The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1923-10-18
OHIO BLUESKY LAW BLOCKS Lee
CLIMATE MINING ENTERPRISE.

This paper has never joined in
sweeping condemnation or socalled
blueslSy laws II believes that the
state within reasonable limitations is
obligated to protect its citizens against
fraudulent and even questionable pro-
motions but this should not be carried
to the point of actually passing upon
the merits of an enterprise or under
taking II is enough for the law to
require that fan and complete infUr-
nation regarding the project be filed
as public record with the proper
authorities. that the plan of promo
ton is absolutely fair to investors, and
fixing ample penalties for false state
ments and misrepresentation The
law should go no further than this,
leaving the matter of investing TO the
Judgment of the individual Unfor-
tunately the laws of many states do
not stop here but undertake to pass
upon the merits of property before
permitting its securities to be mark
eted within the states
Ohio seems to have a law of this
kind or at least one that is being
construed in that way by the officials
clothed with authority to enforce it.
This conclusion is inevitable in view
of the action taken by these officials
recently in refusing to permit Wesley
Everett, president and manager of the
Amazon Dixie Mining company, to
sell the stock of his company within
the state of Ohio; this too. in spite
of the fact that for years he has had
the financial support of many OF the
most substantial citizens of Ohio
notably in Cleveland, and who desire
to continue that support. Many of
these Ohio men have visited the
Amazon Dixie property, spent days in
Nestigating it, and as shrewd and sue
essful business men were convinced
that the management was honest and
capable. that every dollar was being
intelligently used for the development
Of the property, and that they could
reasonably expect their Investments
TO prove profitable through the de-
velopment of mine.
But the Judgment OF these success
ful business men and their willing
mes to back it with their money ap-
parentlv means nothing to the gentle
man who has the last word in con-
STRUNG the Ohio bluesISy law 4 few
months ago when Mr.. Everett went
back to Ohio to further finance the
Amazon Dixie enterprise, he was de-
MED the privilege he had long enjoyed
of Offering his securities within the
state OF Ohio until the Amazon-D Dixie ,
had been examined and approved by
"a representative of the bluesky bu-
reau, and he was further informed +
that he would have to pay the expense fl
of the investigation Well. the in ~
vestigation was made and the engineer Fl
reported that he found a modern and a
well equipped mining plant an enor- D.
nous amount of underground work i.
acomplished in a good and substantial ,.
manner, that everything warranted .,
The conclusion that all funds received 4.
through the sale of stock had been ~.
honestly and intelligenty used for the u
development Of a NINE that the books y,
we're in good shape and We're a COM j..
,lete record of all financial transac- q,
ions OF the company; but mark the
words, he found that the Amazon r.
Dixie was not mine and therefore
lot eligible for further development
through the sale Of it's securities
.ithin the state OF Ohio. a..
Evidently it never occurred to the III
rilliant author of the report, nor to 81,
is chief in Columbus that if the On
macon Dixie had been mine. it On
'ould not have been necessary for ca
he manager 10 go back TO Ohio or ia,
nywhere else to seek financial as I'd.
Istance 20.
Being unable to proceed with his co,
nancial plans, Mr. Everett returned tn,