The New York herald., 1921-01-17
q
An Investment
Message


everybody who is fortunate as to have ready
money to invest at this time This particular let
ter is to correct the impression that the bargains
in investment securities have all been snapped I'D.
When we have talked about Investment Securi-
ties have meant strictly underlying securities,
> such bonds and preferred stocks, or their
equivalent. While do not hold that there are
no common stocks which may be classed in
vestment securities, nevertheless in this campaign
we recommend only underlying securities.
Perhaps never again will there be such
bargains in investment securities the
market offers, and say to all,
and this you, scrape together all
the money you without borrowing and
buy investment securities-and buy them
now"
The financial pages of papers devote most
of their space to speculative securities-and for
good reason Investment securities furnish little
news. In normal times fluctuations in market
value are small. true investment security is not
one on which you have to stand over stock ticker
and watch quotations; nor do you have to watch
the daily reports on the financial pages of your
newspaper true investment security is one
you can lock up and forget until some day when
it is convenient for you to sit down and discuss
with your investment advisor whether there has
Deen any Cnange III general Of SPECIFIC CoHuiIloilo
which would make shifting of your investment
advisable.
Now on the other hand, the speculative =
a certain security may be the more news it is apt
to furnish. Newspaper headlines have bristled
with news since we started this campaign of the
rapid advance in this or that security-a of
them, of course, speculative in character. This
apparently has given many people notion that
they have already lost their chance to get invest
ment bargains Such is not the case. None of
the true investment securities have advanced in
market value to where they no longer bar
gains Some may have moved up, however, to
where they no longer the best bargains. Some
of them have hardly moved up at ALL There
still plenty Of bargains to be had. Don't les news
paper reports relating only to speculative
curities shape your investment thought. The
spectacular advancing market now ex
periencng in speculative securities is simply re-
bound from long continued declining market.
1t is characterized by irreguarity and uneven
ness which might almost be termed disorderly--
and this because in these speculative securities the
battle is largely struggle between professionals.
1t will be strange indeed if the upward ten
dency of the present speculative market is not
characterized by bear raids and here and there
by marked reactions in prices. AS many people
portunity to buy investment securities at bargain
prices because of the rise in prices of speculative
securities, we therefore fear that when reaction
in prices is reported for the speculative securities
it will make them nervous about buying invest
ment securities.
Our advice is to "buy-and buy now A re-
action in the market for speculative securities
should have little no effect on the true invest
ment securities However, if the reaction in the
speculative market should be so heavy to de-
press quotations on investment securities
message would be to those who have not bought.
as well as to those who may have bought: "buy--
and buy then" While expect reactions in the
speculative market, think it would be taking
an unwarrantedy long chance to expect to get your
true investment bargains at less than you can
buy them for to-day. Our advice has been and
still is to "buy-and buy now" We are sorry
if you did not act our messages published
heretofore, for if you did not you have already
missed some bargains, but there many bar
gains still to be had practically good those
you may have missed.
While we solicit your confidence and patronage,
we don't want you to miss a bargain sale while
we are getting you acquainted with us. If you
cannot satisfy yourself upon information at your
command that you well the
best other agency could possibly do, then urge
YOU to go elsewhere. We do strongly advise, how
ever, that you buy only on the advice of one of
the many houses that have both high moral and
financial standing. AS we have told you before, if
you care to rely upon our judgment we will treat
il as an honor transaction