It is more difficult, however, to tell you WHAT stocks to buy. First of all, we advise you against buying stocks that are put up to high prices by manipulation. Of course, if you get in one of those stocks right and get out right, your profits are very large, but you take a great risk, and those who win once or twice by this method are almost sure to lose everything sooner or later in an effort to do the same thing again. Your chances are not much better than if you gambled at Monte Carlo. The chances in buying manipulated stocks are invariably against the outsider. There always is so much publicity about these very active speculative stocks that the public is attracted towards them. Newspapers and brokers' market letters give altogether too much space to them. Such stocks sell far too high, and when the break comes, it brings ruinous losses to many people. On the 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