kruptcy. Under these circumstances, I do not
think I can conscientiously advise you to "hold;" still, you might watch
the Market for a day or two; but, at any rate, take my advice, and get
rid of your "Crocodiles."

I subjoin some of my correspondence:--

DEAR SIR,--I am in the somewhat embarrassing position of being
responsible for L5000 under the marriage settlement of a niece,
that, owing to my want of financial knowledge, has, I fear, been
somewhat injudiciously, if not absolutely, illegally invested by my
Co-Trustee. Though the settlement stipulates that only Government
Stocks and Railway Debentures are available, I find that the money
at the present moment is thus disposed of:--

Purchasing Present Last
Security. Price. Price. Div.

L1000 Kangaroo Copper Trust 193 13-1/8 None

2000 Bursters' Patent Coffin Company 157 4 None

1000 Battersea Gold Syndicate 235 7-1/2 None

500 International Balloon Transit 170 Nil. None

500 Bolivian Spasmodics 194 9-1/8 None

You see it is not so much the depreciated value of the Securities, which
certainly read well, but the absence of the Dividend which perplexes me.
What would be your advice? Should I sell, or continue to hold?

A PUZZLED TRUSTEE.

We should certainly hold.

SIR,--Acting on the advice of a friend who is in the Directorate, I
have largely invested in the Automatic Hair-cutting Company. Owing,
however, to the fact that customers, who will not hold their heads
properly, have on several occasions latterly had their ears trimmed,
and a pattern cut on their necks, several actions for heavy damages
have been brought against the concern. These having been successful
in every case, the Company is virtually ruined, and the shares are,
in consequence, almost unsaleable. What should I do with mine?

AN ANXIOUS SPECULATOR.

Hold. The Company has evidently touched bottom. Wait for the rise.

You will see from the above specimens, taken at random from a heap of
others, that I utterly deprecate panic. "Never cut losses" is the
wholesome and cheerful advice I give all my clients. There cannot be a
doubt about it being thoroughly sound; for it stands to reason if no one
were to sell out, no securities would ever fall. So, to nine