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Liar oh J, 19U5* The Llarch issue of Fortune contains an a r t i c l e e n t i t l e d "The Wall Street S i t u a t i o n " , which c i t e s what i s stated t o be an actual case of a speculator who got in and out of the market on a number of low priced stocks between 19U2 and the end of 19U3 that were moving upward along with the general trend o f the market. I t shows how this speculator raja less than $2000 of h i s own money up to f250,000 by the end of 19U3, and that i f he had held on to his p r o f i t s to take advantage of the 19Ub highs, he would have had $1,200,000. f,A The a r t i c l e states: speculator named Morris Blumberg, who has bought and sold in these and other stocks, says he has done much b e t t e r , and modestly remarks that somebody else might have done b e t t e r s t i l l . In other words, a few thousands could have been run up i n t o m i l l i o n s . ffl/7hat may seem even more remarkable, around 75 Pe** cent could have been kept a f t e r income taxes. The tax law since 19U2 has said that money realized from the appreciation in s e c u r i t i e s held f o r more than s i x months i s taxable not as income, sometimes over 90 per c e n t , but as a capital gain, at a maximum of 25 per c e n t . "
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