Show FRAUD IN STOCKS HAS COST MILLION DOLLARS Industrial Middle West Is Biggest Biggest Biggest Big Big- gest Loser New York The The Industrial Middle West Vest Michigan Ohio and Indiana Is probably the hea heaviest lest loser In the Ule of the country countr by the operations operation fraudulent stock promoter according to u a wide nation survey surey now being undertaken lJ by the national vigilance committee of the Associated Advertising Advertising Advertising Adver Adver- Clubs of the World The survey Is bused based upon the answers answers an an- to a questionnaire sent out to forty business better-business bureaus and nearly three hundred chambers of commerce in every state in the coun coun- try It revealed that the per capita stock loss throughout the country is about 0 and that the time group of IndivIduals Individuals Individuals Indi Indi- who pay the thc highest toll loll are mine and factory workers chiefly of I foreign birth Next to ton Michigan n Ohio and und Indiana the time industrial East Eust Pennsylvania New York Massachusetts and und to a aless aless aless less extent eXtent New Jersey Jersey Jersey-Is is the heavIest heaviest iest lest loser In the country countr The old South and the agricultural Middle West of ot Iowa the Dakotas Kansas and Nebraska are relatively Immune from fraudulent stock promotion The highest per capita loss of ot any town or group of ot towns 40 was reported reported reported re re- re- re ported by seven seyen adjoining towns In Pennsylvania The combined population population population tion of ot all of these towns Is about Two clUes cities of ot population population tion one in Michigan and one In Ohio each reported a n loss of at or 25 25 per capita It Is u a significant fact however Lou E. E Holland president of the Associated Advertising Clubs of or the World said In commenting on the survey and und Its objective of at Investigate Before You Invest Inest that although 00 90 per cent of ot the organizations reported losses Josses In their communities luring during the last year through fraudulent or highly speculative speculative specula specula- tive Investments 75 per cent of thI this thle number believed that their educational and vigilance methods had proved effective effective ef ef- ef e In reducing m. m Although the ag irate stock losses losse throughout hout the country are now about a n year Wr r. r Rolland Holland estimates esti estl mates mutes that In the t two or three years with adequate public co cooperation opera co-opera operation opera opera- tion In the Before Belor You Invest Invest- Investigate movement this amount will have e been cut In half and und will he bo turned back into the th pockets of ot the American public |