New-York tribune., 1921-01-05
.-zsz.sAe
g =
u -5-p~@e
s=--&
~ -
-
a -
Message F;

this message to those who are
so fortunate as to have ready
money to invest at this time:
Perhaps never again will
there be such bargains in IN
vestment securities as the
market now offers, and so
we say to all, and this means
you-scrape together all the
money you can get without
borrowing and buy invest.
ment securities - and buy
them now 3
This letter is directed both
to those who have already
written us and those who have
You do not get the fun bsne-
fit of the advice of an invest
ment house if you tell them
you will only invest in some
certain type Of security or will
not invest in some other ty pc.
When you go to a physician
You don't tell him what medi-
cine he should give yop before
YOU tell him your symptoms.
When you go to a lawyer you
don't tell him that you want a
suit brought in the Federal
Court before YOU tell him what
the case is. Perhapsc you
should not bring suit lat all.
Perhaps the Federal Court is
not the best court, and perhaps
you could not get into"ift1, if it
was. You go to your doctor and
your lawyer for advice, and do
not curtail their usefulness to
you by telling them in advance
what medicine you will or will not
take or that the lawyer must sue
and sue in a certain courf.s Go to
your investment adviser in 1ne same
way as you go to your physician or
Your attorney. Tell him your sit
uation; how much money you have
70 invest; what you fancy and, what
YOU have fears about
We are getting lots of Inquiries
Many that come in by letter contain
specific Instructions; sometimes
hey say: | want railroat- bond
maturing in 1850 and yielding'6 to
8 per cent We give and discuss
wo frequent examples. Space
V0uld not permit discussing them
III ba.r - u
varied a-o
One man says, Il want only Sc
u1tes listed on the New Nork
viii never again buy anything that
listed on the New York stock
Fxchange' One says, Il Will Ionly
buy railroad securities" Another
says, 81 viii never again buy rail
road securities"
First, you cannot make a sectirity
sound simply by listing atn,on the
New York Stock Exchange, You
cannot keep disaster from over
taking some enterprise simply by
having IT listed on the Stock Ex~
change. On the other hand. you
cannot hurt the intrinsic merit lof a
security simply because it.iS listed
on the New York Stock Exchange
The Stock Exchange strives to pre-
vent the listing Of fraudulent
s.oeks on the Exchange ara rsttiyes
10 prevent them from being dealt
iA unfairly or fraudulcntly.tG 4ner~
ally speaking, there is no benc5t or
no injury to a security by being
listed on the New York Stock .Ex-
change, eXceDt 10 make apnarket
for it. As rule, the securities
listed on The Exchange have the
readiest market However, simply
listing a security on the .N'v-w=T ork
Stock Exchange viii not give IL
ready market; simply because a Sc
euritv is listed does not 1ntss3'That
it has q ready market. lfoany. one
buys a security in the bcqgrf that
because ii is listed on tl1p, ,Tew
York Stock Exchange it is bound TO
have a ready market they are liable
TO be badly disappointed. There
arc hundreds Of inactive securities
that are listed, many Of them being
lust about as easy to market at
times us a secondhand automobile.
There are other securities that are
not listed which have d ready mar
ket 1T all times. Many Of the most
profitable investments that we're
ever made were in unlisted securi-
ties that were afterwards listed on
the New York Stock Exchange after
all the cream had been skinned Off
Now "a TO railroad securities. So
many people know about these that
they have always sold on Il aess ad-
yantageous basis TO the bIyeef than
any other class of securities. While
most other investment securities
are still selling at approximately
their lowest point. this is not true
of railroad securities. They have
had an active market for weeks and
have been bought IN our opinion
largely for speculation to BE. resoId
again rather than for investment
While many Of them are bargains,
few Of them are best" bargains.
The cream has been partially
skinned off
On the other hand, 10 refuse to
buy any Of these at any time is to
pass up the likelihood Of gucabar-
gains. For the present baM1Ea are
so plentiful that YOU don't have 30
buy railroad securities. -
To select good investments re-
nquires the ability to foresee future
conditions. Past history can. only