The Securities and Exchange Commission Because securities are intangibles, you cannot determine from the engraving or printing on a bond, or stock certificate its quality or worth. Beautifully engraved certificates may evidence ownership in an oil-less oil well or in a submerged real estate development; or in a "blue chip" like Standard Oil of N. J. or Morgan Guaranty Trust Co. Shakespeare's statement about people applies as well to securities: "There's no art to tell the mind's construction in the face.

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