Business & Finance: Doodlebug

In Montreal is La Luz Mining Corp., operator of a Mexican gold mine. La Luz lately sought to register with the U. S. Securities & Exchange Commission and sell U. S. investors 100,000 shares of preferred stock at $1.50 a share. In its prospectus it based the value of its mine on the showing of a "mineral indicator" invented by "Professor Philip Haas, scientist and geologist with a world-wide reputation."

SEC summoned Inventor Haas to Washington, asked for a demonstration of his device, consisting of a leather thong to which was attached a small...

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