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Show ANOTHER "BLUE SKY" LAW IS PROPOSED. A second "blue sky" hill has been Introduced in the legislature Senatoi W. B. Hansen of Box Elder conntv yesterday presented a measure copied after the Kansas law I The bill places all investment companies com-panies under the supervision of the state bank examiner. An corporation offering stock for sale In the state must first file with the bank commissioner com-missioner an Itemized statement of lt8 financial condition and the amount of Its properties and liabilities, a rop of all contracts, bonds or other se- j curltles, which H proposes to offer j or sale In the state, copies of all advertising ad-vertising literature which It uses to promote the sale of stock, copies of constitution and bylaws or articles of j Incorporation The bank commls-sloner commls-sloner Is empowered to examine the books of the corporation and to take any methods he deems advisable for ascertaining Its true standing. If he Is satisfied that the enterprise Is a legitimate one and offers a fair return re-turn on the investment he may issue a permit for the sale of stock In the state, which he may revoke at anv time. Mr Hansen declares that more than 11,066.000 has been lost by the people of the state through Investments Invest-ments in enterprises that have no financial fi-nancial standing and are promoted solely for the purpose of fleecing the public. He believes his bill will elim- inate all sales of stock except by legi-' legi-' innate enterpn Bi Tim measure Is similar to that Introduced In-troduced In the housr h Representative Representa-tive Hooper of Weber county, com-m'ni com-m'ni on which worn made bj the Standard last Tuesday While we are in favor of some enactment en-actment to prevent the sale of "wildcat" "wild-cat" mining stocks and th- promoting promot-ing of "wireless" frauds, the measure must be carefully drawn to avoid strangling meritorious propositions. The law should not attempt to do too much for those who are easily duped by the peddlers of fraudulent stocks and the promoters of get-rlch-quiclc schemes, and yet make Impossible Impos-sible rank fronds Too much authority author-ity to condemn prospective corporations corpora-tions should not he placed with the bank examiner, whose judgment might be at fault |