| Show ENFORCEMENT OF f Bl BLUE f SKY lAW LA I If IS f FAST ASI TIGHTENING Filing of Complaint Ordered Ordered Or Or- dered by Commission J P PI PROBE OBE STOCK SALES Advertisement Provides Grounds for Action I 1 In line with its Us recent public an announcement an- an 1 noun cement that the state blue blu blu v sky laws Jaws would l be rigidly and Impartially impartially im- im partially enforced ced the state securities ties c commission Monday morning at a special meeting issued edart an order directing Heber C C. C Hicks director of the commission to confer County Attorney Arthur E. E Moreton More- More MOreton Moreton ton and to file We a complaint against the Western States Development company for alleged violation ot of the states state's security laws iThe i The matter was taken up by the Z t securities and the par- par offense discussed was an advertisement appearing in last Fridays Friday's Issue of the Western Mineral Mineral Min Mm- eral Survey a weekly paper de devoted devoted devoted de- de voted to mining and oil and published published pub pul- in Salt Lake C. C S. S Goddard Is pr president of at the Western States Development company and also Is publisher of the Western Vestern Mineral Survey urvey The particular advertisement advertisement advertise advertise- ment which brought about the ac action action action ac- ac tion of the state securities commission commission commission commis commis- sion was a public offering ottering through the advertisement In the Western Mineral Survey of the Western States Development company stock for 10 cents a a. sl share r the advertisement advertisement advertisement advertise advertise- ment declaring th the company possesses pos fos- possesses large and valuable acreage in southeastern Ut Utah oil all yields fields ORDERS EXAMINATION The commission Iso also issued an order directing the x examination of the affairs of the Western States Development company which the commission alleges s Is Is disposing disposing- of stock in violation of the state law pertaining tp the Ute disposition and sale to the public of ot securities The commission directed that the action In both instances be taken up at once The state securities commission has recently tak taken n a strong stand tand against brokers selling without a license under the state law and against the sale of stocks and securities se- se e- e without a permit from the the- state securities commission Recent vigorous action was taken against members of the Salt Lake stock and mining exchange and the exchange ex ex exchange exchange ex- ex change has issued an order barring any member from trading on the floor of the exchange who has not complied compiled with the state blue sky laws Ia ws SEND LETTER c The exchange last Friday sent a 0 letter to the state securities c commission corn com m- m mission protesting 9 that certain brokers and companies alleged to be selling stocks in violation of ot the state blue sky laws and requestIng request request- Ing that the commission take action against these offenders The Frances Oil on company of or Salt Lake had an application before the securities Commission Monday morning to sell sh shares res of w stock tock at 30 cents a share Bhare The application application ap- ap was was' referred back f for or examination |
