OCR Text |
Show MUST TAKE HIS CHANCES. Under a ruling of tho California stato railway commission promoters of public utility enterprises cannot pla' safe themselves and transfer tho risk to future stockholders. The commission granted authority to an electric railway company to issue stock for promotion feo3. but stipulated that it should not bo delivered until tho systqm waB completed. com-pleted. The company was denied the privilege of issuing slodk for sale to provide remuneration for the promoter. While agreeing that the promoter of a public utility enterprise is ontitled to a liberal reward for his services, the commission declares that ho must be willing to boar his part of the responsibility responsi-bility and take his chances of collecting collect-ing his sharo of tho profits. Tho ruling of the commission will not work any great amount of hardship upon tho promoter pro-moter of a legitimate enterprise, and if it discourages or prcvcntH operations on tho part of those who make a business of floating stock in companies which stand no possible chance of ever amounting to anything it will be beneficial bene-ficial in the highest degree. The promoter and tho stock peddler aro restricted in their operations in many states by "blue sky" laws, and in others by commissions. Utah citizens have no such protection, and it behooves be-hooves them to make careful inquiry before parting with their monoy for stock certificates, for promoters and ageuts driven from othor fields by operation of the law may flock to this state to unload their wares upon the unwary. Seek advico before investing invest-ing and bewaro of tho glib-tongued stranger with stock for sale. |