Show I Securities Body Regulates Sale Of Certificates Recommendation by Heber C CHicks C. C Hicks director of the staTh stave securities securities securities ties commission for regulation of sales of investment trust certificates certificates certificates I cates was adopted by the commission commission commis commis- sion sian Friday Under th the new regulations this class of security must be qualified under the section applying to o se securities se- se cu not in the exemption or notification classes Investment trust certificates ates It Itis iti itis i is pointed out out out-by by Mr 11 licks Hicks are comparatively comparatively com cam rece recent t forms of security offered for or investment In his re report report ye- ye port to the commission he sa says s 's Several months ago a number of leading Inv investment bankers and brokers of the country met In New NewYork NewYork ew York and nd outlined a plan for tor placing placing placing ing investment trust certificates on the market maret Their plan as it has been given out was to purchase a number of shares of various standard stand stana- ard securities and to place under a trustee after having or organized organized organized or- or an investment trust They would then thea sell the certificates to the nubile in denominations of The Thc plan as organized contemplated ed Cd issuance of a sound security and andone andone andone one which would be he attractive to the general public and especially to the small Investor Mr 11 Hicks added that the p Pan an became immediately popular and ana encouraged the formation of other organizations dealing in investment investment invest invest- ment trust certificates that more than ninety such organizations sprang up in three months that many classes of promoters are entering entering entering en en- the fled and it is proving at attractive t to some promoters with t-I t unsavory reputations I |