New-York tribune., 1922-11-10
Pep Methods Stressed
Songs and Cheers Los, Charm,
as Securities Skidded
10 $40, Says Plaintiff

weli keer work. work Working along the
Steel way,
gnesuss ne know rs rtri' and true 49,,
tho real way.
10 give fellow n,entheir due.
Welt make them happy 10 their old days.
When their woraing days are Ger.
II We keep on working along the Steel
Wen be welcome at each door.
Ballad OF the Steel Realty Corporation
Teachers Training School.
Songs and cheers, congratulations,
enthusiasm, s'pep" and badges of merit
are the regular early morning portions
Realty Corporation, according to a
complaint fled in the 5th District
Municipal Court by Emily Barthol-
olnaei, who is suing the l.. r. Steel
Service Corporation, parent of the
realty corporation. as alleged, over an
agreement which she made to buy Ger
tain shares of stock.
TIE teachers" according to the
complaint, go about the dark places of
the city enlightening the poor as TO
Steel Realty stock and accepting their
money when they acquire culture
enough to take the chance.
Miss Bartholomew states that the
Steel enterprises advertised extern
sively in a morning newspaper, an
nouncing that women in reduced cir
cumstances" who wanted to make an
easy living without previous expert
ence should apply at the fourteenth
floor of the Knickerbocker Building,
Forty-second Street and Broadway.
These are the Offices of the Steel COM
panies, where the teachers school is
also housed.
When Miss Bartholomaei told Mr.
10
sell stock, they assured her that she
Was not to be saleswoman but
teacher and that she was TO go about
educating people.
They said / must not use the words
stock selling" Miss Bartholomaei's
complaint states, "but that | was to be
3 teacher of poor people, TO instruct
them how to invest their savings; that
the company did not want investors
among rich people or Jews, but wanted
the poor, hardworking people to get
acquainted with a good investment"
Deciding to take chance on real
estate education among the poor, Miss
Bartholomew was first required to sign
a contract for the purchase of ten
shares of Steel Realty Development Cor
poration preferred stock at $100 s
share. She paid $400 down and was to
remit the remainder of $500 in $50 in
stallments She received half share
of common with each share of pre-
ferrd stock as bonus, and paid her
self 500 commission on the deal. Later
she took five more shares on the same
terms.
One of the things Miss Bartholomew
says she learned at the teachers school
was that while savings banks paid poor
people only 31s and a per cent on saw
ings deposits, they turned around and
lent the deposits to rich people, who
made 80 per cent profit on the deal. II
the poor people invested in Realty De-
velopment they could make from to
20 per cent.
"Those who were successful received
rewards of pins, which were pinned on
them by the leaders," Miss Bartholo-
maci said, telling of the teachers as
senibly. "There were different divi-
sions, and when one told of success
full sale, all the others in that division
cheered. They also sang what were
called steel songs"
One cheer, Miss Bartholomew said,
began with the stirring interrogation:
One, two, three, four--what are we
here for?" and followed with facts
about the Steel enterprises
Afte. some time Miss Bartholomew
discovered that the Steel Realty De-
yelopment stock was selling far below
par, come brokerage houses were will
ing 10 sell the stock for which she
paid 500 share for less than $40
share, she said. Through her attorney,
George w, Bristol, of 20 Broad Street,
Miss Bartholomew asks for trial of
her suit before q jury.
In the answer flied by the corpora
tion, a general denial is made to all of
the plaintiffs allegations, except as to
the purchase Of the stock.
in recent issue the financial de-
rartment of The Tribune advised ar
inquirer that transactions in Steel
Realty Development stock had lately
been made at $3.50 to SO share for
ferred.