Montana oil and mining journal. [volume] (Great Falls, Mont.) 1931-1953, 1938-04-23

to keep available for public inspection in it
public reference room in Washington, and a.
the end OF 20 days. unless amendments art
filed in the meantime or the commission OF
examining the statement thinks that It Is
incomplete or contains untrue or misleading
statements IL becomes automatically euectNe
without any action BY the commission. IL
very important TO remember that the De
curities act gives the commission no autnorltS
whatsoever to approve or disapproVe OF Sc
curity issues, or to pass upon thelI hell.S -
any way-in fact II Is crime loL a. 49, -,
ceiling a registered security to represent ina,
ne reeistration carries with IT any Nho %
commission approval A security may pc w
widest kind Of gamble, or may De soIu P 49,
for the purpose OF heIpnls ~, ~ s,1pport
president buy himself a new mouse OF supSo -
lie rntstress in better style but so IONS q
those and the other relevant iaets AZ tate
ly and fully revealed in the registration -,
ment and prospectus the Securities acs Ia. La
done IT'S work It is then up to the pIospe0t.rt ,
o,,-cbaser to decide whether he wants 70 pu'
IN his money on these conditions
This then. is the process Of registI
process which has become surIou 5ss, ~ 10
,,,fo,tnded legends OF doubt ana ollllCul's, "
s,cb an extent I have been told tnat 80 =
If vou have come to believe .na ooo u. - ~,,1e
eac,rity could be sold under RUE %VO nSe.htng
2O2 it couldn't legally De solu az ~ course
could be further from the truth u -
,,robIerns have arisen between reglstIants @
however honest, are anxious 70 PANT 40 1t ,Ss1
a nicture as possible, and coniiniss'onI ,as+c-
r1rfmartly on d5SulAAAe va
10 49,, tho speculator a fair chance 70 know
-t,oro his money Is going; ana even aPo.s
rom problems OF that kind theIe HS a Nth
donbtedlv been much honest lnaolnts, u Mt
49, 80 Gee the others point Oh view D.
s.ee1 o. tbe commission feel that we are pr
,rosetnq all the time towards a EreateI isn,,es
standing Of the difficulties OF nlli4 aase Won
and II / can do nothing else can 1Stb YOU
- - earnest desire to cooperate VIZ -
v.eotine those difficulties. In Suppl .te
~ N statement I can at least point 70 t ~
racentlv adopted form AO-l-the aN.-,,,a,,ies
registration of the STOCK Oh nlalliAI For several
I'm an the promotional stage. ES..rsd IN
s.a. s,ch issues had to be register ,. -
corrn Al the catch-an form lor u1 our
~ enecial form was provided anu 49, ,,nder
s,,o-tcnce nor yours was very HaPFss 80
eAPsA 49, a tabuiation compiled about s 800
si-e' ~ someone not on the commission, Fiied
indicated that Of registration 49, years end
for gold mining issues In the thIee a third
- J,,va 90 1886 probably more thah ,,-,e
ms 60 one reason or another never - 80
aSsactive or IL effective, had cease e,er Srbis.
10 reason OF withdrawal or sIop AZ largest
n must be confessed was ~ 90 ~ any in
,,srcentage Of unsuccessful ISSUES ave great
st~., IN the country. Presumably sn HHS on
80 iorttv of these statements VIZ az com
1ory1 Al BY adopting form A. 1sd io
mission has provided iolnl .s..ios,~e 10 some
- caiIs for more complete olsclosu4s a-a spe-
~ S hut is at the same time HlVAS IL,
cifira1iy adapted to the problems Va aaai easter
10 tndustry so that 1t Is great NC, ue fnT n,
to tell just what inioL ,l MT we are at least
tbis form. but think that VIC 90
going in the right direction A.. ,act
,,t,,a while back referred 70 sh the
"a. me- requirement OF registration unoea ms
Securities act was subject to S ebS want to
and it is Of these exception, ms" are Of vari-
va. ,.t,ds and some OF them Woulo " that
Gus 9s khI tsrest to you However think tnss
everyone ss interested in selling MINING ons group Of
is vitality interested IN ~ tssI issues Of $780,
o one ~ less the exemptions generally known
as rules 200. POI and 2O2 -
Unlike the other exemptions from ress. ars
tion these exemptions for small Issues 81, sre
not specifically provided In the aes tsS e,s at
are the product Of a discretion which the agS
conferS upon the commission to exempt smhn
issues from the registration and prospectus
requirements of the act. The precise language