e other hand, by following a conservative course, you really have a
chance to make large profits with a minimum risk. We are giving below
sixteen stocks that we recommended in our Advisory Letter of February
14th, 1922, with the approximate prices of them then and the approximate
prices on March 31st.[2] In arriving at these prices, we took the
closing prices on February 13th and on March 31st, and omitted the
fractions. We recommended only sixteen stocks on that date, and you will
see that every one of them made substantial gains.

Approximate Approximate
Price Price
Stock Feb. 14, 1922 Mar. 31, 1922 Profit

C. R. I. & P. pfd (6) 75 79 4
C. R. I. & P. pfd (7) 88 93 5
New York Central 76 88 12
Pacific Gas & Electric 64 68 4
Consolidated Gas 90 109 19
American Telephone & Telegraph 118 121 3
General Motors Deb. (6) 70 78 8
General Motors Deb. (7) 81 91 10
U. S. Steel 87 95 8
Dome Mines 23 26 3
Laclede Gas 50 63 13
Missouri Pacific Pfd 48 54 6
C. R. I. & P. Common 33 40 7
Am. Smel. & Refining 45 53 8
Anaconda 47 51 4
Erie Common 10 11 1
---- ---- ---
Total 1005 1120 115

Let us suppose you bought ten shares of each of these stocks on February
14th. They would have cost you $10,050. We recommended 30% margin on the
first ten, all of which were dividend payers; and 50% margin on the last
six, because they were more speculative and would have been more
affected by a reaction in the market. To buy ten shares of each on that
margin basis would have required a little less than $3,500, but let us
suppose you put up $3,500. After allowing for buying and selli