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The article focuses on the progress of the law on no par value stock. The device of stock without par value may be regarded as the result of efforts to mitigate the frauds on investors sometimes attending the sale to the public of par value stock. It has been strongly attacked and warmly defended. Without analyzing in detail the arguments advanced by its opponents or friends, it seems sale to say that it increases the difficulties of selling a piece of paper to the gullible for more than its real worth. From the legal point of view a certificate of no par value stock is closer to truth than one alleging a fixed value.