The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1929-08-23
(Contlnued from page oneJ

State Securities Commission; what are
its objects; where its benettS. THESE
people cite the cases OF the cochran
Pandolfo, U. S. 1. Realty, Bleckre
Tire, Consumers Supply and oGhers.
In the first named on this list, IL mas
been proven that one OF the conlmlS-
sion was on the inside and secured
his split. Whether the otnerS also
helped out, is not stated. Some claim
that the commission was created TO
assist a bunch of lame ducks with
political emolumentS and that the
only time they become really active Is
when they go to headquarters Tor tner
pay check
Those opposed to the commission
state that there are legal enforce
ment officers enough in the state and
counties employ to see that the seller
of securities has something to oner
the buying public besides blue sky.
Friends say otherwise. They seem 10
think that the dishonest promoter
would prey on the public II 1t were
not for the commission. Yea. And now
if they will show us what blue sky
schemes were nipped before the public
had been f1eeced, it will be highly IL
Illuminating. The list of propositions
suppressed that have come under pup
lie notice, were suppressed after the
public had been heeced and show
down demanded.
fofn
can buy shares, stocks and bonds Tor
anything. Some are good and some
are rotten. If the commission was
functioning, it would proceed against
the rotten ones at once and put them
out OF business before they had &C
cumulated a pot full to be split among
the promoters while the buying public
was left to hold the sack. Four years
or more ago, the occasion was most
forcibly brought home. A bunch OF
grafterS were reaping a harvest in the
range towns selling oil leaSeS-in fact
they sold more leases than there were
acres in the state in which they protteS-
Sed to have the land. The commissions
attention was called to the scheme.
Nothing was heard from the commits
sion but the sellers went ahead and
sold leases until the scheme blew up.
Now nothing has been heard from
them by the buyer. The promoters
split the pot and the buyer has a re-
ceipt for his money without even the
name of the company with which he
did business thereon.
Officials of the Duluth & Iron
Range were in the city this week in
tervieWing the merchants regarding
freight service over the road. 1t is
proposed to use this when the hearing
comes up for granting a trucking
license to this city. In the majority
of cases the merchants were satisfied
with the service rendered by the rail-
road. Freight loaded in Duluth gets
to Ely in the morning following just
in time for use at the earliest possible
hour, in fact, this service is fast
enough for anyone. We will say right
here, that the Duluth & Iron Range
has been giving the people the best
kind Of freight and express service
from Duluth to Ely.
There is another phase of the con-
troVersy of Bus VS.. Railroad. The rail-
road builds and maintains its own
track upon which to run its trains
and pays taxes into the state for this
business. So do the bus lines pay
taxes, but the bus runs on roads built
with the taxpayers money in direct
competition with the railroads. This
is not exactly fair. The railroads built
and opened up the country but no bus
has opened up any inaccessible terri
tory. 1t waited until after the country
was opened up and after the tax
payers had built roads upon which 1t
could run. This may sound like a
trust advertisement but it is the truth.