paying stocks are something remarkable. Some active stocks show a fluctuation of five thousand times their value in a year, thus offering a continual opportunity for money making.

These are the stocks which are constantly speculated upon, the stocks on which so much money is lost and upon which the cool headed and careful operators make so much.

The Western Union Telegraph Company's shares have always paid 5% dividend, and the average market price has been about 90, making the income about 5½. Now, suppose it is purchased in ten-share blocks on every one per cent. decline and none sold above the average price, it will show an income of more than 43% per annum, besides some dividends.

Suppose the very worst were to happen and there was a 20 point decline in Western Union, then we would have

It will be seen that $16,800 will handle a ten-share lot of Western Union Telegraph through a regular "Black Friday" panic, with a resulting investment as stated above. It must be borne in mind that the average prices of these purchases is 80, giving a dividend of 6% on the investment, but when the market has resumed its normal condition (90), the profits will be $2,100, exclusive of dividends.

If lots of 100 shares each were purchased, there would be profits of $21,000 exclusive of dividends.

The shares of the American Sugar Refining Company fluctuate 4,900 times their par value every year, and our method applied to them will give a profit of from 200 to 300% per annum, exclusive of dividends.

While we refer to the possibilities in making investments in Western Union and American Sugar Company's shares, we include in our operations a number of different securities, all at the same time.

For instance, when we would purchase one hundred shares of one stock, we divide it into five or ten different lots and do the same thing in, say, ten or twenty different stocks all at the same time; therefore, instead of having on hand a few large lots, we have two or three hundred small lots, purchased down to the lowest prices, and by purchasing outright a large quantity in little "lots" at different prices, the average cost eliminates the risk of loss and insures certain profits.

According to the results of speculation and manipulation, the twenty different stocks that we deal in do not usually all go down at the same time. Some are going up, while others are going down; therefore, we are receiving profits in one, while making advantageous investments in another.

We have been established in Wall Street for a number of years, and we know about the various stocks on the market, their value and earning capacity. We know the stocks which are most sought after by investors, and the stocks which are used by speculators to make money out of the public.

We now offer to the public the best plan for a legitimate investment speculation. We have an authorized issue of $500,000 debenture bonds due and payable in three years, with interest at 5%, payable semi-annually, for the purpose of buying and selling stocks and securities as dealt in upon the stock exchanges of New York.

In consideration of one-half of the net profits accruing from these investments we guarantee the bonds and interest at the rate of 5%, and conduct, manage and direct the business.

We distribute the net proceeds on the first of every month, one-half to the bondholders and one-half to our company.

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