Part 3

These bonds are issued in sums of $25 and upwards, as purchasers may direct, and are transferable only upon the books of the company.

The first thing to be sought is absolute safety in investment. Only sound, dividend paying securities will be bought and only at a bargain when it is known beyond question that the price is below their actual earning power. Having purchased and paid for the securities the bondholders become the owners of them, and they will be placed in our vaults until such time as they can be sold at a handsome profit.

No get-rich-quick methods will be used, and no speculation indulged in.

No large amount of money will ever be tied up in one stock.

The operations will be spread over a large amount of ground, making small investments in proper securities, thus practically eliminating all risk of loss. It is more certain than life insurance business.

The chances of loss will be considerably smaller than they would be in banking, manufacturing or mercantile enterprises.

Purchases will commence when a stock is over-depressed and evidently selling below its real value.

Purchases will continue so long as the price continues to go down.

These stocks will then be held and we will have every advantage over the market, instead of the market having the slightest advantage over us, as it does over ninety-nine out of a hundred speculators.

When the speculator is forced to sell at a low price we begin to buy.

When he is forced to buy at a high price we will be ready to sell.

We have the advantage over the market at every stage of the game.

The market cannot force us to do anything because we are in a position to do precisely as we please.

This business is strictly cash, buying for cash and selling for cash, trading in securities of strong, dividend paying corporations and going steadily forward every business day in the year.

No credit will be extended or asked.

There will be no bad debts.

No money has to be expended for plant, equipment or other costly things which figure in ordinary lines of business.

Every cent of money will keep working all the time, and such of it as is not invested will be drawing interest in a Trust Company.

There will be absolutely nothing to worry about.

When we want to buy other people are unloading. They have been frozen out and have to sell.

The more freezing out there is, the more panicky things get, the better it is for us.

There is more money to be made in one panicky day than there is in weeks of ordinary Wall Street trading.

Then, on the other hand, when everything is looking first-rate and prosperous, Wall Street is full of people who want to buy. There is where we are ready for them again.

We bought the stocks when people had to sell them.

Now the people want to buy and we are right on hand with the goods--bought cheap at the proper time and now glad to sell at a goodly profit.

This method of ours is nothing new or untried. It has stood the tests of time and made many a millionaire.

It is founded upon the firmest possible foundation, and has gone over squalls, slumps and panics, and in twenty years, to our personal knowledge, it has never failed to win.

We know of a number of people who have become rich by following this method. We know of one man who operated for fifteen years. He retired January 1, 1898, reputed to be worth twenty millions of dollars. He never lost, paid for what he bought, buying proper securities in small quantities at a declining market, going right along to the bottom still buying and then holding on until the market was in its normal condition and he could pocket his profits and be ready to do it all over again.