Show BLUE SKY LAW NEEDED utah seems to be threatened by a plague of fraudulent stock jobbers as unwelcome as they are undesirable numerous individuals vi corporations and associations have appeared from nowhere in particular most of them unknown in these parts but all bent upon securing a portion of the publics money ostensibly for the exploitation of oil lands mines etc some of them are on a solid foundation and are being promoted by men of integrity and for that reason it is difficult for the press to sound a note of warning because it will find mark the archer little meant and will react to the detriment of legitimate business others are palpable frauds and are conspicuous for advertising stunts which would out barnum P T himself some of the more important cities of the state are already planning the enactment of ordinances designed to check the promiscuous selling of stocks and to drive the fakes and fictitious firms out of business A tentative draft of a blue sky law has been prepared also to be presented at the next meeting of the state legislature this is along the right line and we hope that it will be made as drastic and as effective as possible but it will be operative at some future time what is needed now is an ordinance which will meet present conditions at once the only way to accomplish this is for every city to solve its own pr problems beems and salt lake as the center of pop i aaion ration must take the lead the city should pass a drastic ordinance now if there be any way by which this can be done legally and thus prevent the influx of a horde of shady stock jobbers who are being driven out of neighboring states and who turn naturally to utah as the scene of the next great oil excitement do not wait until the lambs have been shorn and then pass laws which will expel the jobbers from the state taking the golden fleece with them head them off before they get into operation h opposition vill ivill develop and the fight against such a law will not be waged in 1 the e open however the opposition will not i come from the legitimate corporations I 1 those with land holdings officials of busi ness integrity and the honest intention to put every dollar raised into development the fight will come from the peddler of spurious stocks the fraudulent promoter the allaround all around fakir several states have corporation commissions Inis which pass upon the legitimacy of prospective stock and issue licenses to those which pass muster some such inauguration is needed here and is needed b badly adly reputable oil men mining men and brokers will welcome a move in this direction and will assist in the enact i ment of such an ordinance give legitimate business a chance by preventing the entrance of the fraud |