MARKETS: Sour Securities

In 1880 the late Roland M. Smythe began buying old Southern bonds that were considered worthless. But some of them proved valuable. In 1904 he published Smythe's Valuable Extinct Securities Guide. Last week Otto Peretz Schwarzschild, who bought the business in 1930, brought the guide up to date. Listed were 5,500 such extinct securities as those of Amethyst Mining Co., Kowkash Holdings, Ltd., Unique Operating Co. Announced Mr. Schwarzschild: "While the activities of the SEC have curtailed the output of sour securities, it will be a long time before the obsolete security...

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