Salt Lake Telegram | 1922-05-01 | Page 13 | Benefits of the Blue Sky Legislation

Benefits of the Blue Sky Legislation By Ira C. Tichenor rIE letter from II. C. Hicks, aecreUry of the Utmh Securities commission, com-mission, jfublished in Sunday's Telegram, complimenting this paper on its stand in connection with the enforcement of blursky laws, not only is gratifying because of the acknowledgment it'ninke of services rendered In on affort to aid tho commission la I La work, but from the fact that It offer proof that th Investing ptrbllo of ITtafe baa born nro-tactad nro-tactad bjr tho operations of tho securities commlaalon of this otmto.. It l admltttd by Secretary Hick that tho oomraleolon, during Ita n-latenc n-latenc of about throa yaara. ha mad a eorne tnlatak In paaelng upon companies com-panies that afterward failed: and alio - undoubtedly It Is tru that aoma really legitimate projocta havo found It difficult and eras Impossible to obtain ob-tain tha daalrad 00 operation of tha Investing publlo by reaaoa of tha psychological psy-chological effect of tho enforcement of tha bluaaky latialaUon upon undeserving- concerns. It would be strange, Indeed, considering tha enormoua amount of work that haa been performed by the rommlaalon, that aoma mistake ahould not jjf- here been made; nor la It remarkable that the enforcement of th law ahould . have had a bad effect upon aome oompantee honeatly formed and capably managed. However, taken as a whole, the creation of a atat securities commission In Utah and the conscientious enforcement of th blueaky law undoubtedly hav been of great public benefit, not only by preventing loss of capital through fraudulent operations, but by Increasing th confidence of th Invea-tora Invea-tora throughout th country In t'tah companies that find It necessary to adopt th cooperative plan of stock distribution to acquire th capital necessary nec-essary to begin development or manufacturing operation. Ther can be no doubt that T'tah possesses mora natural resources than any other state In th union. To a great extent th money necessary for th development of the resources must come from th outside, and it can b acquired If th Investor of th country generally gain confidence In flan promotion projects through th cooperation of th people of the state with th securities commission.