Sponsor (Oct-Dec 1964)

Cukia, ^finance' & OIlie Wall Fran Street can be a panic when OIlie Dragon plays the market, but it all becomes clear when Allison, Kukia and Burr Tlllstrom explain investing in 13 five-minute television shows. (■ Stock broker sponsors like Edwards & Hanly are benefitting from the New York Stock Exchange's continuing educational program that uses air media to teach the public the basics of investing. The Exchange's latest endeavors in this area include Oliver J. Dragon, of Kukla, Fran & OIlie fame. Poor OIlie thinks he's a star, but he doesn't know much about fi nance. For example, he thinks that common stock is the opposite of rare stock, and that bonds arc "things that keep free souls like us in chains." Fortunately, OIlie is in good hands. His old associates. Burr Tillstrom, Fran Allison and Kukla, all happen to be knowledgeable investors. They're on the scene to clear up the highly original misconcep tions in a dragon's eye view of Wall Street. OIlie "agreed" to make 13 fiveminute tv tapes and films (blackand-white and color) with Tlllstrom, Miss Allison and Kukla. The public service series is now being shown in over 90 markets, and the Exchange expects that some 200 more stations will air the programs. Episodes include OIlie Becomes a Broker, OIlie Forms a Company, and other segments covering "hot stock tips," how to read the financial papers, proxies, investment clubs, etc. After 13 "lessons," OIlie has gotten his tooth into the subject and is now Wall Street's most knowledgeable dragon. Fran Allison has also prepared a financial series, sans dragon, for the Exchange. Aimed at women, the 26 radio segments of Allison in Financeland are geared for broadcast during "prime homemaker time" as a course in investing for housewives. It is expected that the series will be carried by about 1000 stations in the U.S., gradually replacing the two-year-old Lorie Beecher Reports to You shows, also broadcast for the benefit of distaff side of the family. ♦ markers advertising ^don^ts' lie telephone market reports, or to make use of radio or tv broadcasts for any business purpose, shall first obtain the consent of the Exchange by submitting an outline of the program and the example of the script to be used. The text of all commercials used on radio and tv must be approved in advance by the Exchange. Program material . . . supplied to these media shall be retained by the firm for at least a year and be available to the Exchange upon request. Broadcast announcements also must conform to 12 standards (as listed under rule 2474A) which are concerned with the manner or form in which information and opinions are presented. For example: Projections and predictions cannot be used to promise future profits or income from securities, and must be labeled as estimates. Testimonials cannot be offered as being representative of the experience of other clients; cannot be indicative of future performance or success; must indicate, if more than a nominal sum is paid, that the announcement is a "paid testimonial." Language in commercials must avoid all statements that are "promissory, exaggerated, flamboyant, or contain unwarranted superlatives." Comparisons of one firm's service, personal facilities or charges with those of other firms must be factually supported. Recommendations for securities must have a basis which can be substantiated as "reasonable" recommendations. The remaining standards cover disclosure of any connection with a company whose stock has been recommended (such as options to buy stock held by members of the recommending broker); use of past recommendations as an inducement to investors (there can be no implication that a customer can't lose by following recommendations); dating of all reports; identification of sources of information used in gathering material for recommendations if not prepared under the direct supervision of the broker's research department, etc. November 23, 1964 37