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.

You will note that this business absolutely cannot be affected by financial calamities.

On the contrary, a panic is a blessing.

It may seem to you that if this method of taking money out of Wall Street is so simple, that you can do it yourself. You certainly could if you had the capital, knew the stocks and their value thoroughly, could devote your whole time to it, and, what is more important, had the firmness and will power to follow the method and not be swerved from it by the temptation of speculation.

Not one man in a thousand can go into Wall Street and fail to be influenced by the wild speculation which is going on there, the apparent opportunities for getting rich in a minute, the tips and rumors and all that sort of thing. That is precisely why so many people are wrecked in Wall Street, and the reason why so few succeed is that they have not the patience and the cool, calm judgment requisite to play the game in the only way in which it can be beaten.

The Manager of our Corporation will not be allowed to be influenced by anything except our instructions. He will be under sufficient bond to follow his instructions, which will be precisely as outlined above. He will be a buying and selling machine, oblivious to all outside influence. He must carry out our orders regardless of whatever may happen, and he is a man who can be depended upon to do it.

A corporation, being a machine, can succeed by this method for the reason that it must follow a certain outlined course and cannot, and dare not, deviate from it by a hair's breadth.

The individual left to himself in Wall Street soon finds himself figuring, speculating, making forecasts, listening to tipsters, reading financial newspapers, living with one eye on the ticker, and pretty soon he has forgotten all about the method he intended to follow, and is a plain, ordinary Wall Street gambler—and the shrewd and cautious wise heads of the Street soon get his money.

The marginal operator is always at the mercy of the market instead of having the market at his mercy.

The wonder is not that so many of them lose so much money, but that any of them win at all.

It is only a question of time until they are wiped out. The odds against them are altogether too great, and while they may weather a few slight squalls and run along smoothly for a time, sooner or later disaster comes, generally unexpected and overwhelming.

What is the use of trying to make money in Wall Street by marginal speculation when the odds against you are so great?

If you want to undertake to make money, why not make your attempt a scientific one? Why not place the money you wish to invest where it will be handled in a manner by which, as shown by the statistics of twenty years, cannot fail to win.

It is no more speculation than it is for a banker to loan money to his friends and associate business men.

In fact, it is not so speculative for the reason that we make investments in the stocks of companies of standing—stocks which are just as good as gold, and represent vast enterprises, enormous properties and great earning power.

It may be asked, what will occur at the end of a year's business if some of the stocks are selling below the price at which they were bought. The answer is that they are kept in our vaults because they are safe, sound, dividend-paying stocks, but the dealings in the securities will show a handsome profit, more than enough to pay for the shares on hand because the numerous little purchases and the accompanying reactions in these very stocks have already resulted in a large number of profits.

Generally speaking, there will be no stocks carried a whole year because we will never buy except under forced conditions, and the reactions are generally very prompt, so we will be able to sell out quickly at higher prices.

It matters not how much you may know about Wall Street and financial methods and matters in general, you cannot figure out a way in which we can fail to succeed.

Suppose the worst kind of a panic comes, the worst possible period of financial depression; suppose, we have stocks on hand which are going lower and lower; suppose, we buy until our buying capacity is exhausted, and still stocks go down and down; in what way can we be injured? We do not owe anybody anything, and whatever money we have made is in the pockets of our bondholders. Nobody has extended any credit to us, and nobody can hold a club over us. We have no running expenses that amount to anything—no big rents to pay, no insurance, or anything else of that sort. There is no pay-roll to meet, no big stocks of goods to worry about—simply nothing that can squeeze us a penny's worth. All that we have to do is to wait, and waiting under these conditions is the easiest thing in the world.

The stocks we own are all those in corporations, concerning whose solidity and assets there cannot be the slightest shade of doubt. These stocks all have a certain value, as shown by the earning power of the corporations behind them. Sooner or later, they have simply got to go back to their normal, actual, tangible value. So we simply wait until they go back there, and that is generally a question of a very short time. Short or long, however, the time must come, and when it does come, we are in line to reap the richest kind of a harvest.

There is absolutely no loop-hole in this proposition. There is absolutely less risk of loss than in any business or other enterprise you can mention.

It is a business carried on with good, hard cash, and with every possible advantage in our favor.

The holder of even one bond of $25 stands upon the same footing as the owner of a large block, receiving regularly the pro rata earnings represented by his share.

The officers and directors are well known men of business, thoroughly familiar with Wall Street and its methods, most of them having been for many years actually engaged