Payette enterprise. (Payette, Canyon Co., Idaho) 1909-1935, 1921-10-06
TO ALL PUBLISHERS IN
THE STATE OF IDAHO

Permit me to call your attention
In matter which / think is OF vital
importance to the people of TINS
state and which ! think should be
given publicity from time to time
through the columns of the press,
Tor the general good of all,
Chapter 2O6, Idaho Compiled Sta
tutes, 1918. commonly known as the
blue Sky Law is one of the most
beneficial laws on the statute books.
II provides that before offering any
stocks, bonds, or other securities for
sale in this State, the corporation or
individual selling same Gust procure
a permit from the Department of FL
nance of the State authorizing such
sale. N addition to this permit
which is issued to the corporation
desiring to sell the securities, each
agent or salesman offering the Sc
curities for sale must be licensed by
this Department. When an applica-
ton is received, the Department en-
beavers to investigate such applica-
ton as closely as possible. II there
is any reason to believe that the Sc
oarities which are to be offered for
sale do not provide just and
Dian Vi hhS
application is refused In this con-
nection l might say that almost fifty
percent of the applications to sell
stock in this state within the past
year have been cancelled, when it
was found a company was not MAX
ing proper showing. After per-
nit is issued, the company must file
s5mi-annually report with this
Department showing its true condi-
ton. The law makes it felony if
any false statement is made to the
Department When a permit is is
sued, the Department imposes such
conditions in the permit as it deems
necessary to protect the investor.
Such as providing that any notes
taken for stock subscriptions must
be non-negotiable, and such other
conditions as each individual appli-
cation may require.
This season of the year is not only
harvest time for the agriculturist,
but seems to be harvest time for the
INSCRIPTIONS promoter and get-rich-
quick artist. The press of this state
can render great service to the
public and to this Department if it |
will call the attention of the invest /
ing public to this blue Sky Law"
and advise the people when. ap-
preached by some promoter or stock |
salesman that they ask sucr pro-
motor or salesman to show his Ii i
conse or permit from this Depart |
ment allowing him to offer securi- !
ties for sale in this State. If he has i
no such license, it is safe to assume |
his promotion is not a legitimate |
one, or he would have complied with |,
the law and be able to exhibit the |!
cessary document.
When such salesman is operating /
if the person approached will i'm
mediately advise this Department, I !
will ask the County Attorney to have
the man arrested of the person COM !
planning to me will furnish sufficient |
evidence that the party has attempt |
ed to sell stock in this state without |
a permit. l have received numerous /
complaints of people being 1efraud- |
ed, but in all cases, these complaints !
are made several months after the \
sales have been made, the offender |
has gone out of the state and no re-
covery or punishment is possible. l |
must have the information when the
sales are being made in order to en-
force the law
NO appropriation was made by the
last session of the Legislature for
enforcing the blu Sky Law and 1
am therefore compelled to appeal to
the press to give this mater such
publicity as each publisher feels hel
can consistently give; as a public
service and without compensation,
other than having used his publica-
ton as power for god.
Your cooperation in this matter
VIII be greatly appreciated.
Thanking you, 1 am
Yours truly,
]. G. FRALICK,
Commissioner.