ssue of bonds is sometimes made the
basis of other issues. Some one has said that there never was a time
in the history of the world when it was so easy to invest money--and
to lose it. Of the securities that are offered with first-class
recommendations it is probable that about one third are actually good,
one third have some value, and one third are practically worthless. In
making investments the first and main thing to be studied is safety.
Never buy a security of any kind without having read it. Do not buy
what are commonly known as _cheap securities_. Do not rely solely upon
the advice of a broker; he may have personal interest to serve. By far
the greater number of losses to investors have been in securities
purchased exclusively on the recommendation of interested commission
men. It is a mistake to give preference to _listed_ securities--that
is, those reported on the stock-exchange lists. Stocks are too often
listed simply for speculative purposes, and the price represents not
so much the value of the property as the pitch of the speculation at
the time. Securities in the long run must stand upon their merits. As
a rule the best time for an experienced investor to buy is when others
are unloading.

VI. CHEQUES, DRAFTS, AND BILLS OF EXCHANGE[11]

BANK CHEQUES

[Illustration: Showing cheque raised from $7.50 to $70.50.]

A CHEQUE is an order for money, drawn by one who has funds in the
bank, payable on demand. Banks provide blank cheques for their
customers and it is a very simple matter to fill them out properly. In
writing in the amount begin at the extreme left of the line. The
illustrations given here show a poorly-written cheque and a copy of
the same cheque after it has been "raised." The original cheque was
for $7.50 and shows very careless arrangement. It was a very easy
matter for the fraudulent receiver to change the "seven" to "seventy"
and to add a cipher to the amount in figures. The running line was
written in on the raised cheque to deceive the bank. In this case Mr.
Carter and not the bank must suffer the loss. Mr. Carter cannot hold
the bank responsible for his carelessness. Drawers of cheques should
exercise the greatest care in writing in the amount to prevent changes
or additions. Draw a running line, thus: ~~~_Nine_~~~ before and after
the amount written in words. If the words are commenced close to the
left margin the running line will be necessary only at the right. The
signature sho