Show MIDWEST LOSES HEAVILY mUM FROM BOGUS STOCKS s I V EW YORK YORE Dec 19 By A. A P. P The The industrial middle west MichIgan Michigan Michigan Mich Mich- igan Ohio and Indiana is probably the heaviest loser in the tho country cOl b by the operations of ot the fraudulent I Ib stock promoter according to a nationwide nationwide nationwide na na- na- na survey now being undertaken undertaken undertaken under under- taken by the na national lonal vigilance committee committe of the Associated Advertising Advertising Advertising Adver Adver- I Clubs of the World The survey is based upon the answers answers answers an an- outto out outto outto to a questionnaire sent to forty better business bureaus and neatly nearly chambers of commerce It in every state in the country countr revealed that the per capita stock loss throughout the country is about 0 6 li and that the group of I Individuals who pay 10 the highest toll toil are mine and factory workers chiefly of ot foreign birth Next to Michigan Ohio and Indiana Indi- Indi I ana the Industrial east east east- Pennsyl Pennsylvania vania Pennsyl New few ew York Massachusetts I and to a n. less extent New Jersey Jersey- is the heaviest loser in the country The old south and the agricultural middle middle- west of Iowa the Dakotas s I Kansas and Nebraska are relatively relative relative- ly immune from fraudulent stock stocIe And so also but to a a. aless aless less extent is the Rocky mountain region Along the Pacific coast I particularly the southern part and andin andin in Texas Oklahoma and Arkansas I heavier the losses again are The highest per capita loss of of any town or group of towns 40 I Iwas was reported b by seven adjoining I towns in Pennsylvania The combined combined com cony population of all of or these towns is about Two cities I of or population one in Michigan Michigan Michi Michi- gan g n and one in Ohio each reported a a loss of or 25 per capita It is a significant fact tact however Lou B E Eo Holland president of or the Associated ted Advertising Clubs of the World orld said in commenting on the I survey and its objective of Investigate Investigate although al although al- al Before You Invest that tho though gh 90 per cent of the organizations organizations organizations reported losses in their communities during the past year through fraudulent or highly spec speculative speculative investments 75 per cent of ot I this number bel believed eved that their I educational and methods I had proved effective in reducing Only about 20 per cent reported re reported rt- rt I ported no increase In effectiveness 1 and only about 5 per cent reported a decrease Mr Ir Holland cited examples showing showing show show- In ing how the work of the vigilance organizations had saved the public legitimate and business man many mil mil- millions millions lions of dollars In Detroit the better better better bet bet- ter business bureau in three years had reduced fraudulent stock losses from to In Long Beach Cal stork storie promotion promotion promotion promo promo- tion aggregating over had been checked In seven seven sev sev- seven sev- sev en months and their promoters thrown into bankruptcy Although the aggregate stock losses throughout the country countr are arenow arenow now about a a. year yeal Mr Holland estimates that in the next two or three years ears with adequate public cooperation in the Before BeCore You Invest Investigate Invest Investigate movement II I this amount will have been cut in i i I half and will rill be turned ack into the pockets of the I I American public I |