Show I Blue Sky Amendment Urged I By Ira C. C Tichenor Tichenor- S SEEMINGLY the suggestion made that the practice of dealing in I O futures on the Salt Lake Stock exchange has struck a popular note in so far as the investing public is concerned in view of the communications that are continued d to be received commending the proposition and making suggestions for bringing about the desired reform Among those received today is one urging the attorney general to prepare amendments to the blue sky skye law that will prevent all forms of gambling on the local exchange and all methods of j juggling juling clients' clients stocks The writer points out the inconsistency of the law in endeavorIng endeavor endeavor- vor- vor Ing mg to protect investors from the operations of new promotions under suspicion and yet containing no provision that will prevent raids on any and all stocks listed on the exchange The letter in question is as follows Salt Lake City August 26 26 1919 Joining Editor Salt Lake Telegram J 1 j have followed with considerable interest the discussion in The Telegram about the seller sixty form of gambling on the Salt Lake stock exchange that the blue sky commission would take and andr have been expecting some action Now I am informed that the Blue Sky law only applies to brokers brokes when when- they re re dealers and when placed in this class they are under a bond I and the Utah securities commission has the same authority over m as the bank commissioner has over a bank On the other hand brokers I Iti ti r under tinder no bond and the blue sky commission has no authority over them I T r may be wrong wrongs but this is the construction put on the law by some The I blue sky commission in other words endeavors to protect the investor in new flew enterprises either local or foreign but has no power to protect the thee e existing investors from unprincipled dishonest raids on their Investments by byth bythe bythe th the hen ien who would rather ma make e money by destroying legitimate enterprises taby by methods of construction which would benefit the state is evident to me rae that the teeth of the blue sky law have been carefully pulled d so BO as not to affect the broker on or off orr the Salt Lalle exchange There is pressing need that this law be amended at the coming session session th fhe legislature so that all aU illegal megal trading on the stock exchange all forms QI gambling all methods of juggling clients' clients stocks be under the direct supervision of the blue sky commission and thus give the public protection from those who practice disreputable methods in order to gain The attorney general of the state can probably enlighten the public as to the weak parts of the blue sky law and the needed need d amendments This should done and done quickly in order to afford the legislature opportunity to protect the he public at Its coming meeting ONE LAW LAV FOR ALL |