Salt Lake Telegram | 1934-04-11 | Page 2 | Ming Group Asks Revision

MINING GROUP CROUP ASKS REVISION Western Vestern Committee Disagrees v Over Stock Issuance Regulations By CHARLES O. O GRIDLEY Telegram Correspondent WASHINGTON April A 11 11 A committee com corn of or western mining states states' representatives rep which conferred today with Commissioners Landis and Mat Matthews Mai- Mai of the federal trade commission ion on changes In regulations affecting aCCeding issuance of mining stock failed to agree on the extent to which revision Is necessary Representatives Abe Murdock of Utah James G. G of of Nevada evada and Harry Han F. F Englebright of California Califor nia were agreed that is too high a par value to be placed on mining stock tock but Murdock took the view that a number of complaints by min mining ing promoters ar are the result of or failure fail ure to comply with or understand the terms of ot the securities act We Ve found that 5 worth of stock in mining enterprises has already been registered with the federal fedral fed led ral eral trade commission of which 59 per r cent has been approved and is isnow isnow is isnow now offered for sale said Murdock Stop orders were issued against but of at this total talal before final approval was v.-as given n. n Some applicants have failed or refused refused re reo fused to file me proper registration statements state ments Murdock added in that they have presented no breakdown of oft t their balance sheets shee required ed by bythe the commission to give gi investors a thorough thor thoro ough understanding of at what is behind behind be hind the stock He said that W. W A. A imons Simons state mine inspector of Idaho who Idaho who attended attend attend- attended ed the Ule conference had hadnot not been able to cite a single instance in which the commission ion had failed to approve e a prope properly ly prepared application for tor forstock or stock dock registration from that state In one case the trade commission accepted accepted accepted ac ac- an m application from California Califor nia ma which had been rejected by the securities commission of that state and White continue to insist that the federal regulations should be revised in several particulars lars but a satisfactory understanding between the commissioners and the members of the in iii pros pros