| Show WELLING URGES MORE CARE ON BLUE BLUESKY SKY LAW LA VI Addresses Opening Session of Convention of Securities Securities Securities Commissioners Activity of ot securities commissioners commission commission- ers charged with the responsibility o of administering the blue sky laws o othe of the country is probably more important important tant today than ever before Secretary Secretary Secre- Secre tary o of State Slate Milton H H. Welling told the members of ot the western group o of securities commissioners at the opening open open- ing log session of ot their two day convention convention conven conven- tion at the Ne hotel Monday I In periods of depression the promoter pro pro- moter is apt to go JO to greater extremes in misrepresenting and marketing his securities than he would at any other time Mr Welling Velling said All com corn missioners should vigorously enforce the blue sky sly laws and make a searching searching search search- ing examination of all classes of pe SC re- offered to the public with the view of protecting the investor It seems especially imperative that tha particular attention should be given corporate trust shares and other investments investments in in- vestments that come to us from the stock market of New York City until these manipulators begin to show some faith in their own stocks anc and bonds It might be well for local loca commissioners to scrutinize carefully the type of securities these people are arc permitted to sell to the investing pub pub- Ii lie c. c THIRTY ATTENDING G I Approximately 30 securities com com- missioners from 11 western states arc are attending the convention which consists consists con con- o of two business sessions each day and a banquet at the Newhouse hotel Monday at 7 p. p m. m A history of the securities laws since they were fir first t placed into operation operation oper oper- in Kansas in 1911 was given by bj byEd byEd Ed R. R Hicks of oC Little Rock Ark president pres pres- ident of the National Association of Securities Commissioners The securities laws which are arc being administered in 47 out of the 48 states arc are doing much to protect the public pub lie lic and are favored by all but fly fly- night by and fraudulent operators he be said J. J Elmer Johnson o of Arizona president president pres pres- ident of the western region of the national association outlined the purpose purpose purpose pur pur- pose of the meeting and warned the commissioners that a more careful arc ul consideration should now be given applications to sell stocks and bonds than ever before EMPHASIZES ORIGIN In looking back over the past years of our experience we vie view many developments developments developments de de- de- de in the nature and character character char char- acter of the securities offered the I public Mr Johnson said but of special special ape ape- cial interest to this gathering is the present development in m securities origination animation and distribution The growth and development of ol investment trusts in recent times has been phenomenal The holding company com corn pany is also receiving a great deal of oi public attention as it has become a favorite device of capitalists to exercise exercise ex ex- control over related compa compa- nies By its pyramiding process how how- ever its application has been and is being spread to almost all fields of ol corporate activity whereas formerly it was limited to such as banking institutions institutions in in- and public utilities This system of control has brought about a complicated system of accounting in I which oftentimes potential values of control stock are arc set act up instead of their true or book values and for or orthis this his reason demands the careful attention at at- of state departments Scott P P. St Stewart wart of the Utah securities securities se commission and secretary of the western association gave his re- re port ort All of the commissioners were taken on a 1 sightseeing trip Sunday which included the mining towns of Park City an and Bingham and the plants and smelters at Magna Arthur and Garfield and Saltair |
