New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-01-17
:. u. g >.
- - ''s}'3A'
An Investment
Message

ties" we have meant strictly underlying securities.
such as bonds and preferred stocks, or their
equivalent. While we do not hold that there are
no common stocks which may be cassed as invest
ment securities nevertheless in this campaign we
recommend only underlying securities
"Perhaps never again will there be such
bargains in investment securities as the
market now offers, and so we say to ALL
and this means you, scrape together all
the money you can without borrowing and
buy investment securities-and buy them
now"
The financial pages of our papers devote most
Of their space to speculative securties-and for
good reason Investment securities furnish little
news In normal times fluctuations in market
value are small. A 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 the financial pages of your
newspaper. A 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 adviser whether there has
been any change in general or specific conditions
which would make a shifting of your investment
advisable.
Now, on the other hand, the more speculative
to furnish. Newspaper headlines have bristled
with news since we started this campaign of the
rapid advance in this or that security-all 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 are no longer bar
gains. Some may have moved up, however to
where they are no longer the best bargains Some
OF them have hardly moved up at all. There are
still plenty OF bargains to be had. Don't let news
paper reports relating only to speculative securi-
ties shape your investment thought The spec
tacuar advancing market we experience
ing in speculative securities is simply rebound
from long continued declining market. It is
characterized by an irreguarity and unevenness
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
nave gotten the idea that they have lost the oppo-
tunlty 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 buving invest
ment securities
Our advice is to 'buy-and buy now" A
reaction in the market for speculative securities
should have little or effect on the true invest
ment securities. However, if the reaction in the
speculative market should be so heavy as to de-
press quotations on investment securities our
message would be to those who have not bought
as we'll as to those who may have bought, "buy-
anu buy them While we expect reactions in the
speculative market, we think it would be taking an
unWarrantedly long chance to expect to get YOUR
true investment bargains at less than YOU can buy
them Tor to-day. Our advice has BEEN and still u.s.
to "buy-and buy now" We are sorry if you did
not act on our messages published heretofore, for
II you did not you have already missed some bar
gains but there are many bargains still to be had
practically as good as those you may have missed
While we solicit your confidence and patron
age, we don't want you to miss a bargain sale
While we are getting you acquainted with u.s. If
you cannot satisfy yourself upon information at
your command that we serve you as we'll as
the best other agency could possibly do, then we
urge you to go elsewhere. We do strongly advise,
however, 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 be-
TORE II you care to rely upon our judgment we
Will treat it as an honor transaction
Yours cordially,