Evening Star Newspaper, June 15, 1933, Page 7

- “NEW AGT COVERS ALIEN SECURITIES Congress Places Them on Sales Basis Similar to Domestic Bonds. Foreign as well as domestic securities fcoms within the scope of the new Fed- eral securities act. While Congress has no control over the foreign governments or corporations for which funds are raised in this country, it was able to place the sale of their securities on a basis quite sim- lar to that of domestic stocks and bonds. American banking houses Which sponsor the foreign securities will be | obliged to assume responsibility for the | truthfulness and adequacy of the in- formation furnished to purchasers. Pert- inent data relative to the financial status of the government or corporation for which the funds are intended and terms under which the American bank- ers are floating the securities must be given to the Federal Trade Commis- slon. The same facts must be included in any prospectus which is issued, in- cluding sales talks by radio. The theory is that the restrictions and penalties will largely put an end to abuses such as figured in the Senate Finance Committee’s investigation of the sale of an enormous volume of for- cign bonds in this country in the years Just preceding the stock market crash. Must Register New Issues. New issues of foreign.securities must be registered with the Federal Trade Commission just as in the case of do- mestic securities, Instead of being Eigned by the foreign issuer, the regis- tration statement must be signed by its duly authorized representative in the mited States. If the security is issued a foreign government or political subdivision tBereof it need be signed jonly by the underwriter in this country. An underwriter, either of foreign or domestic securities, is defined in the act as any person or corporation “who has from an issuer with a wiew to, or sells for an issuer in con- nection with, the distribution of any security, or participates or has a direct cr indirect participation in any such or participates or has a parucxputhn in the direct or indirect underwriting of any such undertaking.” The same fee is charged for foreign @s for domestic registrations, one one- ‘hundredth of 1 per cent 0;‘ ll};e":nmu- um aggregate price at which the se- = l,fled to be offered, the minimum being $25. Instead of being accompanied by answers to questions in Schedule A, which relates to domestic securities, the registration statement requires in- formation asked for in what is desig- nated in the act as Schedule B. Instead of permitting the public of- fering of securities 20 days after the filing of a registration statement as in the case of domestic securities only seven days need elapse. A hlzhly significant clause is included this It is sflpuhted Lblt if the securities are of any “foreign pub- lic authority” it must have “continued the full service of its obligations in the United States.” It will b difficult under this section of the act for any foreign borrowers which defaulted on their bonds to obtain new money in the United States. Same Liability Required. The same provisions with respect to the issuance of stop orders, if regis- tration statements contain untrue or inadequate information, and with respect to civil and criminal lability of those signing the statements and selling the securities, apply that do for domestic securities. Schedule B calls for 14 items of in- formation. Any prospectus which is connection. CllchOt CIUb Gmger now at this LOW price! issued to the public either in the lormi of circulars or in newspaper advertise- ments or over the radio must contain these same facts subjcct to the dis- cretion of the Federal Trade Commis- sion to require an amplification or to permit the use of fewer called for the following: Specific purposes in detail and the approximate amounts to be devoted to such purposes, so far as deter- minable, for which the security to be offered is to supply funds, and if the funds are to be raised in part from other sources the amounts thereof and the sources thereof. ‘The amount of the funded debt and the estimated amount of the floating debt outstanding and to be created by | the security to be offered, excluding | intergovernmental debt, and a brief description of the date, maturity, char- acter of such debt, character of amortization provisions, and the security, if any, therefor. Whether or not the issuer or its pre- decessor has within a period of 20 years prior to the filing of the regis- tration statement. security, debt, and if so, the date, amount and circumstances of such default, and the terms of the succeeding arrangement, | | if any. The receipts, classified by source, and the expenditures, classified by purpose, in such detail and form as the com- mission shall prescribe for the latest flscal year for which such information 1 HAD EXACTLY WITH MINE, UNTIL I LEARNED WHY HE TRIED TO SELL ME CHEAPER BARS rate of interest, | defaulted on the| principal or interest of any external | excluding intergovernmental | lis| THE EVENING is available and the two preceding fiscal | years, year by year. The names and addresses of the un- derwriters. ized agent, if any, in the United States. The estimated net proceeds to be de- of the security to be offered. ‘The price at which it is proposed that the security shall be offered in the United States to the public or the method by which such price is com- puted. All commissions paid or to be paid, directly or indirectly, by the issuer to the underwriters in respect of the sale | of the security to be offered. | penses, other than the commissions in- curred or borne by or for the account of the issuer in connection with the sale of the security to be offered or properly chargeable thereto, including legal, en- gineering, certification and other charges. ‘The names and addresses of counsel who have passed upon the legality of | the issue and copies of such opinions together with a translation into Eng- h where necessary. A copy of any agreements made with any underwriter respecting the sale of the security in the United States. Just as is true with domestic securi- | ties heretofore issued the civil and| criminal liability provisions of the act apply on foreign securities now on the imarket and which are not subject to the registration requirements. If a ‘The name and address of the author- | rived from the sale in the United States | The amount or estimated amounts, | itemized in reasonable detail, of ex- | STAR, WASHINGTON, prospectus or oral communication on the basis of which security is sold con- | { tains an untrue fact or omits a material | |fact the purchaser may sue the seller. Criminal penalties apply to sales based | | on untrue or inadequate information as | well as in the case of fraud. (The fifth and final article in this series will be published tomorrow.) PRINCE TO WED CUBAN GIRL IN SWISS TOWN| | Fiancee's Sister Whistles “Who Stole My Heart Away?” as Couple Pose for Sound Film. | B the Assoctated Press. | LAUSANNE, June 15.—The Prince of | Asturias, son of former King Alfonso | | of Spain, and Senorita Edelmira Sam- pedro, daughter of a Cuban merchant, | have chosen the Catholic Church in‘ | Ouchy, Switzerland, as the place fcr| | their wedding ceremony, but they have\ not set the date, which probably will be | late in June. | .. I value my love for my fiancee more | than anything else,” said the prince, | who on Tuesday renounced his royal | rights in favor of brother. He made the pamark successively in | Spanish, English and French while he | and Senorita Sampedro posed for sound | pictures. His flancee’s sister softly WHAT PERFECTLY I WHERE ON EARTH DELICIOUS C THE SAME TROUBLE OH, OMZMUDUOUPI HPITE V-MAMT ) THEY MUST HAVE COST #1.50 A POUND! WE_DONT CARRY MARS = TRY THESE — R =] THEYRE JUST AS GoOD! BARS. Tl NO THEY'RE NOT! MY HUSBAND TOLD ME THAT YOU DONT CARRY MARS BARS BECAUSE YOU THINK THERE'S MOREN PROFIT ON CHEAP \\\ canDY. ponTYou \ REALIZE THAT MARS | BARS SELL SO MUCH\ FASTER, YOU'RE BOUND TO MAKE MORE MONEY? D. €., THURSDAY, JUNE 15, whistled “Who Stole My Heart Away?” during the proceedings. Senorita Sampedro, an eventual girl audience, said: “I hope you will some day be as happy as 1.” Alfonso Still Displeased. PARIS, June 15 (#)—Former King Alfonso of Spain returned to Paris to- day as displeased as ever, his friends said, with the projected marriage of his son, the Prince of Asturias, to Se- norita Edelmira Sampedro, a Cuban girl not of equal rank, SPENDS $13,000,000 YEAR | Lutheran Church Expends Sum for | Sociological Work, Report Reveals. DETROIT, June 15 (#)—Lutheran Church expenditures for sociological | | work have become the largest single | item in the budget, now exceeding $13,- | 000,000 annually, it is shown by reports presented at the National Lutheran | Inner Mission Conference in progress | here. Rev. G. H. Bechtold of Philadelphia was elected president, succeeding Dr. S. C. Michelfelder of Toledo. Rev. H.L. Fritschel of Milwaukee and Sister Edith Baden of Reading, Pa., were chosen vice | presidents; Miss Frances Dysinger of Washington, secretary, and Rev. H. J. Stolee of Minneapolis, treasurer. | | 1933. SEES RAIL PROSPERITY Bartholomew Says Roads Will See Best Days of Their History. ' CHICAGO, June 15 (#).—Eliot K. Bartholomew, New York, Tuesday told delegates attending the convention of the American Institute of Banking that railways—as soon as business recovers —will face the best days of their his- tory. Bartholomew, connected with the firm of Wood, Struthers & Co., said as a result of improvements most roads will be in a posmon to haul traffic more | Greater Shavmg Comfort| Here’s good news lor men who dread daily shave. | ing Cream in: to get a without effort. and refreshed, too, because “Menthol-Iced.” Get the giant size 50c tube for 39c today at Peoples Drug Stores. Barnard’s Shaving Cream | HAVE ACTUALLY DOUBLED SINCE HE PUT THEM MARS anp tHE DEALER TAKE LESS PROFIT TO GIVE YOU MORE QUALITY Milky Way- —Snickers—-Honey —Toasted Almond Whipped Cream TODAY you Style Cream Caramel Slice Almond —Walnut Slice —Three Musketeers — Milk Chocolates will find America’s fine ginger ale—the only nationally known brand that comes in full pint bottles (16 oz.)—at this attractive low price. The same mellow, sparkling blend...the same rare flavor...the same delightful taste that has been appre- ciated by millions for so many years. MARS BARS-5- ‘You may pay slightly more at times when icing, delivery or other extra services are rendered. , £ TVE BEEN TRYING TO GET THE STORE WHERE WE ‘ Z THE NEXT TIME 1 CAME IN HE HAD A FULL SELECTION - OF MARS BARS ON THE COUNTER. AND HE TOLD ME HIS CANDY SALES the Finest Candy in the most convenient form than hnl’ previously and hence will le to report substantial gains in mmnuoaolnumm he said, md.llammmd!ecfivw&.h transportation. a reflection of the general indus- | plane and bus IN SPITE OF THE RISING MARKET Armstrong 8 Nairn’s —INLAID LINOLEUM— Newest designs—laid and cemented to your floor, including brass edging ANY ROOM AS LARGE AS 10 SQUARE YARDS §13; o) ifi@j Q& NAME YOUR COLOR! ‘You can have this graceful onesstrap in. dull black kid, patent leather, brown or white. Only $5.00! UAKER LINOLEUM CO. Larger Sized Rooms Priced Proportionately City. On F St. at 6th N.W. Met. 1882 IN BACK OR | FRONT F THE COUNTER !RED FEET RIGHT NOW—today—do you know that your shoes fit? Misfit shoes shape painful feet, ugly feet. Sooner or later they make standing a torture, walking not to be thought of. Not a pleasant picture—but desperately true of women who fail to wear restful shoes (the very name for Enna Jetticks). Our shoes are built to rest your feet—and our stores protect them with *CERTIFIED FITTING 1. ACCURATE MEASURING of your foot by sciens tific size recorder. 2. YOUR SIZE ALWAYS READY—Every size from 1 to 12, every width from AAAAAA to EEE. Fresh new shoes come in every day. 3. EVERY FITTING DOUBLE-CHECKED. 4. A CERTIFICATE OF GUARANTEE that your shoes have been properly fitted. ENNA JETTICK $ 440 “THE SHOE THAT KEEPS FEET FIT* NEW PRICES $500 *You get Certified Fitting at: 1337 “F” St. N.W. «YOU NEED NO LONGER BE TOLD THAT YOU RAVE AN EXPENSIVE FOOT™ (© 1333 Normal Shoe Co., Inc.