INVESTMENT: Caveat Emptor

In Manhattan last week, bushy-browed Edward J. Noble, who made a mint out of Life Savers, turned a businessman's hard and appraising eye on network television's prospects. Noble is chairman of American Broadcasting Co. and he was speaking to his company's stockholders. The way he saw it, TV was no way for a broadcaster to get rich quick and his stockholders should get that straight.* He was facing them at the first annual meeting since his privately owned ABC had sold 500,000 shares of stock to the public last year, partly to get capital for TV expansion. Noble had...

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