The New York herald., 1921-01-04

rave ready money available we are
tryng to get this message:
Perhaps neve- again will there
lie such bargains in Investment
securities rs the market now
offers and so we say to all, and
this means you,- scrape to-
gether all the money you can
get without borrowing and buy
Investment sccurities--and buy
them now.
This letter is directed to those who
have already written US and have not
received 4 prompt response. However
We will be glad to have others read il i
1tey care to do so.
First Ne one need apologize Tor
asking TO be advised how TO inves
small sums. There are few big for
tu1as to-iay that were not built up
from small beginnings and in a single
( generation The sooner you become an
investor. the sooner and more certain
you are to srrive.
Second You need not apologize for
a'k'ng Our advice about selling the
securities you now hold. or about buy
irg other securities that have been
recommended to you. but we cannot
pro nj e yol OUR advice in all cases. - =
These hitter inquiries have. how
ever, bean received in such unex-
pected numbers that 1T has thrown
Us behind in our work, but we are
pow more fully equipped and will
DC able to give you our usual
p-onpt service in day or two.
We Sid in former letter-"we
VIII be glad to serve you whether
~y0T have one hundred dollars, or a
million dollars to invest" Nobody
has come in or written in yet with a
million collars to invest. hut scme
have inquired anxiously about Sc
curity holdings Of very large magni-
tude.
Many Of the securities inquired
;bcut are a long way from being
true inves tment securities, there
fore we have no information about
thein--snd il is not an easy task to
get the necessary information on
witch to base definite opinion.
1t will be impossible TO give spe-
cific advice about many individual
securities inquired about. People
VINO pretend to give advice regard
ing any security asked about are
basing their opinion on wholly in
sufficient information or merely on
irres ponsible hearsay evidence. Such
advice might prove more of a lia-
rii'ty To you than an asSet. TheY
think they have to say son .cthing or
you will think they are not well
posted We are not too proud to
say NWe don't know If we can
lot get the nece ry information
on which to base an opinion. we viii
have to tell you frankly that we
don't know and can't find out.
There are more than 1900 issues
listed on the New York Stock Exchange
alone. No one man. CT no one house
can possibly give you advice based en-
definite facts on any large number Of
these issues except the strictly under
lying true investment securities. Most
companies issue only yearly report.
and the only data available now is more
than a year old and the most important
period is therefore missing. We are
unwilling TO give advice which is based
irerely on market rumors, or even Upon
letters from the officers of the com
panies giving only general information
Some OF the issues inquired about are
100 new to have established a record of
performance during period Of normal
or depressed business conditions
Our New York staff consists of more
than six hundred people and we are
equipped with a regular staff Of experts
in every department Of research who
have made hundreds of complete en-
Eineering examinations. complete audits
Ynd complete property valuations and
we are therefore able 70 make a prompt
and accurate analysis Of the value Of
any security il the corporation which
issues IL can furnish US with the proper
reports from reliable sources.
We hope that nothing we have said
II this letter will make you reluctant
70 tell us about yourself and your in
come, for the more we know the better
we can advise. Also, if you want US TO
advise you about selling or holding Sc
curities which you now have. or securi-
ties which you contemplate buying,
lou can aid US in getting information by
telling us where you got the advice to
buy the securities you now hold or the
securities you have been advised to buy.
When you go to a lawyer for advice the
more you tell him about your case the
better he can serve you.
One OF our new clients says that for
every dollars worth Of business we are
creating for ourselves, we are creating
twenty dollars worth OF business FOR
our competitors. That may be so.
but the best dividend an investment
security ever earns is peace of mind for
~ Qwner-and peace Of mind is often
only to be had by acting upon the ad-
ice OF those we have most confidence
IN. There are many houses IN tho
financial district that have establirhcd
by years OF good performance a record
" moral and financial responsibility.
II we have created business for them We
are glad oi it. II they give their clients
good advice the clients will make ten
collars for every dollar they make for
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