Salt Lake Tribune | 1919-05-23 | Page 10 | Blue Sky Board Outlines Policies

BLUE SKY BOARD 0UTLIMICIE5 Report Points to Fact That Many Applications Are Carelessly Filled Out. Setting their weekly meeting date at 10 a. m. Thursdays, the members of the new state securities commission held a session yesterday morning and heard a report and review of the work conducted con-ducted so far, which was presented by Gordon Snow, secretary of the commis-I commis-I sion. N. T. Porter, the newbank commissioner, com-missioner, was present at the meeting, he being ex officio a member of the commission, succeeding Y. E. Evans. About a score of applications for licenses to sell stock have so far been received, according to Secretary Snow. A set of rules and regulations have been compiled and printed, and forms drawn up for reports and applications that are required under the new blue sky law. So far. Mr. Snow said he had found most of the applications improperly improp-erly or carelessly filled out, and that it was necessary to return many of them. A notable fact to which .Mr. Snow called attention was that no dealers in stocks had yet fiied applications for licenses, 1 lie applications so far being wholly from concerns desiring to float their own issues. "One may conclude either that all the brokers suddenly have become virtuous vir-tuous and have abandoned all business in new securities, confining themselves to straight brokerage business in seasoned sea-soned securities, or that they .ire dallying dally-ing with the temptation offered for evasion of the law's requirements," Mr. Snow said in his report. Mr. Snow said it was a well-known fact that some brokers had made a practice of selling a certain amount of promotion and treasury stock which requires re-quires now the taking out of a license, and that he was at a loss to understand why such brokers had not complied with the provisions of the new act. Secretary Snow was authorized to attend at-tend the convention o the National Blue Sky association in Washington June 9 to 12, when it is expected he will gather much data that will assist him in launching the work here in Utah.