WISE INVESTMENT
To hold or to sell has now supplanted to buy or to wait as the investor's immediate problem. As I feared, Wall Street's• decline has been so sharp that it has opened some very deep wounds among speculative investors in Throgmorton Street There is no reliable guide to the total losses, either- realised, Or on paper, inflicted on this side, but they must run into many millions. One may hope that they will be negotiated. Without serious trouble, but even if they are, the process will be painful and will clip the wings of many of the bolder spirits: On whose enterprise the market is 'dependent for a lead.
So much for the technical position. It is important as a .
short-term factor but fortunately it is not fundamental in; determining the long-term trend. Despite the gloom an City markets industry is still getting on with its job and, to , judge from the stream of dividend and profit announcements,
there-
re, one is prepared to take the view that the peak of prosperity,:
ere is no let;up in the recovery movement. Unless, if not already reached, is very close at hand, there should be: no need for holders of ordinary shares in good companies to throw in their hand. My advice to holders of good equity: Shares is not to be panicked into selling. Those who have patience and good nerves might now begin to consider moderate: purchases of shares, such as Imperial . Tobacco, Furness,. Withy, and Shell Transport, which are now available on, decidedly attractive terms.
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