Pueblo chieftain., 1921-11-02
z FORMER PUEB[0 MEN ADDRESS
BANKERS MEET AT NEW ORLEANS

vertisement and remain cold to
others, that advertisements in certain
magazines and newspapers bring re-
suits while those in oIner publica-
tions do not. All this is a valuable
and necessary part of the equipment
Of the conscientious advertising
agency, but it was only part of the
equipment required for the best re-
suits. There was nothing resembling
a scientific survey of the market.
I'VE concluded that such a survey
was entirely practicable. Our plan
was to determine, first, what we
wanted to find out: then to find 1t
out: and then to analyze what we had
found out The survey has been
made, and the results in MANY cases
are astonishing"
Mr.. Herman said that, in its broad
est sense, the purpose of the investt-
CATION was to discover what tho in
vestment habits of the country are
Before a single investigator was sent
out, weeks of labor were spent in
determining what information should
be sought. An elaborate question
naire was prepared. containing 80
questions which were intended to
bring out every pertinent fact bear
ing upon the way the people of the
country invest their money. In addi-
ton to preparing the QUESTIONABLE, a
81 cav ucdi VI SldilSilCdl lnNtSIlRdIlOn
was done to determine in advance,
as far as possible. the financial char
acter of the territory which It was
intended to cover.
The entire region east of the Mis-
souri, river and north of the Ohio
river was selected as the field of in
vestigation. The work occupied the
time of eight trained investigators for
two months. These men carried on
their work in centres in every state
ranging from $50 population to New
York City. The persons interviewed
Varied in age from 2S to 81 years, with
incomes ranging from 5000 a year up
to millionaires. Business men. salaried
men, manufacturers, doctors, lawyers
and other professional men were asked
to answer the questions.
One-fourth of the time and effort Of
the Investigators was devoted to bank
ers, in Obtaining the views of these
men as TO conditions in their commu-
mites, while the rest was devoted to
private investors. Mr.. Herman point
ed out that if this work had been un-
dertaken personally by any invest
ment dealer, 1t would have occupied
his entire time for sixteen months and
would have compelled him to travel
thousands of miles.
Following Mr.. Hermans preliminary
description OF the investment market
nhhlS ps <tipcTt FRANK "
company, ]. w. Wilder. vice president
of the company in charge OF its Chi
cago office. presented some of the ac-
tual results obtained from the survey
using % lantern slides OF charts and
maps to illustrate his points.
The outstanding fact. however
which will be Immediately appreciated
by every investment banker in this
audience, is the sad neglect from which
the small investors of the country are
at present suffering. l do not bring
accusations of neglect against any
body. AS an advertising man familiar
with the marketing OF investment Sc.
curities. ! realize to the fullest the diff.
ficulties which confront investment
houses in their efforts to reach these
people of moderate means. whose in
comes in the aggregate is such an i'm
portant unit in the national income. !
all investment institutions should go
out after the little fellow and attempt
to secure 800. $500 or 81 600. There are
woolworths and Tiffanys IN the In.
vestment field, as in the mercantile
field. as in mercantile fiend. and Tiff
fsny cannot do business by the Wool
worth method.
mo one investment banker. and no
small group of investment bankers Is
capable OF dealing with this situation.
Concentrated effort is required and l
respectfully suggest to this convention