The New York herald., 1922-02-18
Continued from First Page.

tohtiuutu lToih IITSt Jdst.
tighten his grip on his pocketbooll is
the letter which tells of tremendous
profits TO be made through the con-
Germ which writes the letter or setting
forth in flattering terms the reasons
why that concern would deem it an
honor and privilege to give you the
inside dope" on stocks and bonds.
Honest Business Clean Cut.
The honest stock brokerage business
Is clean cut and to the point. There
is no reason why a letter from stock
broker should exceed the ordinary
bounds of courtesy and civilty. If any
out of town buyer got letter from a
New York merchant as ostentatiously
fattering and as solicitously conf
Dental" as the average communica-
ton mailed out by "A bucket shop he
would conclude that the merchant had
suddenly lost his mind. Yet il seems
that people do not. somehow, use ordi-
nary common sense in applying the
grain of salt to the wild yarns peddlcd
in the bucket shop dope sheet.
Almost any letter from a bucket
shop fairly reeks with mealy mouthed
insincerity. thinly yelled with "a pre-
tense at friendly interest in the pros
poets OF financial success. For in
stance. we find a frequent form of let
ter is that which opens with an at
tempt to disarm suspicion. something
to this general effect:
"Our firm belongs to tie old school
Of business which believes in estab-
lished conservative methods and looks
with question on the latter day ultra
optimistic attitude of the 'this-is
your chance -get-in- on it quick sort of
stock brokerage house that has sprung
up in recent years. In fact, we feel
that we Should warn you against
them"
Then follows another paragraph or
two, and we find something like this:
Instead of pursuing that kind OF
method, we have built up through our
years of experience scientific means.
by use of careful study and tabulation,
of telling just what the condition of
the market is and when our special
clients are in position to take advan-
tage of an upward swing. From that
source we are constantly in possession
of the hardest factor in finance to OBJ
tain-namely, the real inside dope on
the stock market. We do not obligate
our customer in any way in furnish
ing this inside information to them,
for as a matter of fact we supply
that exceedingly precious information
to only a comparative and selected
few"
The "SeIected Customer" OGer.
1t then develops that just at TIE
time this letter was being written the
firm was expanding somewhat and,
fortunately for the recipient OF the
letter, was in position to add a few
more names to the list of its selected
customers" OF course, the firm would
never think of importuning anyone
to buy" On the contrary. except on
specific inquiry" other than a general
sort of IN opinion OF market condi-
tions is rarely expressed to customers.
But a part of TIE before mention
"tabulation system" it now appears
is certain service blank (copy of
which is enclosed), and by filing that
out the addressee of the letter may
indicate that he would be interested
in this miraculous inside informa-
ton" providing the firm can find room
for him on its special list.
The receiver Of such letter then is
instructed to fill out the inclosed blank
and-"await developments of unusual
interest"
About the only truthful line in such
a letter usually is some such delicious
bit as this. Yet many people are won