tubist, push the law to them just as far as the law will 
go.” (Mr. and Mrs. F., N. Y. S.) 
Other cases in our files mention sums 
running in various amounts from $500 to 
$1,200, and even up to $9,000, paid to 
this Company for its stock. We will give 
you the facts in later articles concerning 
some of these cases. We are working 
hard on this case and have had numerous 
conferences with the National Vigilance 
Committee of the Associated Advertising 
Clubs of the World and its affiliated Better 
Business Bureaus. We are also conferring 
with others. We think you will be very 
much interested to follow and watch the 
result of our labors. We can promise you 
that we will not let this matter rest. 
American Agriculturist, February 16, 1924 
Where the Dividends Came 
From 
{Continued from 'page 153) 
sued, he would later receive $500. Ac¬ 
cordingly, he gave $170 and an envelope 
of War Savings Stamps taken as $120 but 
possibly "worth more. The salesman, who 
signed himself Jacob Schwartz, filled out 
the subscription agreement as for 2}^ 
shares of common stock, which, he said, 
filled up a block of 10. 
The Farmers’ Standard Carbide Com¬ 
pany acknowledged this as a subscription 
for \y 2 shares, sent a certificate of Class 
B common stock, and in spite of Mr. 
M.’s repeated protests by mail, ALL HE 
HAS TO SHOW FOR HIS $250 IS 
STOCK OF THE FACE VALUE OF 
ONLY $150—AND NO SALABLE 
VALUE AT ALL. 
Undoubtedly, the methods of salesmen 
fo£ the Farmers’ Standard Carbide Com¬ 
pany have been more than questionable 
from the first. The company has always 
been able to say, when the case of an 
over-enthusiastic salesman was brought 
to its attention, that the rash promises 
were made without authorization, and 
that the officers of the company were not 
responsible for such unwarranted pledges, 
which usually took the form of agree¬ 
ments to resell stock within a few weeks 
at from 50 to 100 per cent, increase. 
It is significant, however, that different 
agents, working in entirely different parts 
of the county during the campaign, made 
exactly the same statements and promises. 
To show to what lengths these sales¬ 
men would go, we need quote from only 
one letter. It has been received since the 
first article appeared; the writer, who had 
“invested” hundreds of dollars, had not 
realized the full extent of his loss until 
he read our expose of the company’s 
methods. This letter, which was ad¬ 
dressed to Mr. Morgenthau, the publisher 
of the American Agriculturist, makes 
one wonder how the salesmen and officers 
of the company can sleep at night without 
suffering the pangs of conscience for the 
misery they have caused others. The 
letter reads: 
"Dear Mr. Morgenthau: We were reading the exposure 
of the Farmers’ Standard Carbide Company in the 
American Agriculturist and it is with sincere regret 
that we are shareholders and truly sorry for the farmers 
that were led into thi9 great disappointment by those 
smooth-tongued salesmen or agents. 
“They entirely misrepresented everything; made it so 
strong—such great promises and led us to believe it was 
one of the greatest investments. We had worked very 
hard for what we had and we thought if we could get 7 % 
interest it would be a very good investment. They told 
us that it was just as a bank, that any time we wanted 
our money to let them know and they would forward it 
at once. We were to have a big dividend and they told 
us of the big increases of value on shares and that within 
60 days they would sell our shares at least for $150 per 
share. They said, ‘We have to Sell orders, and if you 
want one we will give you a sell order.So we said we 
would take one for $1500. That said, ‘We will have this 
sold for you in thirty days and will be around with your 
money ourselves personally,’ but we have not seen them 
yet and do not hear from them at all. 
“We were to receive the dividend twice yearly. We 
never realized there were such cheats and crooks in this 
world and we hope the law finds them and gives them the 
full extent. We have written Mr. Null in regard to our 
money, almost begged for it, as we cannot afford to lose 
and how is it that God will let such men go? We told him 
how his salesmen lied to us to get our money and about 
the sell orders, but never a word yet. He wrote us that 
they could not buy the shareholders’ shares as yet, but 
might be able to later. 
“Myself and wife have 25 shares common stock at $100 
per share, and 10 shares of preferred stock at $10 per 
share, 25 shares of Standard Acetylene Company at $5 
Per share. We are very much in need of this money and 
getting old and do not feel that we can lose it. We do 
hope that the laws of the United States will find these 
people and hope they will get the punishment they 
deserve. 
“One salesman was here and my wife made the remark 
that if we thought it was all false we never would talk 
with him. He said, ‘7 have a wife and little children I love, 
and if l lie to you may Ood have them all dead when 1 get 
t) New York City'—and he lied. He was a terrible crook. 
Mr. Morgenthau, President of the American Auricul- 
163 
3/ \n, 
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