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Path: utzoo!linus!decvax!harpo!eagle!mhuxl!mhuxi!houxm!houxh!pvl
From: pvl@houxh.UUCP
Newsgroups: net.invest,net.wanted
Subject: Re: First Jersey Securities - How are they?
Message-ID: <280@houxh.UUCP>
Date: Wed, 26-Oct-83 12:49:32 EDT
Article-I.D.: houxh.280
Posted: Wed Oct 26 12:49:32 1983
Date-Received: Thu, 27-Oct-83 06:14:56 EDT
References: <557@houxz.UUCP>
Organization: Bell Labs, Holmdel NJ
Lines: 23


  I posted my opinions of First Jersey Securities about 6 months ago.
It appears to be time to do so again.  Before I start, remember that
noone should strictly take someone else's word regarding an investment.
*YOU* will ultimately be responsible for the results, so take the following
for whatever you decide it's worth (no more and no less).
  I dealt with First Jersey for a little over a year.  My advice is to
avoid them at all costs.  The dealings often had a taste of "not quite
right" like offerings that I bought for $500 and sold for $625 one week
later.  That sounds great except that the broker nearly insists that
you roll the proceeds over into another investment.  Given that I was
dealing in "penny" stocks, my paper gains the first year were impressive.
Then, on a whim, I called another broker to find out what my holdings
were worth.  Since penny stocks are so cheap, the spread between the
asked price (what 1st Jersey quotes you) and the bid price (what you
can really get for it) is often 50% of the value of the stock.
  I decided to get out with what I had, and, after 30 minutes of
unsuccessfully trying to convince my 1st Jersey broker to sell out
(he simply *wouldn't* do it),  I sold my holdings thru E.F.Hutton.
I have a nice-sized short-term capital loss to write off this year.
Others I know who have dealt with 1st Jersey in the past also now
avoid them.  Beware.
   Pete LaMaster Holmdel, NJ  (201)949-0040