  in  order  to  do  business  legal¬ 
ly.  This  does  not  mean  that  those  secur¬ 
ing  “registration”  are  offering  sound  or 
safe  securities,  but  the  act  should  weed 
out  some  of  the  palpable  frauds,  at  least. 
“ Investigate  Before  You  Invest .” 
Recently  I  read  of  a  plan  made  by  a 
motion  picture  studio,  the  Bristol  Photo¬ 
play  Studios.  I  have  sent  them  an  idea 
for  their  examination.  In  return  I  re¬ 
ceive  the  inclosed  contract.  Will  you  ad¬ 
vise  me  if  they  are  safe?  You  know,  and 
I  trust  you  will  find  out  and  let  me  know, 
and  suggest  if  it  is  safe  to  go  ahead.  Of 
course  I  do  not  wish  to  risk  any  money 
unsafely.  T.  M. 
New  Jersey. 
If  you  enter  into  this  contract  no 
doubt  the  photoplay  company  will  do 
everything  that  they  agreed  to  do  in  the 
contract,  but  they  are  not  likely  to  sell 
your  manuscript,  and  the  ultimate  result 
will  be  that  you  will  be  out  your  $30>. 
The  hope  held  out  that  the  photoplay 
concern  will  find  a  market  for  the  play 
when  published  is  the  bait  to  get  the  easy 
mone.v.  The  same  game  is  worked  on 
song  writers  and  authors  of  short  stories, 
etc. 
The  August  Business  Letter  of  the  Os¬ 
wego  ’National  Bank,  Oswego,  N.  Y.. 
makes  the  following  statement : 
Estimates  of  the  annual  loot  of  the  na-’ 
tion’s  fake  stock  salesmen  approximate 
$0>00.000.000.  The  United  States  govern¬ 
ment  estimates  that,  since  the  war,  not 
less  than  $400,000,000  in  Liberty  bonds 
has  been  taken  from  patriotic  investors 
by  those  who  deal  in  questionable  securi¬ 
ties. 
The  bank  offers  to  give  free  service 
and  advice  to  investors.  We  have  many 
times  advised  country  people  to  ask  the 
banker  in  their  home  town  about  a  con¬ 
templated  investment  before  parting  with 
their  money.  The  fake  stock  promoter 
will  always  advance  the  contention  that 
the  bankers  are  prejudiced.  We  have 
not  found  this  to  be  true,  and  his  advice 
is  a  hundred  times  more  to  be  relied  upon 
than  the  peddler  of  stocks.  “Investigate 
Before  Investing.” 
How  is  this  for  a  fake?  vSeveral  agents 
took  in  Ashtabula,  and  this  is  what  I  got. 
Just  my  young  daughter  was  at  home. 
The  agent,  handed  her  a  book  or  pamphlet 
and  told  her  to  “Sign  her  mother's  name 
so  the  company  will  know  he  delivered 
the  book.”  He  got  no  money,  just  a 
forged  subscription  signature.  Can  the 
inclosed  carbon  contract  be  collected?  I 
reported  the  facts  and  data  to  the  chief  of 
police.  He  admitted  it.  was  a  fraud,  but 
took  no  action.  This  the  same  day  the 
subscription  was  taken.  r.  e.  m. 
Ohio. 
This  is  one  of  the  games  of  the  sub¬ 
scription  agency  concerns.  The  order 
blank  inclosed  by  this  subscriber  is  is¬ 
sued  by  the  Magazine  Circulation  Com¬ 
pany,  Chicago,  Ill.,  and  provides  for  a 
subscription  to  Woman's  Weekly  two 
years  for  $5.30,  including  one  copy  of 
“The  Home,”  which  we  assume  is  the  book 
referred  to.  Of  course  such  a  contract 
cannot  be  collected,  but  concerns  securing 
signatures  to  orders  in  this  deceptive 
manner  depend  upon  frightening  the  fam¬ 
ily  into  paying  the  amount  to  escape  an¬ 
noyance.  Very  often  the  methods  em¬ 
ployed  to  collect  on  such  contracts  come 
very  close  to  blackmail.  The  case  shows 
what  desperate  means  some  publications 
employ  to  secure  a  semblance  of  a  sub¬ 
scription  list. 
Inclosed  you  will  find  advertising  liter¬ 
ature  from  I>.  Lawson,  Incorporated,  55 
Rutgers  St.,  New  York  City.  In  accord¬ 
ance  with  their  flattering  offer  of  100 
empty  egg  cases  we  shipped  them  three 
cases  of  eggs  for  which  they  made  pay¬ 
ment  in  a  satisfactory  manner,  with  the 
promise  of  the  empty  egg  eases  to  be 
shipped  later,  as  you  will  see.  In  the 
mean  time,  we  again  shipped  three  more 
cases  to  them.  Up  to  date  we  have  had 
no  remittance  for  these  three  cases  nor 
no  bill  of  lading  for  the  100  empty  egg 
cases,  nor  reply  to  the  two  letters  we 
have  written  them  in  regard  to  the  mat¬ 
ter.  We  have  written  to  their  bank,  and 
had  a  reply  today  which  would  seem  that 
they  are  able  at.  least  to  pay  for  these 
three  cases  of  eggs.  ‘We  shipped  two 
other  cases  the  same  day  to  another  firm 
which  netted  us  30  cents  per  dozen, 
which  is  the  amount  these  should  have 
brought.  This  would  make  $35.10  for 
the  three  cases.  These  eggs  were  shipped 
by  express,  prepaid.  I  am  writing  this 
to  see  if  there  will  be  any  change  of  you 
collecting  this  bill  for  us.  B.  B. 
New  York. 
This  reveals  the  most  palpable  fraud 
we  have  run  across  in  the  egg  trade  in 
some  time.  The  hook  is  so  clearly  in 
view  that  there  is  no  good  excuse  for 
anyone  taking  the  bait.  The  offer  is  to 
send  any  egg  shipper  100  empty  cases 
without  charge,  who  will  send  D.  Lawson, 
Inc.,  a  shipment  of  three  cases  of  eggs. 
Those  who  have  shipped  the  three  cases 
have  neither  received  pay  for  the  eggs 
nor  the  100  empty  cases.  David  Levin- 
sky  is  the  party  soliciting  eggs  under 
this  plan.  He  occupies  a  small  room  in 
a  basement  or  cellar  at  the  address  given. 
After  all  our  warnings  it  is  quite  incon¬ 
ceivable  why  such  irresponsible  parties 
will  be  trusted  with  shipments  of  pro¬ 
duce.  Our  efforts  have  resulted  in  Law- 
son  or  Levinsky  sending  the  shippers’ 
checks  in  settlement  for  the  shipments 
for  about  one-half  the  market  price.  A 
letter  is  sent  to  each  shipper  with  the  re¬ 
mittance  claiming  the  eggs  were  “badly 
heated  seconds.”  The  shippers  ought  to 
be  thankful  to  get  anything  at  all  .from 
such  a  scoundrel. 
Will  you  give  me  your  opinion  on 
stock  in  the  Guarantee  Egg  Corporation, 
Newark,  N.  .1..  as  an  investment?  They 
are  issuing  $75,000  worth  of  stock,  di¬ 
vided  into  1.000  units.  The  company 
gives  R.  G.  Dun’s  commercial  directory, 
People’s  National  Bank  of  Belleville,  N. 
•T..  and  First  National  Bank  of  Belleville. 
N.  .1..  as  references.  a.  b.  c. 
New  Jersey. 
It  is  eaSy  enough  to  pay  stock  divi¬ 
dends  on  the  same  basis  as  the  German 
government  is  issuing  marks.  All  we  can 
see  to  the  Grarantee  Egg  Corporation  is 
a  stock  selling  scheme,  and  we  do  not  ad¬ 
vise  anyone  to  invest  money  in  the  enter¬ 
prise  that  they  cannot  afford  to  lose. 
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