"On the one hand," said Financial World, "they are not so sensitive to shifts in interest rates as are top-grade senior equities. But neither do they respond so sharply to swings in the business cycles as do more speculative bonds and common stocks." The possibilities for their eventual price comeback have been greatly enhanced by the far-reaching changes taking place in the nation's rail transportation system, chiefly in the form of major moves for greater operational economy and greater public efforts to help ease the carrier's plight through, among other things, possible elimination of competitive inequalities coming from public expenditures on waterways, highways and airways. Municipal bonds are another broad group, many of which are attractively priced, with some of them at substantial discounts. Offered in a wide range of coupons and maturities, municipal bonds are issued to be outstanding for predetermined periods, which, in the words of Goodbody & Co., "gives diversification to the investor in that he can plan by a variety of means to put a small or large amount of money to work for a certain period of time, at a known return.

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More than 1,500 clubs are linked in the National Association of Investment Clubs, 2224 National Bank Building, Detroit 26, Michigan. You might do well to get in touch with this organization. Otherwise, every piece of information and advice in this book applies as rigorously to investment clubs as to investing individuals. Stock swindlers fleece investors out of millions of dollars every year. Exactly how many millions is not known. The swindlers, operating illegally, or, at best, on the barest edge of legality, are not inclined to report their profits.

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The over-the-counter quote was $1.00 bid, $1.50 offered. This means that someone who owned the stock wanted $1.50 to induce him to sell, while a prospective buyer would pay $1.00.

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An investment company with 100 common stocks, 10 of which represent 50 per cent of the total holdings, is not as broadly diversified as another whose 10 largest holdings make up only 20 per cent of the total. A word about diversification for the individual investor may not be amiss here. Many portfolios show a tendency toward scatteration. An investor with $50,000 in common stocks other than investment company shares need not own between twenty-five and thirty separate issues. The following is not a prescription; conditions change, and price shifts must be considered. Other securities may be substituted, therefore, but the person with a modest amount to invest can obtain a very satisfactory degree of diversification in, say, six or seven securities of the following types: American Telephone & Telegraph; American Electric Power; Westinghouse Electric; Du Pont de Nemours; Sears, Roebuck; National Dairy Products; Texaco.

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