New-York tribune., 1921-01-04

Ic those who are so fortunate az
to have ready money available we
arc trying to get this message:
Perhaps never again will
there be such bargains in in
vestment securities as the mar.
ket now offers, and so we saw to
all, and this means you,-
scrape together all the money
you can get without borrowing
and buy investment securities
and buy them now
This letter is directed to thoss
who have already written us and
have others read it if they care to
sponse. However. we will be glad To
have others read it it if they care to
do so.
First.-No one need apologize for
asking to be advised how to invest
small sums. There are few big for
tures to-day that were not built up
from small beginnings and in a
single generation. The sooner Won
become an investor, the sooner and
more certall you are to arrive.
Socond.-You need ret apologize
for asking our advice about selling
tho securities YOU now hold, or
about buying ether securities that
have been recommended TO YOU. bat
VIC cannot promise YOU our advice
in all cases
These latter inquiries have. how
evor. been received in such unex-
pectcd numbers that It has thrown
us behind in our work. but we are
now more tully equipped and will
be able TO give you our usual prompt
service in = day or two.
We said in a former lotter-"We
will be glad to serve you whether
you have one hundred dollars or
million dollars to invest" Nobody
he's come in or writtcn in yet with
million dollars TO invest, but some
have inquired anxiously about Sc
curity holdings of very large mag
nitudc.
Many of the securities INQUIRED
about are a long way from being
true investment securities, there
fore we have no information about
them-and it i not an easy task to
get the necessary information on
which to base definite opinion.
1t will be impossible to give spe-
cihc advice about many individual
securities inquired about. People
who pretend to give advice regard
ing any security asked about are
basirg their opinion on wholly in
sufficient information or merely on
irresponsible hcarsay evidence. Such
advice might prove more of a la
billty to You than an asset. They
think they have to say something or
You will think they are not well
posted. We are not too proud TO
say, "We don't know" If we can
not get the necessary 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 1.SOO issues
listed on the New York Stock FIX
change alone. No one man. or no
one house. can possibly give you ad-
vice based on definite facts on any
large number Of these issues ox.
cept the strictly underlying true IN
Vestment securities Most companies
issue only yearly report, and the
only data available now are more
than a year old and the most I'M
portant period is therefore missing.
We arc unwilling to give advice
which is based merely on market
rumors, or even upon letters from
the officers Of the companies giving
only general information. Some Of
the issues inquired about are too
new to have established record of
performance during period of nor
NAL or depressed business. condi-
tons.
Our New York staff consists of
more than six hundred people, and
we are equipped with regular staff
of experts n every department If
research who have made hundreds
Of complete engineering cxamina-
tons. complete audits and complete
property valuations, and we are
t. erefore able to make a prompt
and accurate analysis of the value
of ally security if the corporation
which issues it can furnish US with
the proper reports from reliable
sources.
We hope that nothing we have
SAID IN this letter Will make YOU re-
luctant to tel. us about yourself and
your income. for the more We know
the better we can advise. Also. if
You want US to advise You about
selling OF holding securities which
you now have. or securities which
YOU contemplate buying. YOU can
AID us in getting information by
telling US where YOU got the advice