Excerpt from Report of the Michigan Securities Commission From August 15, 1913 to June 30, 1918
Do you realize that the Michigan Legislature, in the enactment of what is commonly referred to as the "Blue Sky Law," and in creating a Security Commission which should have charge of the administration and enforcement of such a law, provided the investing public with the machinery which would assure them accurate information concerning their investments?
Do you realize the importance to the investing public of the fact that through the administration of this law over two hundred million dollars worth of questionable securities have been precluded from sale in Michigan? Perhaps you would have been an investor in some of those securities had they been admitted to sale in this State.
Do you realize that it is not alone the privilege of every investor but a duty as well to inform himself as fully as possible before the purchase of any security? He should first determine whether or not the company in which he contemplates investing has made application to the Michigan Securities Commission, has been examined and its securities approved. He should also ascertain whether or not the dealer or his agent, who may be handling the security, has been duly and lawfully registered with the Commission and licensed to sell such securities.
The Commission does not guarantee nor recommend the purchase of any security, even of the company which has passed a rigid examination and received its approval, but it is reasonable to assume that, as a result of the investigation, the Commission is of the belief that the enterprise is bona fide and that the sale of its securities would not work a fraud on the public.
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