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Show EDITORIALS (By C. D. McNeeley) BLUE SKY LAW NEEDED For the protection of investors in the various stock propositions proposi-tions brought into this state Utah should have what is known as the blue sky law. It is a well known fact that this state is now one of the most inviting spots in the world for wild cat stock companies com-panies and millions and millions of dollars have changed hands , where the purchasers got nothing but a scrap of paper and no chance at winning anything. In the matter of all these developing projects it is necessary to sell stock and secure money with which to improve the properties, prop-erties, but there have been so many undertakings where" the selling sell-ing of stock was the only object, and where the alleged company had nothing which it claimed in the way of valuable holdings. There are wonderful resources in this section of the country which are awaiting development and which should be developed and brought into use, but at the same time the law on this matter should be so rigid that no one who does not have a valid claim could sell stock where there is not even a ghost of a chance of the investors ever securing returns. If the unreliable stock promoters were put out of commission it would not only save thousands of dollars to investors, but it would open the way for a bigger and better development of legitimate legiti-mate propositions. As it now is the wild cat proposition frequently fre-quently meets with a better reception than the legitimate prospect because the man who is selling worthless stock knows no limit in boosting his scheme. He shows the unsuspecting prospective investor where he stands a thousand chances to one to win and that he is likely to get rich over night. And there are in all communities com-munities swarms of fellows who would like to get rich that way. And they fall for the soft stuff. Then those same fellows who lose out are inclined to place all stock propositions in a class with the one he fell for. ..." The present system is a great detriment to the concern which is doing a straight business. Therefore it impedes progress and should notionger be tolerated. If the company is doing a straight business it will not object to having the state pass on the question ques-tion as to whether it is a legitimate proposition or not, and those who are not in the straight line should not be allowed to do business busi-ness in this state. There are many companies that never do anything but sell stock. The money goes to pay salaries and expenses in connection with the promotion and when the work is all done the investors have nothing but valueless scraps of paper. When a man buys mining or any other stocks he ought to be assured that he has some chance at winning. , V At present there are a great many men in this state who have bought stock in various enterprises who do not know the name of Jhe company, or the home office of the company, in which they sunk their money. " Some of the small investors who have bought on the installment plan do not have any stock certificates. They were given receipts for their first payments by the stock salesmen and the receipts do not show the name or the location of the company. In cases like this generally the first payment is all that is collected. But with the vast deposits of oil, gas, iron, coal, copper, lead and other valuable properties in this section there is plenty of room for legitimate work, and the unscrupulous dealer should be put out oi commission. Pepple who have a little surplus money are generally desir- ;., 1 . ous to invest it in places where there is promise of good returns and the state would do well to make it so that such fellows would at least have a gambling chance for their money. , , The way it now is the fellows who have something that looks . good on the surface, butwould not bear investigation hit a bee line for Utah and with chin music par excellence proceed to divorce the people from their money. That's the May it goes, and that's the way it's going. This ought to be stopped. No concern which will not stand the most careful examination should be allowed to do business In this state. 1 Other states have taken step3 to protect their citizens along this line and Utah should do the same. Such a law would help the state, save the people money and make it possible to develop many good propositions which are now untouched. |