Jasper County Democrat, Volume 21, Number 28, Rensselaer, Jasper County, 6 July 1918 — ARE INTERESTED IN MOVEMENT [ARTICLE]

ARE INTERESTED IN MOVEMENT

For Enactment of a “Blue Sky” ■ Law in Indiana. Indianapolis, July s.—Legitimate bankers and investment banking j houses of Indiana are very much interested in the movetnent of the Better Business Bureau of this city to have a ‘‘blue sky” law enacted in Indiana. Since the bureau under the direction of David F. Porterfield, its secretary, started the movement tor such a law in Indiana, Mr. Porterfield said today, it has had assurances of support from individual banks and from officers of banking associations. Bankers have pointed to the fact that money is constantly needed for the financing of legitimate enterprises, but that it is sometimes difficult to sell stock in such enterprises because they cannot promise such returns as the promoters of fake oil companies and other simi- ! lar enterprises promise. The difference is that the one ’ type of enterprise proposes to reI main in the cdmununity and transact ! business, while the fake promoter’s (interest is confined entirely to the ■sale of stock. I Money is wasted and is kept out ■of worthy enterprises, as well as being diverted from Liberty Loan j bonds and other investments that * will aid in the financing of the war, the Better Business Bureau contends. In other states which have ‘‘blue sky” laws—and Indiana is one of I a very few remaininig states with[out such a law —it is necessary for those who offer stocks and herds |in new enterprises to submit the proposition to a state officer for examination. Indiana, not having 1 such a law, has become the mecca for all manner of schemes. Mr. Porterfield declares.