LISTED AND UNLISTED SECURITIES 143 
I 
they know to be out-and-out untruth*. In fact, 
our well known publishers use every effort to elimi 
nate such matter from their work. However, not 
withstanding their diligence, many manufactured 
rumors persistently appear in print and cause con 
siderable loss either to buyers or sellers. 
Readers might also be warned against various 
cheap market letters and newspaper advertise 
ments, especially such free advice as floats about 
most board rooms and brokers’ offices. Advertise 
ments of these miscellaneous organs may be found 
in Sunday papers, and should always be avoided. 
There is usually no source of such news at all, it 
being entirely manufactured under the direction of 
the person by whom it is distributed. In fact, it is 
said that many tipsters advise one-half of their 
clients to buy a certain stock, and the other half to 
sell it on the same day. All such tips should be 
avoided, for it is impossible for any one to know 
how the market will act tomorrow or next week, 
or even next month. Long swings may be fore 
casted by a study of fundamental statistics; but 
one stands a much better chance to make money at 
roulette or dice than by playing for a one per cent 
profit on the daily movement of any stock. 
How to distinguish between facts and “write 
ups” or between legitimate rumors and manufact 
ured tips is hard to explain as every one must 
depend to a certain extent upon his own intuition. 
On the other hand, to be able to distinguish is very 
important in all instances, and absolutely necessary 
for those who are not willing or able to give a little 
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