National Geographic : 1911 Oct
SThe Doctrine of Conservative Investment There is no greater incentive towards thrift and economy than that induced by conservative investment. It is a mistake to imagine, however, that conservative investment is to be determined by surface conditions alone. Margin of safety, stability of earnings, market ability, interest rates, and other important factors all have a bearing upon safe and profitable investment. This should make it obvious that investors acting on the advice of an individual having little or no knowledge of the fundamental prin ciples of investment are more than likely to be misguided. In fact, it is extremely doubtful if any one failing to fortify his personal opinion by the knowledge and experience of an efficient investment organization is qualified to act in an advisory capacity in the matter of conservative investment. Therefore, prudent investors the country over are coming more and more to seek out for themselves reliable and experienced invest ment banking firms, whose function it is to aid them in selecting investments that would seem to be best adapted to their particular requirements, and whose knowledge of the various factors affecting conservative investment is the result of special study and careful investigation. Once the average person becomes familiar with the facilities thus afforded, conservative investment ceases to be a difficult problem. We shall be glad to suggest to you sound investment bonds, which, in our judgment, have behind them good security and stability of earnings. The bonds yield an income return of approximately 5 per cent, and have every reasonable promise of appreciation in value. Write for Bond Circular No. 436, "Investment Securities." Spencer Trask & Co. Investment Bankers Albany. N. Y., State and James Streets 43 Exchange Place, New York Boston, Mass., 50 Congress Street Chicago, ill., 72 West Adams Street Members New York Stock Exchange : ^ - H ii n iiiiiiiiiiiiiiiiiillll "Geographic readers may depend upon the integrity of our advertisers."