OCR Text |
Show WOULD HALT THE DISHONEST STOCK JOBBER. That I not a bad measure introduced intro-duced In the I'tah legislature by Representative Rep-resentative Hooper of Weber county, known as the 'blue sk.v" bill, and copied after the law of Kansas which Is said to have driven the dishonest dealer in stocl;s from that state The hill provides that a domestic and foreign investment company, organized or-ganized lor profit, belore offering 1 01 attempting to sell any stocks, bonds or other securities. must file in the office of the bank examiner a complete statement ot its financial condition and allairs, its assets, liabilities, copies of all contracts, con-tracts, londs or other Instruments which It proposer, to sell, and all other details relative to t8 business and Its method of conducting business. busi-ness. When the bank examiner has examined ex-amined carefully all ol the documeuts j filed with him and deems the com ipany solvent and altogether trustworthy trust-worthy he Is to Issue to the company a statement setting forth that It has complied with the requirements of the law, and be ib lo keep all of the documents doc-uments filed with him open to public Inspection. If he is in dOUbl about the stability of Ihr company, he is to notify its officers, and they are to' have an opportunlt to pul their plan ot business on a basis acceptable lo him. It is made unlawful for any In-vestmeni In-vestmeni company to trans3ti business busi-ness In this state until it has met all requirements The companies are' required lo make a detailed state, menl of their business on December "1 of each year, and at any other time when the bank examiner mav require it. The companies shall be; under the general supervision of the bank examiner, much the samo as stale banks now are. A few yean ago wireless stock was being offered for sale In Ogden. Great promises were made and much stock j was sold. Soon thereafter news came from New York that the head of the "wireless oompanj had been trapped by the federal authorities and later he was sentenced to prison tor defrauding de-frauding the public An automatic typewriter and telegraph tele-graph Instrument was exhibited here, which recorded in typewritten characters char-acters the words transmitted by electric elec-tric impulse from the sending end of the line a circuit of fifty or more feet. The Instruments were not much more than playthings that were con-stantlj con-stantlj requlrlnc readjustments and could not be operated on a long cir- j cnit with irregular current The demonstrators knew this but they pictured to prospective buyers of stocks wonderful things to be accomplished accom-plished and great wealth to be de- j rived Nothing was beard of the company com-pany or the invention afte; several thousand dollars of the stock had j been peddled in Ogden. A score ot similar get-rlch-quick schemes could be recalled, all of j which have taken money from the peo- I pie of Ogden m much the same manner man-ner that the pickpocket slips his 1 hand Into the pockets of the unsuspecting, unsus-pecting, and any measure that w ill j prevent thig form of robbery should j be enacted into law |