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 1918. 
 
 UC-NRLF 
 
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EXCHANGE 
 

 ' ' M I ii!'. ' .'■*' ' ■ 
 
 STATE OF MICHIGAN 
 
 REPORT OF THE 
 
 ^chigan Securities Commission 
 
 AUGUST 15, 1913 to JUNE 30, 1918. 
 
 BY AUTHORITY 
 
 FORT WAYNE PRINTING COMPANY 
 
 CONTRACTOR* FOR MICHIGAN STATE PRINTING AND BINDING 
 
 FORT WAYNE. INDIANA 
 
 I9IS 
 
STATE OF MICHIGAN 
 
 REPORT OF THE 
 
 Michigan Securities Commission 
 
 AUGUST 15, 1913 to JUNE 30, 1918. 
 
 BY AUTHORITY 
 

 eXCHAW** 
 
-.'»"' 
 
 LETTER OF TRANSMITTAL. 
 
 To the Uonorable Albert E. Sleeper, Governor. 
 
 Sir: — We have the honor to transmit herewith the first report of the 
 Michigan Securities Commission for tlie period beginning August 15. 
 11)13, being the date of the Commission's organization under tlie ju-o- 
 visions of the original Act (Act No. U3, Public Acts of 1913), and ending 
 June 30, 1918. 
 
 FRANK W. MERRICK, 
 SAMUEL ODELL, 
 ALEX. J. GROESBECK, 
 Members of the Commission. 
 
 5826 l(] 
 
TABLE OF CONTENTS. 
 
 I'age 
 
 Letter of Transmittal :>, 
 
 lutroduetion 7 
 
 Membership of the Commission, Ofliciirs and Employees '.I 
 
 To the Investor II 
 
 To the Investment Company and Broker 12 
 
 The Michigan "Blue Sky Law" 1 ;{-'i'J 
 
 Vahdity and ConstitutionaHty of the "Act" 2\\ 
 
 Rules and Regulations of the Michigan Securities Commission 24-27 
 
 GENERAL REPORT: 
 
 Membership and Organization 2S 
 
 Securities 28-29 
 
 Procedure Applicant Must FoUow 29-30 
 
 Pi'oeedure by Department 30 
 
 Examination and Investigation of Investment Companies 30-3 1 
 
 Hearings on Applications 31 
 
 Examination of Companies after Approval 31-32 
 
 Amount of Securities Approved and Disapproved by the Commission 32-33 
 
 Seciu-ities Escrowed with the State Treasurer by order of the Commission . 33 
 
 Advertising of Securities 34 
 
 Complaints and Prosecutions 34-35 
 
 Registration and Licensing of Dealers and Agents 35-30 
 
 Financial Report 37-39 
 
 Reeonimendatious for Amendments to the Act 40 
 
 Investment Companies Approved by the Commission, List of 41-54 
 
 Bond Issues Approved by the Commission, List of o5-5() 
 
 Investment Companies Disapproved by the Commission, List of 50 
 
 Investment Companies whose licenses have been revoked. List of 57 
 
 Investment Companies' Applications Withdrawn, List of 57-58 
 
 Registered and Licensed Dealers, List of 58-(J3 
 
 Escrowed Stock, List of Companies showing purpose, consideration and Par 
 
 Value of Stock Escrowed 04-05 
 
 Escrowed Stock Released, List of Companies and Amount 05 
 
 Bulletins Issued for Distribution 00 
 
8 \ ; /. :. ; . ; ■ ; first report 
 
 sented in this organization are thirty-two states actively enforcing Blue 
 Sky Laws. Conferences of committees of the national organization have 
 been held with the Capital Issues Committee, looking to the enforcement 
 of the Federal Act and for the purpose of establishing an active working 
 relationship between the several State Securities Commissions and the 
 Federal Government, in tlie i>rotection of the investing public. 
 
 WILLIAM R. GATES, 
 
 Executive Gfflcer. 
 
iMICHKlAN Ir^ECUIUTlES (M)MxMJSSlON. 
 
 Hox. FuAiXK ^y. JVLerrick, Cliaii-iuau Tij^eoii, Micli. 
 
 Commissioner of the Banking Department. 
 
 Hon. Samuel Odell Shelby, Mich. 
 
 State Treasurer. 
 
 Hon. Alex. J. Guoesbeck Detroit, Mich. 
 
 Attorney General. 
 
 William K. Gates Executive Gmcer 
 
 Harry Glmstead Accountant 
 
 Glen K. Munshaw Examiner 
 
 William K. Town Examiner 
 
 Alice E. Alexander Chief Clerk 
 
 KiTTiE S. AiNGER Fiuanciiil Clerk 
 
 Pauline P. Mosier Slenograplier 
 
 Charlotte Dougherty Filing ( Merk 
 
 Claire Palmer Stenographci- 
 
 Russell Brown :Mcss('iig('r 
 
TO THK INVESTOK. 
 
 Do you realize that tlie Miclii^iaii Le*;islatiii'e, in the oiiactnicnt of wliat 
 is commonly referred to as the "Bine Sky Law,"" and in creatinj:; a Secnri- 
 ties Commission which should have charge of the administration and 
 enforcement of such a law, ])rovided the investing public with the 
 nrachiuery which would assure them accurate infornuition concerning 
 their investments? 
 
 Do you realize the im])oi-tance to the investing public of the fact that 
 through the administration of this law over two hundred million dollars 
 worth of (juestionable securities have been precluded from sale in Mich- 
 igan? Perhai)s you would have been an investor in some of those securi- 
 ties had they been admitted to sale in this State, 
 
 Do 5'ou realize that it is mit alone the privilege of every investor but a 
 duty as well to inform himself as fully as ]tossible before the purchase of 
 any security? He should first determine whether or not the company in 
 which he contemplates investing has made ai>plication to the Michigan 
 Securities Comnussion, 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 <luly an<l lawfully i-egistered with 
 the Commission and licensed to sell such securities. 
 
 The Commission does not guarantee nor recommend the purchase (»f 
 any security, even of the coni])any which has ]>assed a rigid examination 
 and receive<l its ai)i)r(>val, but it is reascmable to assume that, as a result 
 of the investigation, the Commission is of the belief that the eiiterpiisc 
 is bona tide and that tiie sab' of its securities would not v>ork a fraud on 
 the public. 
 
12 FIRST REPORT 
 
 TO THE INVESTMENT COMPANY AND BROKER. 
 
 The legislation commonly referred to as the "Blue Sky Law" was at 
 first received with bitter hostility, but since its operations have been 
 understood it has commanded respect and even enthusiasm. The raw 
 swindler and "get rich quick" promoter takes one look at the require- 
 ments, and as a rule departs to other fields less carefully guarded. The 
 general effect of the law has been that not only legitimate, or such 
 schemes which in the honest personal opinion of the applicant are legiti- 
 mate, ever attempt to get by. 
 
 The advantages to legitimate business under this Act become apparent 
 to the approved applicant as soon as he starts to market his securities. 
 To begin with the unscrupulous competition of the faker has been elimi- 
 nated or greatly restricted. The fact that the project has been approved 
 after a thorough investigation and examination by the Commission 
 (although it is stated in the permit that the security is not recommended, 
 although approved ) gives the security an immediate standing with the 
 investor. The only trouble has been that at first the public was inclined 
 to assume that an approval carried a guarantee against loss. 
 
 Statements without number are of record by successful applicants that 
 when first faced witli the requirements of the Act they were inclined to 
 feel that they were unreasonable, needlessly severe, and costly, but that 
 having successfully complied with such requirements and passed inspec- 
 tion, they had found that the approval of the Commission was of inestim- 
 able advantage to them, not only within the State but outside, and that 
 these advantages were worth to them many times the cost and trouble 
 entailed in obtaining the approval of their securities and permission to 
 sell them in a legitimate and lawful manner. 
 
"BLUE SKY LAW." 
 
 Securities 
 commission. 
 
 Successor of 
 
 present 
 
 commission. 
 
 Files, papers, 
 etc. 
 
 Proceedings 
 saved. 
 
 Office in 
 capltol. 
 
 AN ACT to prevent fraud in the sale and disposition of 
 stocks, bonds or other securities sold or otfered for sale 
 within the State of Michigan bv any dealer, firm, company, 
 association or corporation, foreign or domestic, by requir- 
 ing an inspection of such stocks, bonds, or other securities 
 and an inspection of the business of such persons, firms, 
 companies, associations or corporations, including dealers 
 and agents, and snch regulation and supervision of the 
 business of said persons, firms, companies, associations, or 
 corporations, including dealers and agents, as may be neces- 
 sary to prevent fraud in the sale within the State, of any 
 stocks, bonds or other securities, and to provide a penalty 
 for the violation thereof, and to repeal act number one 
 hundred forty-three of the Public Acts of nineteen hundred 
 thirteen, approved May two, nineteen hundred thirteen, 
 and all other acts or parts of acts inconsistent herewith. 
 
 [Act No. 46, p. A. 1915.] 
 
 The People of the State of Michigan enact: 
 
 Section 1. There is hereby created a commission to be 
 known as the Michigan Securities Commission and hereafter 
 called in this act ''the commission," whose duty it shall be to 
 administer and provide for the enforcement of all tlie provi- 
 sions of this act. Said commission shall consist of the Com- 
 missioner of the State Banking Department who shall be 
 president thereof; the State Treasurer of the State and the 
 Attorney General of the State, all of whom shall be mendiers 
 of said commission during their respective terms of office and 
 any two of whom shall constitute a quorum. The said com- 
 mission shall succeed tlie ^Michigan securities commission 
 created by act one hundred forty-tliree of the Public Acts of 
 nineteen hundred thirteen, and as sucli successors shall 
 receive all of the files, papers and proj)erty of said Michigan 
 securities commission created l)y said act one hundred forty- 
 three of the Public Acts of nineteen hundred thirteen. All 
 proceedings pending before .said Michigan securities commis- 
 sion created by said act one hundred forty-three of the Public 
 Acts of nineteen hundred thii'teen shall be continued by the 
 commission created l)y this act; all actions, civil and criminal, 
 pending under said act one hundred forty-three of the Public 
 Acts of nineteen hundred thirteen shall be continued and com- 
 plete<l thereunder. Said comnii.^sion shall have its ollice in 
 the capitol in the city of Lansing, in rooms to be provided by 
 the Board of State Auditors, and all of its records shall be 
 
14 
 
 FIRST REPORT 
 
 there kept. It shall hold a regular meeting on the first 
 Friday of each month and may hold special meetings npon the 
 call of the president. It shall keep a complete record of all its 
 meetings, its accounts and the business it transacts. It shall 
 appoint a secretary whose salary sliall not exceed the sum of 
 twenty-five hundred dollars per annum and sliall have power 
 to employ such other and further assistants as may be neces- 
 sary to carry out the provisions of this act. All salaries fixed 
 by it shall be subject to the approval of the Board of State 
 Auditors. It shall make such rules and regulations as may be 
 necessary to carry out the provisions of this act and may pre- 
 pare all necessary blanks to be used in its proceedings and in 
 the conduct of its business. 
 
 Sec. 2. Every person, corporation, co-partnership, com- 
 pany, or association, except those exempt under the provi- 
 sions of this act, organized, or which shall hereafter be organ- 
 ized in this State, whether incorporated or unincorporated, 
 which shall either himself, themselves or itself, or by or 
 through others, sell or negotiate for the sale of any stocks, 
 bonds or other securities issued by him, them or it within the 
 State of Michigan, shall be known for the purposes of this act 
 as a domestic investment company. Every such person, cor- 
 poration, co-partnership or association resident of or organ- 
 ized in any otlier state, territory or government, shall be 
 known for the purpose of this act as a foreign investment 
 company. 
 
 Sec. 3. The provisions of this act shall not apply to (a) 
 securities of the United States, or any foreign government, or 
 of any state or territory thereof, or of any county, city, town- 
 ship, district or other public taxing subdivision of any state 
 or territory of the United States, or of any foreign govern- 
 ment; (b) unsecured commercial paper; (c) securities of 
 public or quasi public cor])orations, the issue of which securi- 
 ties are regulated by the Michigan Railroad Commission or 
 by a public service commission or board of equal authority 
 oif any state or territory of the United States or securities 
 senior thereto; (d) securities of state or national banks or 
 trust companies, or building and loan associations of this 
 State; (e) securities of any domestic corporation organized 
 witliout capital stock and not for pecuniary gain, or exclu- 
 sively for educational, benevolent, charitable or reformatory 
 purposes; (f) mortgages upon real and personal property 
 situated within this State where the entire mortgage is sold 
 and transiVn-ed with the note or notes secured by such mort- 
 gages; (g) increase <d" stock sobl and issue<l to stockholders, 
 also stock dividends; (h) secm-ities wliich are liste<l in any 
 standard manual of inforniatiou ai»i>roved l>y said commis- 
 sion : Proviilcd, however. That said commission shall have the 
 power to call for additional and further information than 
 that contained in such manuals with reference to any securi- 
 ties listed therein, and may, pending the filing of such infor- 
 mation, suspend the sale of such securities, and also suspend. 
 
 Meetings. 
 Record. 
 Secretary and 
 
 Rules and 
 regulations. 
 
 Domestic in- 
 vestment 
 companies. 
 
 Foreign in- 
 vestment 
 companies. 
 
 Exemptions. 
 
 Proviso, sus- 
 pension of 
 sale of 
 securities. 
 
MICHIGAN SECTTRITIES COMMISSIOX 
 
 15 
 
 Conditions of 
 sale of stock, 
 etc. 
 
 Statement to 
 be filed. 
 
 Contents of 
 statement. 
 
 .\rticles of co- 
 partnership, 
 etc. 
 
 Articles of in- 
 corporation, 
 etc. 
 
 Charter and 
 certificate. 
 
 F'rovi 
 limit. 
 
 How papers 
 verified. 
 
 cither temporarily ov peniumciitlx , I lie sale of any s<'(uri(i('.^ 
 listed in such manuals alter a iicariiij^ ui)()M nolicc to the 
 issuer of such securities if said coniiMissiou sliall find tliat the 
 sale of such securities would work a fraud u|(ou tlie pnr 
 chasers thereof; (i) all stocks, bonds and securities a])i)roved 
 by the Michi<!,an securities comniission creatiMl by act (Uic 
 hundred forty three of the Tnblic Acts of ninrteen liumlrcd 
 thirteen. 
 
 Sec. 4. Before selling, olferiu"; for sale, takin<f subscrij)- 
 tions for, or ue.ii,<)tiatinj2; for the sale in any manner whatever 
 in this State, any stocks, bonds av other securities of its own 
 issue, every investment company, domestic or foreign, shall 
 tile in the office of the commission a statement sliowing in 
 full detail the plan upon which it proposes to transact busi- 
 ness; a copy of all contracts, stocks, l»on<ls or othei- instru- 
 ments which it proposes to make with, or sell to, its contribu- 
 tors or customers, toii'ether with a co])y of its prospectus, and 
 of the proposed advertisement of its sale of stocks, bonds, 
 or other securities which statement shall also show tlie name 
 and location and main office of the investment company; the 
 names and addresses of its officers, and an itemi/AMl account 
 of its financial condition and the amount of its assets and 
 liabilities, and such other information touching its conditions 
 and affairs as the commission may reipiire. If such invest 
 ment comiiany shall be a co-i)artnershi)) or an uninc<»i-i)oiat<'<l 
 association it shall also tile with the commission a copy of its 
 articles of co-pa rtiiershi]) or association, and all otiier i)apeis 
 l)ertaining to its organization. If it be a c(U'])oration organ 
 ized under the laws of Michigan it shall also file with the 
 commission a coi)y of its articles of incoi-poration, const it n- 
 tion and by-laws, and all other papers pertaining to its organ 
 ization. If it shall be an investment company organi/A'd 
 under the laws of any other State, territory or governnu'ut. 
 iiicor])orated or unincorporated, it shall also tile with the 
 commission a copy of the laws of thn state, territory, or gov 
 ernment under wliicli it exists or is inc()i-i>orate(l. and also a 
 copy of its charter and the certificate of tlie i)roper officer of 
 sucii state showing tliat it is authorized to transact busint'ss 
 there; and also co])i<'s of its constitution and bylaws, and 
 all anicndments of any of thf above inenlioiicd instruments 
 whicii have been nnnii', ami all other |»apers ]»ertaining to 
 its organization. It sliall also p.-iy a liliiig lee of onetenth of 
 one per cent npoii the lace \alne of the secnrilies lor the sale 
 ; nia.le: I'r 
 
 of wh 
 tiling 
 than 
 Si;( 
 bv th 
 
 be 
 
 lei 
 
 app!i<ali 
 shall not 
 dollars. 
 All of the al 
 th of a niembe 
 
 ■iilnl, I, 
 
 IhhkI 
 
 •e.l .1. 
 
 it be a eo paitneiship or (•(.nipany, 
 authorized oilicer. if it be a cor]»or 
 association. All such papers, how 
 oil file ill any public ollice shall be further certilie<l by the 
 
 ed papers 
 
 •arlnershii 
 
 and by th 
 
 ilion oi- an 
 
 'ver as are 
 
 ■rr, 'i'hat such 
 .ll.irs. nor le.s:^ 
 
 ■;|iall l>e \erilie<| 
 I or eoinp;in\-. if 
 ■ oalh ..r a .'inlv 
 nnineorpor.iled 
 recorded or are 
 
16 
 
 FIRST REPORT 
 
 officer of whose records or.arcliives they form a ]>art, as being 
 correct copies of sucli records or archives. 
 
 Sec. 0. P^very foreign investment company before offering 
 for sale any of its stock, bonds or other secnrities in this 
 State shall also file its irrevocable written consent that suits 
 and actions may ))e commenced against it in the proper court 
 of any county in this State in which a cause of action may 
 arise or in which tlie plaintiff may reside, by tlie service of 
 any process or pleading autliorized by the laws of this State, 
 on the Commissioner of the State Banking Department, said 
 consent stipulating and agreeing that sucli service of such 
 process or pleadings on such commissioner shall be taken and 
 held in all courts to be as valid and binding as if due service 
 had been made upon tlie company itself, and said instrument 
 containing such consent shall be authenticated by the seal of 
 said foreign investment comi)any, and by the acknowledged 
 signatnre of a member of the co-])artnersliip or company, if it 
 be a co-partnership or company, or by the acknowledged sig- 
 nature of the president and secretary of the incorporated or 
 unincorporated association, if it be an incorporated or unin- 
 corporated association, and shall in such case be accom- 
 panied by a duly certified copy of the resolution of the board 
 of directors, trustees or managers of the corporation or asso- 
 ciation, authorizing the secretary and ])resident to execute 
 the same. In case any process or pleadings mentioned in this 
 act are served n])on the Commissioner of the State Banking 
 l)ei)artment, it shall be by dnidicate copies, one of which shall 
 be tiled in the office of the Michigan Securities Commission 
 and another inunediately forwarded by registered mail to the 
 head office of the person or corporation against which said 
 process or pleadings are directed. 
 
 Sec. 7. Said application shall be heard by the said commis- 
 sion at the next regular meeting after said application is filed 
 (providing such filing shall precede such monthly meeting by 
 twenty-four hours), or at a special or adjourned meeting of 
 said commission, but if such application is heard at a special 
 or adjourned meeting of said commissi<ni the secretary shall 
 give snch applicant at least two days notice of such hearing. 
 Said commission may liave i)<>wer to adjourn such hearings 
 upon such applications fiom day to day or from time to time. 
 
 Sep. 8. .Tlie said commission shall have power to demand 
 from any investment company seeking to come under the pro- 
 visions of this act any fnrther information other than such 
 investment company is reqnired to furnish under the provi- 
 sions of this act which shall be necessary to the end that the 
 commission may be put in possession of all facts and informa- 
 tion necessary to qualify it to properly pass upon all ques- 
 tions that may come before it. It may make or have made 
 nnder its direction a detailed examination of snch investment 
 company's property, business and atfairs, which examination 
 shall be at the expense of snch investment company. It may 
 cau^e an appraisal to be made, at the expense of said invest- 
 
 Certified 
 copies. 
 
 Consent to 
 suits. 
 
 Resolution of 
 directors, etc. 
 
 Duplicate 
 process of 
 pleadings. 
 
 Hearing on 
 application. 
 
 Notice. 
 Adjourn- 
 ment. 
 
 Furtlier in- 
 formation 
 may be 
 demanded. 
 
 Detailed ex- 
 amination. 
 
MICHIGAN SECURITIES COMMISSION 
 
 17 
 
 Appraisal of 
 property. 
 
 Withholding 
 license to sell. 
 
 Examination 
 of statements, 
 etc., filed. 
 
 Disapproval 
 of sale. 
 Notice. 
 
 Sales unlaw- 
 ful. 
 
 Approval of 
 sale. 
 
 ment company, of the i)ropei-ty of said investment company, 
 inchuliiij; the value of i)a tents, jroocl will, promotion and 
 intanoible assets, and it may li.x the amount of stocks, bonds 
 and securities if such corporation lias issued stocks, for<'ijin 
 or domestic, in i)avment for property, patents, good will, pro- 
 motion and intanoil)lo assets in excess of their value lind the 
 same to be worth and may recpiire that such stocks and securi- 
 ties so issued for such iiroperty, patents, good will, promotion 
 and intangible assets shall be deposited in escrow under such 
 terms as said commission may i>rescribe. And said commis- 
 sion may withhold its license to sell such stocks, bonds and 
 securities if such cori)oration has issued stocks, l)onds and 
 securities in payment for property, ])atents, good will, promo- 
 tion and intangible assets in excess of their value as fouiul by 
 said commission or if said stocks, bonds and secui-ities are 
 not deposited in escrow according to the terms fixed by such 
 commission until such stocks, bonds and securities issued in 
 paj^ment for pro])erty, patents, good will, promotion and 
 intangible assets in excess of the value so found by said com- 
 mission have been surrendered to such corporation and can- 
 celled by it, and until the said stock lias been deposited in 
 ■escrow under the terms ])rescribed by said commission.' 
 
 Sec. 9. It shall be the duty of said commission to examine 
 the statements and documents tiled in its office by an invest- 
 ment company and tlie reports of any investigation conducted 
 under the direction of said commission and to hear such 
 applicant and it shall have power to examine under oath any 
 person interested or connected with such investment com- 
 pany, and if said commission finds that the proposed plan of 
 business of said investment company, or that its proposed 
 contracts, stocks, I)onds or otlier securities are fraudulent or 
 are of sucli a nature that the sale of such contracts, .stocks, 
 bonds or other securities woubl in the opinion of said com- 
 mission work a fraud upon the purcliaser, then said commis- 
 sion sliall disap])rove the sale of such ju-oposed contracts, 
 stocks, bonds or other securities and shall notify such invest- 
 ment company by registered mail of its tindings and dis- 
 ap])roval, and it shall be unlawful for such company to do 
 any business in the way of selling, offering for .sale, taking 
 sui>scriptions for, or negotiating for the sale in any mannei- 
 whatever of any such contracts, stocks, bonds and other 
 .securities in this State: and said contracts, stocks, liomls and 
 other securities sliall not be sold in this State. If, Iiowever, 
 said commission shall not (ind that the ]»roposed phm of 
 business of said investment company or that its ])ro]tosed 
 contracts, stocks, bonds or other securities are frauduU'ut 
 or are of such a nature tliat the sale of such contracts, stocks, 
 bonds or other securities would in the opinion of said com- 
 mission work a fraud u])on the pnrchasei- thereof, then it 
 shall approve the sale ()f such stocks in the State of Michigan 
 and issue its certificate in substantially the following lan- 
 guage : 
 
18 
 
 FIRST REPORT 
 
 "This is to certify tliat the certificate, 
 
 has this date been "iveii permission to sell | *^°''™ *^^- 
 
 of its within the 
 
 stocks, bonds or secnrities. 
 State of Michigan. Tlie Commission does not recommend the 
 pnrchase of this secnrity. 
 
 Dated .* 
 
 In AVitness Whereof, I have herennto affixed the corporate 
 seal of the JMichifjan Secnrities Commission. 
 
 (SEAL) 
 
 Secretary." 
 The words "The commission does not recommend the i)nr- Non-recom- 
 
 ,. , . • .1 I n 1 • -I • • mendatory 
 
 chase ot this secnrity shall be printed m type two sizes clause, type, 
 larger tliaii any other i)art of said certificate, and in case said 
 certificate or the fact tliat said commission lias approved said 
 secnrity, is printed or published in any circular, pamphlet or 
 newspaper, the words "The commission does not recommend 
 tlie pnrchase of this secnrity'' shall be printed in type two 
 sizes larger than the tyv>e in which the statement of fact that 
 such secnrity has been approved by said commission appears. 
 
 Sec. 10. Any person, firm, co-partnership, corporation or who deemed 
 issociation whether domestic or foreign, not the issner, who. "Dealer." 
 iliall in tliis State sell or offer for sale any of the stocks, 
 ')oiids or otlier secnrities issned l»y any foreign or domestic 
 nvestment company, except the secnrities specifically ex- 
 empted in this act. or wlio shall by advertisement or other- 
 vise profess to engage in the bnsiness of selling or offering 
 or sale sncli secnrities, sliall be deemed to be a '^dealer'' 
 111 sucli securities within tlie meaning of this act, and no 
 lealer within the meaning of this act shall sell or offer for Unlawful 
 >ale any sncli secnrities or profess the bnsiness of selling or ^^^®^' 
 (ffering for sale sncli secnrities nnless and nntil he shall 
 lave filed a list of the same in the office of the Michigan 
 "Securities Commission as in tliis act provided. The term ^emeda 
 'dealer" sliall not include an owner not issner, of such secnri- "dealer." 
 ies so owned by him when snch sale is not made in the 
 •onrse of continned and successive transactions of a similar 
 latnre, nor one who in a trust ca])acity created by law law- 
 "iilly sells any secnrities embraced within snch trnst. 
 
 Sk(". 1 1 . Any dealer desiring to sell or offer for sale within ^gfiter*with 
 his State any stocks, bonds or other secnrities not exempted commission. 
 inder the terms of this act, shall first register Avitli the Michi- 
 gan Securities Commission and shall furnish said commis- 
 ,i(m, upon oath, in snch fonh as the commission shall pre- 
 .(•rilie, tlie following information, to-wit : The <lealer's name, information 
 ('sid(Mice and bnsiness address, the general character of the f"'-ni«hed. 
 .('cnriti(\s to be dealt in, the place or places where the Itnsi- 
 K'ss is to be conducted within this State, and where the 
 Misiness in this State is not to be condncted by the dealer in 
 person, then the names and addresses of all the persons in 
 charge thereof. Said dealei- shall pay to the commission a Fee. 
 fee of fiftv dollars and shall fnriiish said commission with 
 
MICHIGAN SECURITIES COMMISSION 
 
 10 
 
 Further 
 information. 
 
 Striking name 
 off. 
 
 Proviso, 
 
 unregistered 
 
 agent. 
 
 Agent for 
 service of 
 process. 
 
 License 
 issued. 
 
 Proviso, 
 
 former 
 
 licenses. 
 
 Agents fees. 
 
 Disposition 
 of fees. 
 
 Expenses of 
 commission. 
 
 Accounts of 
 companies, 
 how kept. 
 
 Open to 
 stockholders 
 and in- 
 vestors. 
 
 such other information in addition to that above .sju'cified as 
 said commission shall deem necessary in order to thoi-on};;hly 
 ac(inaint snch commission with the character of tlie business 
 of said dealer. ' All authorized ajjents of any dealer shall he 
 registered with the commission and the name of any agent 
 shall be stricken from the register by the commission upon 
 the written request of the dealer and additional agents may 
 be registered by the commission upon like recjuest of the 
 dealer: Provided, That no agent shall act as such until his 
 name and address sliall be registered with the commission. 
 If the dealer shall be a non-resident of this State or a cori)ora- 
 tion other than a domestic corporation, he shall at the time 
 he registers with the commission, lile with the commission a 
 written dnlv authenticated appointment of the Commissioner 
 of the State Banking I)ei)artment of this State as his or its 
 agent in Michigan upon whom process or pleadings may be 
 served for and on behalf of the dealer, which api)ointinent 
 shall be irrevocable. X'pon com])liance by such dealer 
 with the provisions of this act the said commission shall issue 
 to such dealer a license under the seal of said commission and 
 signed by the secretary thereof, which said license shall be 
 good until revoked by said commission for good cause upon 
 notice to such dealer "and a hearing didy had: Provided fur- 
 ther. That said commission shall issue the license provide<l 
 for in this section to each dealer registered under act one 
 hundred forty-three of the Public Acts of nineteen hundred 
 thirteen uiion the payment to said commission of the sum of 
 one dollar, and shall also issue licenses under the terms of 
 this act and upon the payment of the sum of twenty-tive 
 cents to such agents as were registered under th(> ])rovisions 
 of said act number one hundred forty-three of the Public Acts 
 of nineteen hundred thirteen. 
 
 Sec. 12. In addition to the tiling and examination fees 
 herein provided for to be ])aid by investment companies and 
 dealers, there shall be charged and collected by said c(unmis- 
 sion a fee of three dollars for the registration and authoriza- 
 tion of each agent of any such investment company or dealer 
 and all the fees and charges collected by the conunission shall 
 be turned into the State Treasury and are hereby reappro- 
 priated to the commission towards paying the expenses ot 
 enforcing this act. The exi»enses of said commission shall not. 
 however, be limited to the moneys received 1)y it, but it shall 
 have the power to incur all exi»enses it tinds necessary in 
 enforcing the provisions hereof. 
 
 Sec. i:l General accounts of every investment company, 
 domestic or foreign, shall be kept in a bnsinesslike, and 
 intelligent manner and in suflicient detail that said commis- 
 sion can ascertain at any time its linancial condition and 
 the books of accounts shall at all tinu's during business hours, 
 except on Sundays and legal holi<lays, be oi)en to stock- 
 holders and investors in said company, and the said conunis- 
 sion or its dulv authorized representatives, and all such 
 
20 
 
 FIRST REPORT 
 
 investment companies, shall be subject to examination by 
 said commission or any member thereof or the clerks, account- 
 ants or examiners thereof, at any time said commission shall 
 deem it advisable, and in the same manner as it is now pro- 
 vided for the examination of State banks, and such investment 
 company shall pay a fee for each of such examinations of not 
 to exceed seven dollars for each day or fraction thereof 
 that any member of said commission, clerk, accountant or 
 examiner is absent from the capitol building for the purpose 
 of making such examination and shall also pay the actual 
 traveling and hotel expenses of the person or persons making 
 such examination and the failure or refusal of any investment 
 company to pay such fees, upon demand of such commission, 
 clerk, accountant or examiner, while making such examina- 
 tion shall work a forfeiture of the right of such investment 
 company to sell or offer for sale any of its contracts, stocks, 
 bonds or other securities in this State. In case of a prelimi- 
 nary examination of any investment company by said com- 
 mission for the purpose of the ascertainment by said commis- 
 sion as to whether said company shall be permitted to come 
 under the provisions of this act, the fee for such examination 
 shall be the same as in this section provided, and in case 
 it shall be made to appear to the commission from the exami- 
 nation of said investment company after said investment 
 company has been authorized to sell its stocks, bonds and 
 securities that the further sale of said stocks, bonds and 
 other securities would work a fraud upon the purchaser, then 
 said commission may make an order revoking the license of 
 said investment company to sell its stocks, bonds and securi- 
 ties upon notice duly given and a hearing duly had and may, 
 pending such hearing, suspend the right of said investment 
 company to sell its stocks, l»onds and securities. 
 
 Sec. 14. It shall be unlawful for any investment company 
 or dealer, or representative thereof, either directly or indi- 
 rectly, to sell or cause to be sold, otter for sale, take subscrip- 
 tions for, or negotiate for the sale in any manner whatever in 
 this State, any stocks, bonds or other securities (except as 
 expressly exempted herein ) , unless and until said commission 
 has approved thereof and issued its certificate in accordance 
 with the provisions of this act, nor shall it be lawful for any 
 such investment company to transact business on any other 
 ])lan than that set forth iii the statements and papers required 
 to be filed by virtue of the provisions of this act or the rules 
 of the commission. It shall be unlawful for any investment 
 company or dealer, or its or his agents, to issue, circulate or 
 deliver any advertisement, pamphlet, circular, prospectus, or 
 other document in regard to its stocks, bonds or other securi- 
 ties in the State of Michigan differing in any way from the 
 copy filed witli said commission as provided by this act. It 
 shall be unlawful for any newspaper published in the State 
 of Michigan to advertise the sale of any stocks, bonds or 
 
 Examination. 
 
 Expenses. 
 
 Preliminary 
 examination 
 
 Revocation 
 of license to 
 
 Unlawful 
 advertise- 
 5, etc 
 
MICHIGAN SECURITIES COMMISSION 
 
 21 
 
 I'nlawful 
 sales by 
 tloalers. 
 
 Proviso, sale 
 of unlicensed 
 stocks. 
 
 Information 
 to be public. 
 
 Commission 
 may publish 
 information. 
 
 Disposition 
 of fees. 
 
 Laws not 
 affected. 
 
 Seal of 
 commission. 
 
 Certified 
 
 copies 
 
 evidence. 
 
 False state- 
 ments or 
 entries. 
 
 securities whicli liave not Ikhmi approved by said cotnniission 
 or whidi are not exempt nnder the i)rovisions of this act. 
 
 8ec. 15. No dealer within tlie ineaniiijj; of this act shall 
 sell or offer for sale within tliis State any of the stocks, bonds 
 or other securities of any investnuMit coiiipany unless siicli 
 investment comijany shall have fnlly comijIicMl willi all the 
 provisions of this act, nor until said dealer shall have reji;is- 
 tered with Ihe commission, under the terms of this act : I'lo- 
 ridcd, hoircrcr, That should any dealer desire 1o sell or oiVei- 
 for sale within this State the stocks, bonds or other secui-ilies 
 of an investment comi)any, which has not itself complied with 
 the provisions of this act, said dealer shall make ai)plication 
 to the said commission for license as hereinbefore provided 
 for apidications by investment companies and shall pay the 
 same fee required to be paid by said investment company. 
 
 Sec. 16. All information obtained by the commission with 
 reference to any securities and all records of the commission 
 relating thereto shall be open to examination by the public, 
 and it shall be the duty of the commission to ])reserve such 
 information, and so classify, and arrange it as to facilitate 
 examination. The commission may from time to time issue 
 in pamphlet form, or by means of newspaper advertisenients 
 or otherwise, any and all information regarding any and all 
 contracts, stocks, bonds or other securities sold or offered for 
 sale within this State which it deems would be of i)ul»lie 
 interest or advantage. All fees herein provided for shall be 
 paid into the State Treasury by the commission upon receii»t 
 thereof. 
 
 Sec. 17. Nothing in this act shall be construed to repeal or 
 modify any laws giving the State Banking Department of 
 this State "^control of and sui)ervision over State banks and 
 the business of banking in this State, nor shall any part of 
 this act be construed to repeal or modify laws giving the 
 Commissioner of Insurance of this State control of and 
 supervision over the business of insurance in this State, and 
 those engaged therein. 
 
 Sec. is. The commission shall adopt a seal with the words 
 ''Michigan Securities Commission'' and such design as the 
 commission may prescribe, engraved thereon, by whicli it 
 shall authentiea'te its ])roceedings. Opies of all records and 
 papers in the office of the commission certilied by the secre- 
 tary thereof and authenticated by the seal of said Michigan 
 Securities Commission shall be received in evidence in all 
 courts e(pially and with like effect as the originals. 
 
 Sec. 19. Any person who shall knowingly or wilfully sub- 
 scribe to or make or cause to be made any false statement 
 or false entry in any book of any investment company, or 
 who shall exhibit any false paper with the intention or for 
 the purpose of deceiving any i)erson authorized to examine 
 into the affairs of said investment company or shall make or 
 l)ublish any false statement of the linancial condition of said 
 investment company or false statement relating 1o the con- 
 
22 
 
 FIRST REPORT 
 
 tracts, stocks, bonds, or other securities by it issued and 
 offered for sale, shall be deemed guilty of a misdemeanor and 
 shall be punished as hereinafter provided. 
 
 8ec. 2}). The commission shall ])rovide for the furnishing 
 to those who may apply therefor, of an}^ information regard- 
 ing any investment company or its affairs, which is on file in 
 its oltice, said commission to charge therefor approximately 
 the cost of preijai'ing sucli information. All fees collected 
 under the provisions of tliis act shall be paid into the State 
 treasury on the first day of each and every calendar month, 
 and a complete record of all fees received shall be kept in the 
 office of the commission, and all said fees so turned into the 
 State treasury are hereby re-appropriated to the commission 
 for the purpose of paying salaries and expenses necessary for 
 carrying this act into effect. The members of the commission 
 shall perform the duties imposed upon them and each of 
 them, by the terms of this act, without other compensation 
 than the salaries paid them by the State, but they shall be 
 entitled to receive their actual expenses incurred when absent 
 from the seat of government on business of the commission. 
 Sec. 21. Every investment company, domestic or foreign, 
 shall file during the month of January in each and every year 
 a detailed statement in such form and containing such infor- 
 nmtion as the commission shall require showing its condition 
 at tlie close of business on the preceding December thirty-first, 
 and shall at the same time pay a filing fee therefor of one 
 dollar. 
 
 Sec. 22. The supreme court upon petition of any person 
 aggrieved may review by certiorari any final order of deter- 
 mination of the commission. The issuance of the writ shall 
 not, however, unless specifically ordered by the court, operate 
 as a stay of proceedings. 
 
 Sec. 23. Any person or persons who shall violate any of 
 the provisions of this act shall be deemed guilty of a misde- 
 meanor and upon conviction thereof shall be fined not more 
 than one thousand dollars or shall be imprisoned in the 
 county jail for not more than one year, or both such fine and 
 inijirisonment in the discretion of tlie court. 
 
 Sec. 24. Sliould tlie courts of this State declare any sec- 
 tion or provision of tliis act unconstitutional or unauthorized, 
 or in conflict with any other section or provision of this 
 act, then such decision shall effect only the section or pro- 
 vision so declared to be unconstitutional or unauthorized and 
 shall not affect any otlier section or part of this act. 
 
 Sec. 25. Act one hundred forty-three of the Public Acts of 
 nineteen hundred thirteen and all acts or parts of acts in 
 conflict herewith are hereby repealed. 
 Approved April 9, 1915. 
 
 Penalty. 
 
 Commission 
 to furnish 
 information. 
 
 Disposition 
 of fees. 
 
 Members to 
 receive no 
 additional 
 compensa- 
 tion. 
 
 Actual 
 expenses. 
 
 Statements 
 filed by 
 companies. 
 
 Jurisdiction 
 of supreme 
 court. 
 
 Effect of un- 
 constitu- 
 tional 
 provision. 
 
 Act repealed. 
 
MICHIGAN SE(MIRITIP]S COMMISSION 2.'{ 
 
 VALIDITY AND (M)XSTrTUTIONALTTV OF :\rrCHI(}AN'S BLUE 
 
 SKY LAW. 
 
 The validity of llic Miclii^an Blue Sky Law was (irst attackcMl tln-(ni«,'li 
 an injimctioii suit in llie United States District Uonit for llie lOasteni 
 District of Michigan, enjoining tlie Micliigan Securities ('onuuission 
 from enforcing the i)rovision of the law. An ai)i)eal from the Inited 
 States District Uonrt to review the decree was made to the United States 
 Supreme (N)urt. (Frank ^y. Merrick, John W. llaarer, and (Jrant l-Vl- 
 lows, ai)i)ellants, versus N. W. Halsey & (^)mpany, et al., and the Weis 
 Fibre (\)ntainer (;or])oration — pages :>(\7-~M) — Volume '2i'2. United States 
 Su])reme Court Re])orts.) 
 
 On October Kith and 17th. IDKi, the Attorne.v Oeneral of the State 
 argued the cause for the appellants (being the mend)ers of the Michigan 
 Comnussion) before the Sujireme Uor.rt, and Messrs. (Jeorge W. AVicker- 
 sham, former United States Attorney Oeueral. and Robert K. llvvd. 
 Attorney for Divestment Bankers, argued the cause for ai)i)ellees. 
 Exhaustive briefs were tiled by both sides and on .January L'L'nd, U.»17. 
 the o])inion of the Supreme (N)urt of the United States was handed down 
 reversing the opinion of the I-Vderal Court and thereby upludding the 
 validity and constitutionality of the Michigan Blue Sky Law. 
 
REVISED 
 
 RULES AND REdULATIONS 
 
 OP THE 
 
 MICHKJAN SECUKITTES COMMTSSION. 
 
 (All references to Sections refer to the law regulating Foreign and 
 Domestic Investment (/onipiinies, being Act No. 4(1 of the Public Acts of 
 1915.) 
 
 I — Exemptions. 
 
 1. This law does not affect the sale of the following: (Sec. 3) 
 
 (a) Securities of the United States, or any foreign government, 
 or of any state or territory thereof, or of any county, city, 
 township, district or other public taxing subdivision of any 
 state or territory of the United States, or any foreign gov- 
 ernment. 
 
 (b) Unsecured commercial paper. 
 
 (c) Securities of public or quasi public corporations, the issue 
 of which, securities are regulated l)y the Michigan Railroad 
 Commission or by a public service commission or board of 
 equal authority of any state or territory of the United 
 States, or securities senior thereto. 
 
 (d) . Securities of state or national banks or trust companies, or 
 
 building and loan associations of this State. 
 
 (e) Securities of any domestic corporation organized without 
 capital stock and not for pecuniary gain, or exclusively for 
 educational, benevolent, charitable or reformatory pur- 
 poses. 
 
 (f ) Mortgages upon real and personal property situated within 
 this State where the entire mortgage is sold and trans- 
 ferred with the note or notes secured by such mortgages. 
 
 (g) Increase of stock sold and issued to stockholders, also 
 stock dividends. 
 
 (h) Securities which are listed in any standard manual of 
 information approved by said commission. 
 
 (i) All stocks, bonds and securities approved by the Michigan 
 Securities Commission, created by Act No. 143 of the 
 Public Acts of 1013. 
 
 2. The Commission has on tile and until further notice will not demand 
 
 Ihe filing of statements and will i)ermit tlie sale of securities listed 
 in the latest editions of: 
 
 A. The Standard Statistics Bureau's Bond Records. 
 
 B. The Standard Statistics Bureau's Stock Records. 
 
MICHIGAN SECURITIES COMMISSION 25 
 
 C. Poor's Manual of Railroads. 
 
 D. Poor's Manual of Public (Militics. 
 K. Poor's IVIauual of Industi-ials. 
 
 F. Moody's Manual of Kailroads and Corporations Seen ri tics. 
 (r. Michigan Manual of Corporation Statistics. 
 H. Annual Financial Keview — Canadian, 
 
 The Connnission, however, reserves the right at its discretion to c.xclnde, 
 at any time, any information contained in the foregoing or furnished 
 under the provisions of this rule, not otherwise exempt, and to demand 
 such additional information and proof as it may deem necessary. (Sec. IJ.) 
 
 Should the Commission at any time be informed that any company 
 listed, or to be listed, in any of the above manuals and claiming exemp- 
 tion thereby, is selling or otl'ering for sale any new issue of stock, bonds 
 or other securities or any part of existing unissued securities, this 
 Commission may exercise its right to exclude the statement of such 
 company and it will be necessary for such company to discontinue selling 
 or ottering for sale any of its securities until it has made api)lication 
 to the Commission for the sale of the same, and complied with all of the 
 provisions of Act No, 46, Public Acts of 1915. 
 
 A resolution was made and adopted Oct. 24, 11)17, eliminating the 
 manuals listed under paragraph 2, of the Rules and Regulations of the 
 Michigan Securities Commission, as exemptions, and providing that in 
 the future no stock can be sold in Michigan by reason of it being listed 
 in said manuals, unless said listing was prior ito Oct. 24, 1917. 
 
 3. It is hereby understood that the exemptions provided for under the 
 provisions of Rule two shall only be for the purpose to facilitate 
 dealing in such exempt securities by dealers and agents duly 
 registered with the Michigan Securities Commission, and the bene- 
 fit of such exemptions shall not apply to dealers or agents not 
 registered with the (^»nimission. 
 
 II — IXVKST.AIKNT CoMl'ANIES. 
 
 Domestic and Foreign. (Sec. 2. ) 
 
 The following reipiirenuMits must be met by invest iiiciil comitanies 
 before selling or ottering for sale any of its stocks, bonds, or other securi- 
 ties within this State.' The designation "Investnient Companies" is a 
 general term and end)races all corix.i-at ions. (•o-]»aitn('rshii)s. companies 
 and associations. (Sec. 2. i 
 
 4. Apjdication to sell secinities must be made on hIanUs furuislicd by 
 the Commission. In addition to tlie iid'ormation demandcil in the 
 applicati<ni torm there must be attached thereto the s<'veral 
 exhibits ajid statements called for in the same. All documents so 
 attached must, whenever i)ra(tical»le. conform in size to that of 
 the application and be attached consecutively in the order as 
 
20 FIRST REPORT 
 
 reiiuested. Such additional infonnation as the commission may 
 reqnire mnst also accompany the application. (Sec. 4.) 
 
 5. Filing fee. Minimnm fee flO.OO, maximum fee -flOO.OO. Computed 
 at'rate of one-tenth of one per cent of face value of all unsold 
 securities (Sec. 4). Under an opinion of the Attorney General 
 filing fee is denuuided oti the basis of all unsold securities, covered 
 in the application, irrespective of the amount intended to be sold 
 in tills State, for in judging the merits of any application the 
 Comniissitm must consider the ]>robable value of all securities 
 wliicli might be sold at any time or place. When it is contem- 
 l»lated or probable that the'owners of issued securities shall offer 
 for sale such securities in the course of continued and successive 
 transactions of a similar nature a filing fee upon the entire issue 
 nuist be paid. Payment of fee on this basis will also obviate the 
 necessity of expensive examinations by the Commission to ascer- 
 tain the exact amount of securities sold. 
 
 n. Foreign investment companies must file consent to suits by service 
 on the Commissioners of tlie Banking Department. (Sec. 6.) 
 (Blank forms supplied by the Commission.) 
 
 7. Tf in the judgment of the commission it is necessary to make an 
 
 examination of any investment company, such company will be so 
 notified. The commission will render a statement of the estimated 
 cost of such examination and the amount so estimated must be 
 remitted in advance t() the commission. Where estimate exceeds' 
 the actual cost of exansinjition tlie balance will be returned. 
 
 8. No ai>i)lication will hv considered unless accompanied by correct 
 
 filiiig fee as above ])rovided ; nor until such applicjition is complete 
 with all ]»apers demanded tiled therewith. 
 
 !J. Upon examination ol" any a]»i)lication made by an investment com- 
 pany, the secretary will notify siich applicant if an examination 
 of the company should be made, also the date of hearing and said 
 applicant may'appear and be heard either in i)erson or by counsel 
 at such meeting or at any meeting to which hearing upon such 
 apidication may be adjourned. 
 
 10. No investment company should, citlier in its jn-ospcclus, its adver- 
 
 tising, or in soliciting sale of its stock or other securities, use, for 
 the pnri)ose of making such sales, the fact that permission to sell 
 such securities has been given by this commission. In case the 
 fact that said commission has approved such security is printed 
 in any circular, i)anii)hlet, or newspaper, the words "The Commis- 
 sion does not recommend the purchase of this security" shall be 
 l)rinted in type two sizes larger than the tyi»e in which the state- 
 ment of fact that such security has })een a]>i)roved by said com- 
 mission ai)pears. (Sec. 1). i 
 
 11. X()TICr:S .OI'^ I)lSAri'K()\'AL of any securities submitted to the 
 
 (Nnnmission will be sent by registered mail within thirty days 
 after final order thereof is entered by the Commission. In case 
 of disapproval filin.g fees will not be returned. 
 
MICHIGAN SECURITIES COMMISSION 27 
 
 12. Authoi'i/ed ngviits iiuist be rcjiislcrcd. I^\'e S*,:].{){) cacli. (Sec. 11.) 
 
 Kc^istraliou is uol ti-imslerable. The Coininission will issue 
 license's to all aj^cuts rcj-istci-cd uiidci' tlu' jtrovisions (A' Act No. 
 14.'>. of the rublie Acts of lUK'., uixtn llie payiiiciit of the sum of 
 twenty-iive cents. (Sec. 11.) 
 (Special blanks ai*e furnished by Connnission. i 
 
 13. Annual statements must be filed during January, on s])ecial blanks 
 
 furnished by the Commission, together with liliiig fee of fl.OO. 
 (Sec. 21.) 
 
 Ill — Dealers. 
 
 14. Registration must be made upon blanks furnished by the Commission 
 
 and dealer must give all information recpiired thereon. This 
 registration is not transferable. The Commission will issue a 
 license to each dealer registered under the provisions of Act No. 
 143, of the Public Acts of 1013, upon the payment of the sum of 
 one dollar. (Sec. 11.) 
 
 15. Fee of 150.00 must accomi)any dealer's registration. 
 
 (Only payable once. I ( Sec. 11.1 
 
 ir>. Agents of dealers must ])e registered, fee for each agent being $:5.00. 
 This registration is not transferable. (Sec. 11.) 
 
 17. Non-resident dealers must file duly authenticated api>ointment of 
 
 Commissioner of the Ranking Department as his, or its agent 
 ujion whom process or pleading may be served. (Sec. 11. i 
 
 18. All dealers, before olfering or selling any securities not exempt 
 
 under the provisions of Section 11 (Exemptions) of this bulletin, 
 must submit the same to the Commission under the same j)ro- 
 visions as provided for i)ivestment conipanies. (Sec. 15. i 
 
 10. Application of dealers should be accompanied by at least four refer- 
 ences, one of which should be nmde by the bank where the i»arties 
 do l)usiness. 
 
 IV MiSCELLAXKOrS. 
 
 20. For penalties for violation of law see Section 2:'.. 
 
 21. Transcripts of any information on lile in the <• lice of ilic Commis- 
 
 sion shall be furnished at twelve cents jx-r lolio, that being 
 ai»proximately the cost of prei)aring the sani<". Ccrtilie<l copies 
 can be had at a cost of twenty cents ]>er folio. The minimum 
 charge for any pai)ers certified to shall be lilty cents. Ccrtiticl 
 copies will be received in evidence in all conils of this Slate. 
 
 22. Regular meetings will be held on the second and lourth Wediu^sday 
 
 of each month excejtting when there are live Wednesdays in one 
 month and in such case meetings will be held on the thiid and 
 fifth Wednesdays. 
 
GENERAL REPORT. 
 
 Membershit and Organization. 
 
 The membership of the Michigan Securities Commission, as provided 
 for in the Act creating it, consists of the Commissioner of the Banking 
 Department, State Treasurer, and Attorney General. The State Treas- 
 urer and tlie Attorney General are elective State officers, while the 
 Commissioner of the Banking Department is appointed by the Governor 
 of the State. The terms of their office as members of the Securities 
 Commission are coterminous with the terms of their respective offices. 
 They draw no salaries as members of the Commission, and are only recom- 
 pensed for actual moneys expended by them in the performance of their 
 duties as such members of the Commission. 
 
 The personnel of the departmental organization at the date of this 
 report consists. of the Executive Officer, who is the directing head of 
 the Department; the Chief Accountant, two Examiners, Chief Clerk, 
 Financial Clerk and Bookkeeper, two Stenographers, Filing Clerk, and 
 Messenger. In addition to the above, the Executive Officer, by and with 
 the consent of the Commission, lias authority to engage experts from 
 time to time to make examination of companies whose assets may require 
 an expert appraisal. 
 
 A most complete filing system has been installed to accommodate the 
 steady increase of voluminous documentary files of cases considered 
 by the Commission. Auxiliary to tliis general filing system is tlie card 
 index system, which is wortliy of note in consideration of the office organi- 
 zation, since tlie exact status of the applications of all investment com- 
 ])anies considered and the condition of all escrowed stock can be imme- 
 diately determined without the necessity of going through all the files 
 and records. These cards contain a brief history or synopsis right up to 
 date of each investment company coming under the jurisdiction of the 
 Commission, and because of this digested information the Department 
 is enabled to inform both investors and investment companies of the 
 status of all matters passed upon with greater dispatch and complete 
 accuracy. 
 
 Securities. 
 
 The layman, ordinarily, in the consideration of what constitutes a 
 security docs not have in mind anything but common Or preferred stock 
 and bo'iids, but in reading the Act it will be noted that the language 
 therein includes "stocks, bonds or other securities/' whether of an 
 incorporated or unincoriKM-ated com]»any, co-partnership or association 
 (foreign or domestic), unless si)ecifically exempted in the Act. Profit- 
 sharing contracts constitute a considerable portion of the "other securi- 
 ties" coming under the consideration of the Commission. Attempts to 
 evade the Blue Sky Law, or rather attempts to get around it through the 
 
MICHIGAN SECURITIES COMMISSION 20 
 
 fiiianciiif^ ol" lu-opositions by means of the sale ui these co-opcialive (»r 
 profit-sharinjj; contracts, instead of stocks or bonds, have recently come 
 to the attention of the Commission. A pbin often resorted to in tliis 
 connection is the one used mostly by oil companies of olferiiif^ for sale 
 certain land nnits or lots on a co-operative or profit-sharinjj; basis. i'N)r 
 illnstration. a tract of land is divi(led into live thousand nnits, i-an<;in^ 
 in si7>e from one to several hundred square feet, and selling foi-, say, 
 ^50.00 per lot. The conditions of the contract are that upon payment in 
 full for the lot, the purchaser will receive a warranty deed; that SI 0.00 
 of the ])nrchase price for each lot will be set aside as a develo]»meut 
 fund; that upon the completion of the sale of these lots or land units an 
 operating company will be organized with its capital of |r)0,00().0() 
 (resulting from the flCOO set aside from the money received from the 
 pnrchasers of each lot), fully paid up, and the owners of the land units 
 or lots receiving from the operating company ten dollars' worth of stock 
 for each land unit they purchase. In this way the capital stock of the 
 o]»erating company is fully paid up before it is organized from the 
 money received from the sale of the land units. When they get to this 
 l)oint they are fully capitalized and have no need for the sale of stock. 
 These contracts differ somewhat as to special features, and the above 
 illustration is therefore only descriptive in a general way. The Com- 
 mission holds that the sale of a profit-sharing contract of this kind 
 constitutes the sale of a security. AVhile it is believed that this method 
 of organization is often nsed as a subterfuge, or with a deliberate intent 
 to contravene the provisions of the Blue Sky Law, yet the financing of 
 many worthy enterprises in this manner has come to the attention of 
 tlie Commission and applications have been filed submitting them as 
 securities for approval, in accordance with the construction placed on 
 this class of securities by the Department. 
 
 I'HOCKDrUE Ari'LICAXT Mt'st Foi.i>()w. 
 
 (Jreat care ami thought has l»een exercised by the Department in 
 pre]iaring a]>plication blanks for the use of investment companies dcsir 
 ing to sell their securities witliin the State. These blaidcs contain (pieries 
 covering all the cardinal (juestions that may be involved in passing on 
 tlie merits of an ai)plication and have been altered from time to time to 
 meet changing conditions and more etfective constructions i)!aced njion 
 the law by the Attorney Ceneral. 
 
 Application blanks of investment companies used by the Commission 
 have been provided for the approval of stocks and general securities of 
 both foreign and doniestic companies, a sjjccial form of blank being nsed 
 for application to sell bonds. (Ireat inii)ortance is attached to the neces- 
 sity of the api)licant filing full and complete detailed informaticm as will 
 enable the Commissi(»n to intelligently pass ujton each i)roposition. This 
 is especially insisted ui)on where patents and formulas, good will, or 
 intangible assets are capitalized or stock has been or is to be issued 
 therefor. This form of "watered" s|(»ck is closely scriitinized. Cas. oil. 
 mining, ii-i-igation, and othei- similar enterprises are usually rciinired to 
 lurnish s]>(M-ial information <'oncerning tlieii- inupcrties. 
 
 The book value and the assessed value of all projuMty belonging to \hi- 
 companies is rcnuired. In all cases when- real estate is the principal 
 
30 . FIRST REPORT 
 
 asset of the company, or where there is a bond issne secnred by mortgage 
 upon real estate, a certified copy of tlie conveyance to the company mnst 
 be attached to the application, together with a certified statement of 
 an attorney that the examination of the title shows it to be good and in 
 the company. If the company is buying the land on a contract, a copy 
 of the contract mnst be altaclied to tlie application. Tf there is a mort- 
 gage on the property, a copy of tlie same should be filed. 
 
 The a])plication provides for and should show the price at which securi- 
 ties are to be sold, and tlu' rate of commission that is to be paid. 
 
 If the bond issue is secured by a trust mortgage, a complete copy of 
 the trust mortgage must acconi]»any the application. 
 
 Tlie a])plication also pi'ovides for and should contain a com]>lete list of 
 all stockholders, their addresses, together with the number of shares held 
 by each, the value of shares, and the actual consideration received by the 
 com])any for the stock. Api)lication further provides for copy of the 
 original Articles of Association and amendments thereto, being certified 
 as to correctness by the Secretary of the State where the company is 
 incorporate<l. The application also i)rovides for a comprehensive finan- 
 cial statement showing comi>lete list of company's assets and liabilities. 
 
 All foreign companies must file consent that suits and actions may be 
 commenced against them by service on the Commissioner of the State 
 Ranking Dei)artment of Michigan. (Section 0, Act 4(5, Public Acts of 
 l!)!").) Blank forms are su|)plied by the Commission to the applicant for 
 this purpose. 
 
 Pkocedi're r.v Department. 
 
 I'l»on the filing of the investment company's application, asking for 
 the approval thereof by the Securities Commission and permission to sell 
 its securities in the State, a preliminary examination of such application 
 is made by the departmental officers for the purpose of determining 
 whether or not all papers required by law have been filed, and a prelimi- 
 nary hearing is usually had with the applicant for the pur]>ose of deter- 
 mining whether or not a complete investigation and examination of the 
 company's assets and liabilities, management and prospects should be 
 made by a regular or sjx'cial examiner of the Commission. 
 
 Examination and Investioatiox of Investment Companies. 
 
 The character of the investigation and examination depends, of course, 
 entirely upon the conditions shown in the application as to the form and 
 character of the enteri)rise. If particularized information is required 
 in regard to the financial condition of the api>licant, a complete examina- 
 tion of the books of the company is made by an auditor or examiner 
 representing the Commission. Practically all examinations involve the 
 determination of the financial condition of the ai)plicant company. If 
 information is desired on ])roperty values which do not recinire a tech- 
 nical or expert examination, but may involve an investigation of the 
 business trustworthiness and financial responsibility of the persons rep- 
 resenting the enterprise and its prospects for commercial success, then 
 such examination and report is made by one of the regular examiners 
 of the CoDJimission. 
 
MICHIGAN SECURITIES COMMISSION 31 
 
 ir till' ;ii)]tlicinit (•<iiii))iiny is ;i forci-iii corporation and lias not been 
 a])i)rovtMl by tlic State Coniniission wlicre organized, then in addition 
 to an exaniination of tlieir assets and lialtilities, the Department has 
 been al»le to obtain very satisfaetoi-y inloiination in reference to the 
 standinjj; of the parties promoting tlie enterprise tlirongli the instrn- 
 mentality of some .of the larger mercantile agencies. 
 
 If the applicant company states that it owns tangible oi- intangibk* 
 assets which recpiire an expert api)raisement or technical advice; to tlie 
 Commission to determine its vahie (and there are a nund)er of tliese 
 in tlie motor industry), the application is referred to an engineer of 
 recognized standing and ability, who nsnally makes a personal examina- 
 tion of the patent values, formulas, good will, secret processes, trade- 
 marks, etc., of the company and files a rei>ort with the Commission as 
 to its commercial ])ossibilities. 
 
 If the company sets up in its ai>]>li<"ition that its assets consist mostly 
 of mineral lands, for which stock is to be taken or cash is to be jiaid. 
 the examination is made by or in conjunction with the State Cecdogical 
 Department. If there is filed with the application information from 
 reliable mining experts or geoh)gists in regard to the value of properties, 
 then a report is filed with" the Commission by the geologist or engineer 
 representing the Commission, based on the data which he has exannned, 
 but in most instances the information tiled by the a]>plicant is inadeiiujite 
 and unsatisfactory and a personal exaniination is made by a special 
 examiner, of the properties described in the ap])lication, together with 
 an investigation of the management, financial condition of the company, 
 and its possibilities for success. 
 
 Hearings on Aitlications. 
 
 After tlie report of the Examiner has been filed, apjdicant is notified 
 of the date when the ajiplication will be heard by the (\)mniission. The 
 ap]»licant must be represented at this hearing either by an otlicer or 
 attorney of the comi»any. Witnesses are thoroughly examined by the 
 Commission, and a stenographic record of the hearing is taken, which is 
 later transcribed and made a ])ermanent record. After the liearing an 
 order is made by tin* Commission covering the several conditions of the 
 approval or disai)proval. which is entered in a separate book known as 
 the IMTNUTi: BOOK, and is used exclusively for the record of orders. 
 
 Examination of Co.mpaniks Aftkk Ai-i-kovai.. 
 
 Although every investment (•onii)any is re(|uired by the Acl 1<» lile in 
 January of each' year a detailed annual statement showing lis liiianii;ii 
 cnndition at the close of business of the i)receding December :!lsl. yet it 
 is believed that the real constructive work of the Department can !><• 
 obtained liv periodical examinations of comjianies after approval. 'Die 
 experienceOf the Dejiartment has been that fraud, stock and financial 
 juggling, if any. have taken jdace afti'i- the company has been approved 
 and therefore the re-examination of approved conii)aiiies periodically 
 has become of paramount importance. Many specific instances coubl be 
 cited which in justice to the best interests of the stockholders thereof 
 have not been given publicity, where these re-examinations by the Com- 
 
32 FIRST REPORT 
 
 mission brought to light conditions which would have been disastrous 
 to the company and would have resulted in the loss of the investment 
 made b}^ the stockholders therein were it not for the action taken by the 
 Commission when this condition was discovered. On the other hand, 
 many instances could also be cited of companies that have been ruined 
 through mismanagement, fraud, or some other unnecessary cause, which 
 could have been prevented had the Commission been able, with its limited 
 corps of examiners, to have made more frequent examinations of these 
 companies. The Commission believes that those who invest in securities 
 are entitled, to a certain extent, to the same protection as those who 
 deposit their funds in the banks. As a result of this policy a genuine 
 service has been rendered to the investing public of Michigan by adjust- 
 ment of companies which had permitted their assets to be impaired by 
 mismanagement or fraud. Attention should be called to the fact that 
 there are approximately twelve thousand foreign and domestic corpora- 
 tions doing business in the State of Michigan, and therefore it is phys- 
 ically impossible for the lu-esent limited examination force of the Com- 
 mission to make these periodical examinations as often as should be for 
 the best interests of the investing public. In comparison it might be 
 stated that there are less than six hundred State Banks and Trust Com- 
 panies in the State, and the Banking Department is- required to maintain 
 a corps of upwards of twenty examiners. 
 
 When a re-examination of a company's atfairs reveals conditions 
 justifying the Commission's action, a citation is issued requiring the 
 officers of the company to appear and defend the charges cited, in the 
 examiner's report. These citations usually require all the directors to 
 be present. The charges contained in the examiner's reports are thor- 
 oughly gone over. The defendants in the citation are examined and 
 finally an order of the Commission is entered, based upon its decision as 
 what is deemed best to save the investments made in the company's 
 securities by Michigan investors. Where it is believed that there is no 
 o])portunity for readjustment, a revocation of the license is ordered so 
 that no further sales may be made to the Michigan public. Many of these 
 citations have been authorized as a result of exorbitant salaries paid to 
 officers, issuance of large blocks of stock for questionable assets, payment 
 of cash for intangible assets of a doubtful value, the payment of com- 
 missions in excess of the amount allowed by the Commission at the time 
 of approval of the application, or tlie company's violation of the Commis- 
 sion's order in other respects. 
 
 Amount of Securities Approved and Disapproved p>y the Commission. 
 
 During tlie period covered by this report, tlie Commission has examined 
 and directlv passed upon one thousand investment companies' applica- 
 ti<»ns, comin-ising securities of a total value of .|420,3:32,438.1(), divided 
 as follows : Comi)anies ai)proved, 772, involving 1205,780,038.10 of author- 
 ized seciuilies. Comi)anies disapproved, 29, with a capital stock involved 
 of .f:{f>,2(;r),()()0.(M). Applications of companies indefinitely postponed, 
 57, witli a total capital stock of |50,740,000.00. Companies awaiting 
 coiiipletion, 31; companies awaiting examination, 0; companies with- 
 drawn, 58, and consisting of an additional iij;67,541,400.00 worth of 
 securities. 
 
MICHIGAN SECURITIES COMMISSION 3:? 
 
 In additiou to the amount of securities that have been disapiti-oved by 
 the Commission ami tlie amount involved in the applicalions which have 
 been indefinitely postponed in a manner wliicli is ecpiivalent to disap- 
 proval, companies with an aiijiregate capilal oi" over one hundred million 
 dollars have started to make applications, but upon learning of the re- 
 quirements of the Blue Sky l.aw, that a complete examination and investi- 
 j^ation of the tangible and intangible assets, pliysical properties, finances, 
 and management of their company would be necessary, were deterred 
 from proceeding further. It is safe to estimate that upwards of two 
 hundred million dollars of questionable securities have been prevented 
 from sale in Michigan through the administration of the Blue Sky Law 
 during the period covered by this report. 
 
 Securities Escrowed with the State Tre.vsurer by the Oimiku ok the 
 
 Commission. 
 
 Securities amounting to 127.224,009.00 of investment companies 
 l»assed upon by the Securities Commission have been idaced in escrow 
 with the State' Treasurer. Of this amount .$3,355,040.00 stock has been 
 released, leaving a balance now in escrow of .^23,868,120.00. 
 
 The conditions under which the Commission has ordered the escrowing 
 of stock depend on the, nature of the enterprise. While a great deal of 
 stock issued to the organizers and promoters of companies for promotion, 
 patents, secret processes, formulas, etc., has been ordered placed in 
 escrow before granting permission for the sale of the company's securi- 
 ties, a considerable amount of stock has, by the order of the Commission, 
 been placed in escrow by the holders thereof which has been issued for 
 leases, contracts, and pro])erty of a more tangible character, pending 
 the carrying out of certain conditions thought by the Commission to 
 be of vital interest to the stockholders and to the investing i)ublic. Under 
 the escrow agreement and order, the Commission reserves the right to 
 order the return of all escrowed stock to the treasury of the comi)auy 
 for its use and benefit. A large amount of stock has been escrowed until 
 such time as the company is earning (I per cent net upon all of its out- 
 standing stock, thus jdaVing the ixm-sou to whom the escrowe<l stock 
 was originally issued in a position where in order for his stock to be of 
 any value, the company must first succeed to a point in production which 
 will provide sullicientnet earnings to meet this requirement. 
 
 Conditions other than the payment of dividends are sometimes the 
 bases of the Commission's escrow orders: for illustration, in the case c.f 
 an oil com])any where dividends are being paid but the oil pro<luction 
 is limited; in a case of this sort the company desiring to sell its securities 
 for the imrpose of further develoi)ment l»y the sinking of new wells. The 
 escrow order sometimes provides that the stock shall remain in escrow 
 until the present production has been doubled or increased a certain 
 percentage, thus preventing the holders of the escrowed stock from mak- 
 ing a stock jobbing proposition of the matter, and reiiniring them 1.. 
 increase in-oduction to the benefit of all stockholders. F.netly the 
 escrowing of stock is the placing of the same in the hands of the State 
 Treasurer until the company has complied with the order of the Com- 
 mission. 
 
34 FIRST REPORT 
 
 Advertising of Securities. 
 
 The character and subject matter of advertising used by iiivestmeiit 
 companies and brokers to ])romote and stimnlate the sale of their securi- 
 ties is of paramount importance to the investing public, and to the 
 Commission in administering tlie Act. As previously noted, the Statute 
 provides that no investment company should either in its prospectus, its 
 advertising, or in soliciting the sale of its securities, use for the purpose 
 of making such sales the fact that permission to sell has been given by 
 the Commission. In some instances companies authorized to sell their 
 securities have taken advantage of the Commission's approval by adver- 
 tising that fact, and have even attempted to induce investors to purchase 
 on the strength of the Commission's certilicate of approval, intimating to 
 the investor that their authority to sell securities, by the Michigan Securi- 
 ties Commission, is an insurance against any loss resulting from the 
 purchase. 
 
 The Commission does not recommend tlie purchase of any security, 
 whether approved or disapproved, nor does it guarantee the investor that 
 no loss may be sustained through the purchase thereof. The Commission 
 can only pass upon the merits of the proposition at the time of the 
 application, and the success of the enterprise is therefore necessarily 
 dependent upon the subsequent management and trade conditions. 
 
 In addition to the inspection of the advertising matter referred to, the 
 office has inaugurated a plan of examining, every day, advertising ma^tter 
 of investment companies and dealers published in all important news- 
 papers of the State with the following objects in view : First, to ascer- 
 tain whether api)roved companies are complying with the order of the 
 Commission; second, to determine whether registered dealers are selling 
 unapproved securities ; third, to locate and cause to be investigated 
 those dealers who are selling securities without being properly licensed. 
 
 The Statute imposes a legal responsibility on tlie newspapers of the 
 State of not accepting for publication advertisements of unapproved 
 securities, and most of the newspapers of the State have co-operated with 
 the Commission in suppressing this class of advertising. 
 
 The Commission has found it necessary to require the submission of 
 all advertising matter of approved companies to the Department for 
 approval before publication or acceptance for publication by the news- 
 papers of the State. 
 
 Whenever deemed necessary, the Commission has utilized the adver- 
 tising columns of the press to warn the public against the purchase of 
 securities of companies which have not complied with the State law, 
 or which are offered for sale by unauthorized companies or dealers located 
 outside the State. They have also sought the co-operation of the United 
 States Postal Authorities in barring from the mails advertising matter 
 in reference to stocks, bonds, and other securities of these companies 
 which have not complied with the requirements of the Commission. 
 
 Complaints and Prosecutions. 
 
 Perusal of the foregoing subject matter in explanation of the various 
 functions of the Department will undoubtedly impress the reader with 
 
MICHIGAN SECURITIES COMMISSION 35 
 
 the view that tlio Cominission, lo iulniinisloi' tlie law in a iiK'aniii^rul 
 and effective maiiner, lias become, in a general way, the investigating pub- 
 lic's Doctor of Corporations. Tills conclusion ]»econies all tlie more sig- 
 nificant when considered in connection with the Commission's activities 
 in general and miscellaneous investigations. 
 
 As a result of an increasing number of complaints tiled with the 
 Department in reference to the sale of unai)proved securities and 
 approved securities sold in an unlawful manner, there has been appointed 
 a s])ecial investigator in charge of complaints and provsecutions. The 
 work of this investigator has been very resultful in ferreting out fraud, 
 misnnniagement, misappropriation, or diversion of companies' funds, and 
 as a result of his activities many violators have been ap])reiiend(Hl and 
 punished. 
 
 While the Department has consistently refrained from becoming a 
 collection agency in any sense of the word, or an arbiter of personal 
 differences, yet cases without innnber are of record wherein the element 
 of intent to wrong or defraud to an extent warranting prosecutions was 
 lacking, but wherein there existed a condition, if permitted to remain, 
 would result in the loss of the entire investment to the stockholders unless 
 some action was immediately taken, either looking to the return of the 
 investor's money by those who accepted it without first fully complying 
 with the statute, or by return of sufficient tangible assets, or possibly 
 by an entirely different rearrangement through reorganization. 
 
 During the early part of the period covered by this report, the i)olicy 
 of the Department concerning the investigation of violations of the Act 
 and the instituting of crimiTial proceedings ditVei-ed somewhat from the 
 policy adopted by the Department later on. During the early period, 
 while the Act was yet new and before an opportunity had been given to 
 determine results by practical application of the Act, it was the policy 
 to look upon the nnftter of prosecutions as of more local importance and 
 therefore within the jurisdiction of the prosecuting offices of the county 
 in which the offen.se was committed, rather than a State departmental 
 matter wherein representatives of the Commission would aceunudate the 
 evidence to institute the criminal proceedings through the local prose- 
 cuting attorney's olfice and follow a case to conclusion. Since this new 
 ]>olicy lias beeii in vogue, a complete record is kept of all prosecutions. 
 During the period when they were conducted by the local officials, rather 
 than as a departmental matter, a record of such cases and the results 
 thereof was not available. 
 
 Kegistuation and Lk'knsinm; op Dea),kijs and Acp^nts. 
 
 Every dealer desiring to sell or (.tier for sale within this Stale any 
 stocks, "bonds, oi- other securities nol exempted under the tt-rms <)f the 
 Act, shall, according t() the provisions thereof, lirst register with the 
 Commission and obtain authority to sell such securities. Cenerally speak- 
 ing, the -Dealer.'" so-called, is the broker. Within the meaning of the 
 Act, a dealer is deenu-d to be any person, firm, co-pa rtnershi[», corpora- 
 tion or association, whether donu'stic or foreign, not the issuer, who shall 
 in this State sell or offer for sale any of the stocks, bonds, or other securi- 
 ties issued by any foreign or domestic investment company, except the 
 
36 FIRST REPORT 
 
 securities specifically exempted by the Act, or who shall by advertise- 
 ment or otherwise profess to engage in the business of selling or offering 
 for sale such securities. The term ^'Dealer" does not include an owner 
 who is not the issuer of such securities so owned by him when such sale 
 is not made in the course of continued and successive transactions of a 
 similar nature; in other words, an individual stockholder would not be 
 termed a dealer if he were to sell his personal stock in a single trans- 
 action. If he disposed of his securities in the course of continued and 
 successive transactions of a similar nature, he would become a dealer, 
 and unless he were registered with the Commission and obtained a 
 license, he would be committing an unlawful act. 
 
 The term ''Dealer" does not include, according to the Act, one who in 
 a trust capacity created by law, lawfully sells any securities embraced 
 within such trust. The experience of the Department has demonstrated 
 that the same relative importance sliould be attached to maintaining 
 close supervision on the sale of securities by dealers and their agents, 
 as to the investment company or original issuer of such securities. In 
 addition, therefore, to the information required to be filed by the dealer 
 making application for registration, further information is asked for 
 from time to time concerning the general character of his business trans- 
 actions and of the securities dealt in by him. 
 
 Monthly reports are required from all dealers, showing the amount and 
 kinds of securities sold by them during the preceding month, the con- 
 dition of sale, and the amount received therefor. All dealers before 
 offering or selling any securities, unless exempted under the provisions 
 of the Act, or unless previously approved upon the application of the 
 investment company, must submit the same to the Commission under 
 the same conditions as are provided for investment companies making 
 their application direct. 
 
 Non-resident dealers must file duly authenticated appointment of the 
 Commissioner of the Banking Department as his or its agent upon whom 
 process of pleading may be served. 
 
 All agents in the employ of dealers, or investment companies, must 
 first apply to the Commission and obtain a license before offering any 
 securities for sale. 
 
 In addition to the revocation of the autliority granted dealers and 
 agents to sell securities, for non-compliance with the provisions of the 
 A*c't or the orders of the Commission, there are other penal provisions in 
 the Statute. 
 
FINANCIAL REPORT. 
 
 A complete record of all receipts aixl (lisburseiiieiits is kept. Ollicial 
 receipts are issued for all fees received by the Department in accordance 
 with the provisions of Act No. 4G, Public Acts of 1915. These fees are 
 deposited daily with the State Treasurer and at the close of each month 
 transfers are made to the general fund of the State. 
 
 The fees received by the Department in accordance with the luovisions 
 of the Statute consist of a filing fee from the investment companies mak- 
 ing application for the approval of their securities, based upon one-tentli 
 of one per cent of such investment companies' unissued securities, the 
 nuiximum fee being flOO.OO and the minimum -flO.OO. Application for 
 dealer's license, a fee of ijr.jO.OO is required ; for agent's license, a fee of 
 13.00 ; filing fee for annual statements, |1.00, and for making of copies 
 of records, 12 cents per folio, and 20 cents per folio for certified. 
 
 Additional to these stated fees, an investment company submitting an 
 application for the approval of its securities is required, in accordance 
 with the provisions of the Statute, when an examination is necessary, to 
 remit in advance to the Commission an examination fee as will, in the 
 estimation of the Commission, be sufficient to cover the expense and per 
 diem of the examiner making such examination. 
 
 During the first j^ears of the Commission's existence, before the consli- 
 tutionality of the Act was definitely upheld by the United States C(»>ii-(, 
 enalding the Commission to perfect an organization which included its 
 own regular examiners, these examinations for the most i»art were made 
 by sjjecial examiners having, technical knowledge of the class of coni- 
 l»anies making application, and the exi)enses and i)er diem for sucli 
 examinations wefe paid directly to the Elxaminer by the apjdicant com- 
 pany. Since April 1st, 1917, all moneys for examination purposes have 
 been paid in advance at the office of the Commission, and all balances 
 remaining in excess of the per diem and expenses of the Examiner, 
 whether special or regular, are returned to the company. The per diem 
 charges of the regular, salaried examiners, when making exaniinations of 
 investment companies, are returned to the general fund of the State. 
 
 Since July 1st, 1!)1T, tlie beginning of the present liscal y.-ar. tlu- 
 Commission has recpiired all examiners, whether siiecially app<tiiiled 
 because of tlieir expert and teclmical knowleclge of the class of cxainina- 
 tion to be made, or the examiners in the regular emi)loy of the ('..m 
 mission, to file an itemized bill in dui)licate of the expenses incurred in 
 examinations and investigations of investment (•(.mpanies where funds 
 have been advanced for this i.nrjM.se. After these bills are ap|»rnved by 
 the Coininission at a regular or special meeting, a warrant is drawn on 
 the Slate Treasurer against the dejiosit of such company an<l tiie oi-iginal 
 bill as approved by the Commission is tlien tiled with tlu; Hoard of Stale 
 Auditors. 
 
3S 
 
 FIRST REPORT 
 
 During the period covered by this report tlie Department has been 
 more than self-snstaining, as an analysis of the foUowing financial state- 
 ment will show : 
 
 DETAILED STATEMENT OF RECEIPTS FROM ORGANIZATION OF COMMISSION. 
 August 15, 1913 to June 30, 1918. 
 
 
 For years ending June 30, 
 
 Total 
 since or- 
 
 
 1914. 
 
 1915. 
 
 1916. 
 
 1917. 
 
 1918. 
 
 ganization. 
 
 
 88,247 46 
 
 195 00 
 
 3, 150 00 
 
 921 00 
 
 $4,430 77 
 375 00 
 100 00 
 579 00 
 125 00 
 30 44 
 
 S13,337 82 
 
 148 00 
 
 1,698 00 
 
 1.043 75 
 
 809 82 
 
 36 25 
 
 $21,656 76 
 
 253 00 
 
 4,700 00 
 
 2,058 00 
 
 2,161 56 
 
 54 15 
 
 66 
 
 $16,422 52 
 
 441 00 
 
 2, 852 00 
 
 1,707 00 
 
 9,225 91 
 
 102 56 
 
 610 60 
 
 c3,010 64 
 
 $64,095 33 
 
 
 1,412 00 
 
 
 12,500 00 
 
 Agents' license fees 
 
 6,308 75 
 
 
 al2,322 29 
 
 
 11 64 
 
 235 04 
 
 
 boil 26 
 
 
 
 
 
 3,010 64 
 
 
 
 
 
 
 
 
 $12,525 10 
 
 $5,640 21 
 
 $17,073 64 
 
 $30,884 13 
 
 $34,372 23 
 
 $100,495 31 
 
 
 
 Aggregate since August 15, 1913 to June 
 
 
 
 
 $100,495 31 
 
 
 
 
 
 
 
 a— This item includes $11,124.20, being amount deposited with State Treasurer by companies for examination and disbursed 
 on approval of Commission. 
 
 b— This item made up of reimbursements on account of overpayments of $2.95, also reimbursements from companies for 
 services and expenses of examiners, $376.65, and $231.00 for services not deposited with State Treasurer June 30, 1918. 
 
 c— This item includes $2,058.32 held as Trust Fund by order of Commission for the Dripping Springs Copper Company. 
 
 DETAILED STATEMENT OF DISBURSEMENTS FROM ORGANIZ.\TION OF COMMISSION. 
 August 15, 1913 to June 30, W18. 
 
 Source of disburscnients. 
 
 
 For years ending Ju 
 
 le 30, 
 
 
 Total 
 since or- 
 
 
 1914. 
 
 1915. 
 
 1916. 
 
 1917. 
 
 1918. 
 
 
 
 $2,557 15 
 50 28 
 
 $2,000 00 
 
 $4,271 73 
 161 OS 
 
 476 00 
 
 179 93 
 
 100 00 
 
 6 00 
 
 $4,944 90 
 113 89 
 
 709 60 
 512 96 
 344 14 
 
 $14,728 49 
 2,402 94 
 
 4,087 06 
 2,288 87 
 2,475 71 
 
 $28,502 27 
 
 
 2,728 19 
 
 Special examinations: 
 Per diem 
 
 
 5,272 66 
 
 
 
 
 2,981 76 
 
 
 
 
 2,919 85 
 
 
 10 00 
 40 74 
 13 31 
 174 70 
 
 
 16 00 
 
 
 
 381 92 
 
 4 82 
 
 133 50 
 
 
 422 66 
 
 
 57 
 2 50 
 
 3 59 
 50 00 
 
 20 20 
 
 2,545 48 
 
 50 00 
 
 42 49 
 
 
 2,906 18 
 
 Membership fee National Association 
 
 50 00 
 
 Postage 
 
 120 00 
 189 70 
 290 00 
 
 28 00 
 15 90 
 340 00 
 
 208 00 
 231 11 
 390 89 
 
 181 34 
 
 245 30 
 
 2,059 27 
 
 325 02 
 246 39 
 
 '931 45 
 1,235 87 
 
 578 84 
 245 13 
 
 862 36 
 
 
 928 40 
 
 
 4,369 59 
 
 
 931 45 
 
 
 887 35 
 105 00 
 19 15 
 
 355 62 
 160 00 
 23 10 
 
 359 10 
 277 95 
 50 70 
 
 366 21 
 432 30 
 86 73 
 
 3,204 15 
 
 
 1,554 09 
 
 
 • 424 81 
 
 
 
 Totals by years 
 
 $4,457 38 
 
 $2,925 69 
 
 $6,766 08 
 
 $10,516 88 
 
 $33,450 88 
 
 *$58, 116 91 
 
 
 
 Aggregate since August 15, 1913 to June 
 
 
 
 
 
 
 $58,116 91 
 
 
 
 
 
 
 
 *0f this item $10,103.88 represents amount paid on account of examinations on vouchers approved by the Michigan Securities 
 Commission, the balance being amount paid on warrants of the Auditor General. 
 
MIClIKiAX SKCrUlTlIlS COMMISSION 
 
 STATEMENT OF RECEIPTS AND DISBURSEMENTS on account of Examinations of Investment Companies for ycal 
 ending June 30, 1918; number of examinations made each month, amount expended for services and expcnseH and amounr 
 returned to Investment Companies during same period. 
 
 July 1. 1!I17 t>i June :!0, 1 )1S. 
 
 
 Received 
 
 for 
 
 examinations. 
 
 Number of 
 companies. 
 
 Vouchers 
 drawn. 
 
 Number of 
 companies 
 examined. 
 
 Expenses. 
 
 Services. 
 
 Returned to 
 companies. 
 
 Total 
 
 1917. 
 July .'. .. 
 
 $725 00 
 
 7 
 
 S475 00 
 
 3 
 
 $200 00 
 
 $150 00 
 
 $125 00 
 
 $475 00 
 
 August.... 
 
 Bcpt 
 
 Oct 
 
 589 75 
 
 
 781 25 
 
 10 
 
 135 87 
 
 469 75 
 
 178 63 
 
 784 25 
 
 727 70 
 
 7 
 
 649 35 
 
 4 
 
 51 90 
 
 165 00 
 
 228 30 
 
 448 20 
 
 906 12 
 
 9 
 
 538 49 
 
 5 
 
 191 24 
 
 380 00 
 
 165 40 
 
 739 04 
 
 Nov 
 
 260 42 
 
 3 
 
 • 1,001 90 
 
 10 
 
 326 39 
 
 339 52 
 
 335 99 
 
 1,001 90 
 
 Dec 
 
 410 00 
 
 5 
 
 335 00 
 
 5 
 
 24 84 
 
 lOD 00 
 
 201 IG 
 
 
 1918. 
 Jan 
 
 341 04 
 
 4 
 
 397 14 
 
 6 
 
 161 85 
 
 193 50 
 
 38 70 
 
 397 14 
 
 Feb 
 
 1,370 00 
 
 13 
 
 625 31 
 
 9 
 
 131 96 
 
 319 00 
 
 171 35 
 
 625 31 
 
 March 
 
 875 00 
 
 9 
 
 1,282 69 
 
 11 
 
 146 24 
 
 450 79 
 
 610 66 
 
 1,207 69 
 
 April 
 
 May 
 
 June 
 
 1,127 20 
 
 14 
 
 767 20 
 
 7 
 
 336 85 
 
 314 50 
 
 115 85 
 
 767 20 
 
 249 35 
 
 3 
 
 980 48 
 
 15 
 
 260 17 
 
 • 617 00 
 
 178 31 
 
 1 , 055 48 
 
 1,565 38 
 
 11 
 
 1,014 83 
 
 9 
 
 309 56 
 
 579 00 
 
 126 27 
 
 1,014 83 
 
 
 $9, 146 96 
 
 91 
 
 $8,851 61 
 
 94 
 
 $2,288 87 
 
 84,087 06 
 
 $2,475 71 
 
 $8,851 64 
 
40 FIRST REPORT 
 
 KECOMMENDATIONS FOR AMENDMENTS TO "BLUE SKY LAW." 
 
 1. That the provisions of the Act covering the exemptions sliould 
 apply only to UNSECURED COMMERCIAL PAPER ISSUED IN THE 
 NATURE OF ONE TRANSACTION TO A BANK OR TRUST COM- 
 PANY, and should not apply where notes are to be sold to the public. 
 
 2. That Section 10 shoidd be amended to clarify provision that 
 "continued and successive transactions of a similar nature" should be 
 construed to apply to Dot more than one transaction. 
 
 3. That the ambiguity of present law in reference to tiling fee should 
 be cleared up to provide that the fee should be computed upon the basis 
 of the unissued and unsold securities. 
 
 4. That notes secured by mortgages under Subdivision F, Section 3, 
 should not be exempted from the operation of the Act where the notes 
 are offered to the public on mortgages of real or ])ersonal property 
 situated outside the State. 
 
 5. That dealers should be retpiired to furnish a monthly report of 
 securities dealt or traded in. 
 
 0. That dealers' books sliould be examined by Department examiners 
 at dealers' expense, the same as investment companies. 
 
 7. That the advertising of securities by dealers should be construed 
 to ijiclude stock lists, market letters, and all other advertising matter 
 of whatsoever nature. 
 
MICHIGAN SECURITIES COMMISSION 41 
 
 INVESTMENT COMPANIES APPROVED BY THE 
 MICHIGAN SECURITIES COMMISSION. 
 
 The following is a list of the Investment Companies that have been ap- 
 proved by the Michigan Securities Commission to July 1, 1918. An 
 approval does not necessarily carry the right to sell all securities which a 
 company can issue. Certain companies have permission to sell bonds 
 only, others to sell preferred stock and not common stock. Every 
 company that has been approved is in possession of a Certificate of 
 Approval which described its rights under the order of approval. 
 
 Acason Motor Truck Company Detroit, Mich. 
 
 Acme Belting Company Niles, Mich. 
 
 Acme Motor Truck Company Cadillac, Mich. 
 
 Acme Motor Truck Company Detroit, Mich. 
 
 Adrian Steel Castings Company Adrian, Mich. 
 
 Advocate Publishing Company Kalamazoo, Mich. 
 
 Aetna Motor Truck Company Detroit, Mich. 
 
 Agricultural Lands, Inc Detroit, Mich. 
 
 Agricultural Life Insurance Company of 
 
 America Bay City, Mich. 
 
 Ainsworth Manufacturing Company Detroit, Mich. 
 
 Air-O-Flex Automobile Corporation Detroit, Mich. 
 
 Alfalfa Cereal Company Detroit, Mich. 
 
 All Season Body Company. Jackson, Mich. 
 
 Alhambra Theatre, Inc Detroit, Mich. 
 
 Alter Motor Car Company Plymouth, Mich. 
 
 American Box Board Company Grand Rapids, Mich. 
 
 American Cash Register Company. Saginaw, Mich. 
 
 American Commerce Association . . . .' Chicago, 111. 
 
 American Commercial Car Company Detroit, Mich. 
 
 American Forging & Socket Company Pontiac, Mich. 
 
 American Garment Cleaning Company Detroit, IMich. 
 
 American Motor Truck Company Detroit, Mich. 
 
 American Prcssweld Radiator Corporation Detroit, Mich. 
 
 American Realty Corporation Detroit, jMich. 
 
 American Sign Company Kalamazoo, Mich. 
 
 American Specialty Company Grand Rapids, Mich. 
 
 Anglin (Margaret) Picture Corporation, Inc. . . .New York, N. Y. 
 
 Ann Arbor Dairy Company Ann Arl)or, Mich. 
 
 Ann Arbor Machine Company Ann Arbor, Mich. 
 
 Apartment Construction Company Detroit, Mich. 
 
 Armour & Company Chicago, III. 
 
 Artesia Water Company Detroit, Midi. 
 
 Asco Cigar Company Detroit, Mich. 
 
 Aspinwall Manufacturing Company Jackson, Midi. 
 
 Assets Realizing Mines Corporation Los Angeles, Cal. 
 
42 FIRST REPORT 
 
 Associated Builders Company Detroit, Mich. 
 
 Atlas Manufacturing Company Detroit, Mich. 
 
 Automatic Bookkeeping Register Company. . . .Kalamazoo, Mich. 
 
 Auto City Realty Company Highland Park, Mich. 
 
 Automobile Crankshaft Corporation Detroit, Mich. 
 
 Automobile Cycle Car Company Detroit, Mich. 
 
 Automotive Manufacturing Company Detroit, Mich. 
 
 Auto Light Control Company Grand Rapids, Mich. 
 
 Auto Wheel Company Lansing, Mich. 
 
 Avalon Park Land Company Detroit, Mich. 
 
 Baker, (Martha R.) Company Charlevoix, Mich. 
 
 Baker- Vawter Company Benton Harbor, Mich. 
 
 Bancroft Hotel Company Saginaw, Mich. 
 
 Bardeen Paper Company Otsego, Mich. 
 
 Barley Motor Car Company Chicago, 111. 
 
 Bay City Sand & Gravel Company Bay City, Mich. 
 
 Barnes Wire Fence Company Detroit, Mich. 
 
 Barry- Wilson Company Kansas City, Mo. 
 
 Barstow-San Antonio Oil Company Detroit, Mich. 
 
 Beach-Cross Body Company Detroit, Mich. 
 
 Bellevue Foundry Company Detroit, Mich. 
 
 Belle Isle Coliseum Company Detroit, Mich. 
 
 Bellevue Co-Operative Elevator & Warehouse 
 
 Co Bellevue, Mich. 
 
 Benton Harbor Malleable Foundry Company . . Benton Harbor, Mich 
 
 Biggam Trailer Corporation Detroit, Mich. 
 
 Birmingham Creamery & Ice Manufacturing 
 
 Co Birmingham, Mich. 
 
 Birwood Land Company Detroit, Mich. 
 
 Black, F. A. Company Mt. Clemens, Mich. 
 
 Black's Money Saving Mail Order Company Pigeon, Mich. 
 
 Blashfield Furnace Company Jackson, Mich. 
 
 Blessed Lunch Company Detroit, Mich. 
 
 Bolles (J. E.) Iron & Wire Works Detroit, Mich. 
 
 Bollstrom Engineering Company Detroit, Mich. 
 
 Bond Steel Post Company Adrian, Mich. 
 
 Bowling Dental Manufacturing Company Detroit, Mich. 
 
 Breitung Hematite Mining Company, Ltd Marquette, Mich. 
 
 Breitung Iron Company New York, N. Y. 
 
 Breitung Mines Corporation New York, N. Y. 
 
 Brent Creek Co-Operative Elevator Company. . . Brent Creek, Mich. 
 
 Brown Corporation Portland, Maine. 
 
 Brown-Hawkins Lumber Company Detroit, Mich. 
 
 Browning Realty Company Grand Rapids, Mich. 
 
 Brownwall Engine & Pulley Company .' Holland, Mich. 
 
 Buhl Sons Company Detroit, Mich. 
 
 Buhl Stamping Company Detroit, Mich. 
 
 Buller-Millikin Company Detroit, Mich. 
 
 Bureau of Credits Detroit, Mich. 
 
TkliniKJAX SECT^ItlTIES COMMISSION 43 
 
 Biinto Brothers Chicago, 111. 
 
 Biirch, A. F. Company Grand l^ipids, Mich. 
 
 Bush & Lane Piano Company .^ Holland, Mich. 
 
 Butler Iron Company Chicago, 111. 
 
 Butte it Great Falls Mining Company Butte, Montana. 
 
 Byron Typewriter Cabinet Company Detroit, Mich. 
 
 Cadillac Auto Truck Company Cadillac, Mich. 
 
 Cadillac Lumber Company Cadillac, Mich. 
 
 Cadillac Machine Company Cadillac, Mich. 
 
 Cadillac Theatre Company Detroit, Mich. 
 
 Calumet Petroleum Company Calumet, Mich. 
 
 Campau Square Building Company Grand Rapids, Mich. 
 
 Campbell (Manson) & Sons Company Detroit, Mich. 
 
 Campbell, Wyant & Cannon Foundry Company. Muskegon, Mich. 
 
 Capital Castings Company Lansing, Mich. 
 
 C. A. S. Sales Company Detroit, Mich. 
 
 Carmichael, R. A. & Company Detroit, Mich. 
 
 Carrier Realty Company Detroit, Mich. 
 
 Cascade Lead-Silver Mines, Ltd Toronto, Ont. 
 
 Caro Farmers Co-Operative Elevator Company . Caro, Mich. 
 
 Cash, F. H. Company Bay City, Mich. 
 
 Cass Lake Highlands Company Detroit, Mich. 
 
 Cedar River Land Company Lansing, Mich. 
 
 Cement Casket Manufacturing Company Albion, Mich. 
 
 Central Michigan Clay Products Company. . . . Williamston, Mich. 
 
 Central Warehouse Company Saginaw, Mich. 
 
 Centreville Theatre Company Centreville, Mich. 
 
 Cinch Safetv Razor Company Detroit, Mich. 
 
 Chalmers Motor Corporation Detroit, Mich. 
 
 Champerado Copper Mining Company Chicago, 111. 
 
 Chattel Loan Company Grand Rapids. Mich. 
 
 Chesaning Farmers Elevator Company Chesaning, Mich. 
 
 City Pattern Works Detroit,- Mich. 
 
 Clark Engine & Boiler Company Kalamazoo, Mn-h. 
 
 Clay Products Company Detroit, Mich. 
 
 Clayton & Lambert Manufacturing Company. . .Detroit, Mich. 
 
 Clifford Realty Company : Detroit, Mich. 
 
 Columbia Convention & Dancing Hall 
 
 Company Detroit, Mich. 
 
 Columbia Motors Company Detroit, Mich. 
 
 Columbus Mutual Life Insurance Company. . . .Columbus, Ohio. 
 
 Commercial Finance Corporation of Detroit .... Detroit, Mich. 
 
 Commonwealth Finance Coiporation New York, N. Y. 
 
 Commonwealth Hotel Construction Corpora- 
 tion >«'t^^v York, N. \ . 
 
 Consolidated Car Company Detroit, Mich. 
 
 Consumers Co-Operative Coal Company Detroit, Mich. 
 
 Cook Standard Tool Company Kaltimazoo, Mich. 
 
 Co-Operative Elevator & Milling Company Pigeon, Mich. 
 
 Co-Operative Stock Ranch Company Des Moines, Iowa. 
 
44 FIRST REPORT 
 
 Culver Land & Cattle Company Detroit, Mich. 
 
 Davenport Realty Company Detroit, Mich, 
 
 Davidson Building Company Bay City, Mich. 
 
 Davis 5 and 10c Stores Company Detroit, Mich. 
 
 Dayton Coal, Iron & Railway Company Dayton, Tenn. 
 
 Del-The Amusement Company . Detroit, Mich. 
 
 DeLaney (Paul) Company Brocton, N. Y. 
 
 Delta Land & Timber Company Kansas City, Mo. 
 
 Demming Mines Company Nampa, Idaho. 
 
 Dennis Canadian Company Grand Rapids, Mich. 
 
 Dennos Food Sales Company Chicago, 111. 
 
 Detroit Ball Valve Company Detroit, Mich. 
 
 Detroit Electric Welder Company Lansing, Mich. 
 
 Detroit Finance Company Detroit, Mich. 
 
 Detroit Heater Corporation, Inc Detroit, Mich. 
 
 Detroit Home Building Company Detroit, Mich. 
 
 Detroit Hotel Company Detroit, Mich. 
 
 Detroit Intensive Gardens, Inc Detroit, Mich. 
 
 Detroit Lace Manufacturing Company Detroit, Mich. 
 
 Detroit Life Insurance Company Detroit, Mich. 
 
 Detroit Mineral Water Company Detroit, Mich. 
 
 Detroit Mortgage Corporation Detroit, Mich. 
 
 Detroit Piano Company Detroit, Mich. 
 
 Detroit Pneumatic Chuck Company Detroit, Mich. 
 
 Detroit Pressed Steel Company Detroit, Mich. 
 
 Detroit Realty Owners Company Detroit, Mich. 
 
 Detroit Sanitary Closet Company Detroit, Mich. 
 
 Detroit Starter Company Detroit, Mich. 
 
 Detroit Sulphite Pulp & Paper Company Detroit, Mich. 
 
 Detroit Times Detroit, Mich. 
 
 Detroit Torch & Manufacturing Company Detroit, Mich. 
 
 Detroit Valve & Fittings Company Detroit, Mich. 
 
 Detroit Weatherproof Body Company ........ Detroit, Mich. 
 
 Detroit Wire Fabric & Manufacturing 
 
 Company Detroit, Mich. 
 
 Detroit- Wyandotte Motor Truck Company. . . .Wyandotte, Mich. 
 
 Devoe & Raynolds Co., Inc Brooklyn, N. Y. 
 
 Dibble, A. E. Building Company Detroit, Mich. 
 
 Differential Clock Company Chicago, 111. 
 
 Dionol Company Detroit, Mich. 
 
 Ditzler Color Company Detroit, Mich. 
 
 Dix Theatre Company Detroit, Mich. 
 
 Doble-Detroit Steam Motors Company Detroit, Mich. 
 
 Donner Steamship Company Cleveland, Ohio. 
 
 Drabold-Mott Manufacturing Company Detroit, Mich. 
 
 Dripping Springs Copper Company Los Angeles, Cal. 
 
 Druggists Co-Operative Association Chicago, 111. 
 
 Drury Lane Theatre Company Detroit, Mich. 
 
 Dunn Realty Company Detroit, Mich. 
 
 Duplex Truck Company Lansing, Mich. 
 
MICHIGAN SECURITIES COMMISSION 45 
 
 East Side Creamery Company Detroit, Mich. 
 
 Economy Drawing Table Company Adrian, Mich. 
 
 Educators Association Ann Arl)or, Midi. 
 
 Edwards & Chamberlain Hardware Company. .Kalamazoo, Mich. 
 
 Eddy Paper Company Three Kivers, Mich. 
 
 Electric Specialties Manufacturing Company.. .Benton Harbor, Mich. 
 
 Electrograph Company Detroit, Mich. 
 
 lOlgin Motor Car Corporation ('hicago. 111. 
 
 Elkhart Manufacturing Company Monroe, Mich. 
 
 l<]lliott Machine Company (Jrand Rapids, Mich. 
 
 I'hnerson Motor Truck Company Detroit, Mich. 
 
 ICmery Cigar Company Battle C'reek, Mich. 
 
 Emond, Klein & Company Detroit, Mich. 
 
 Erd Motor Company Saginaw, Mich. 
 
 Esco Manufacturing Company Detroit, Mich. 
 
 Essex Estates Corporation Jackson, Mich. 
 
 Evertite Nut Corporation New York, N. Y. 
 
 F. Car Service Association Detroit, Mich. 
 
 Fairgrove Farmers Co-Operative Elevator Co. .Fairgrove, Mich. 
 
 Fair Round Real Estate Company Detroit, Mich. 
 
 Farmers Auto & Machinery Company Bay City, Mich. 
 
 Farmers Co-Operative Elevator Company Laingsburg, Mich? 
 
 Farmers Co-Operative Elevator Co. of Corunna . Corunna, Mich. 
 
 Farmers Elevator Company of Marshall Marshall, Mich. 
 
 Federal Syndicate Copper Company. . . •. Calumet, Mich. 
 
 Fenwick Elevator Company Fenwick, Mich. 
 
 Ferndale Cemetery Association Wyandotte, Mich. 
 
 Ferry Field Theatre Company Detroit, Mich. 
 
 Fidelity Mortgage & Bond Corporation Detroit, Mich. 
 
 Fidelity Motion Picture Company Detroit, INIich. 
 
 Field Motor Company Grand Rapids, ]\Iich. 
 
 First Preference Detroit Gray Iron Foundry Co. Detroit, Mich. 
 
 Five Hundred Investors Company Detroit, Mich. 
 
 Flanders Company Detroit, Mich. 
 
 Flint Land Company, Ltd FHnt, Mich. 
 
 Flushing Farmers Co-Operative Elevator 
 
 Company Flushing, Mich. 
 
 Ford View Realty Company Detroit, Mich. 
 
 Forge Products Corporation New York, N. Y. 
 
 Fort Dearborn Casualty Company Chicago, 111. 
 
 Fort Dearborn Life Insurance Company Chicago, 111. 
 
 Fort Shelby Hotel Company Detroit, ]\Iich. 
 
 Fosburgh Lumber Company Norfolk, Va. 
 
 Four Drive Tractor Company Big Rapids. Mich. 
 
 Fox, (Maurice W.) & Company Detroit, Mich. 
 
 Fox Typewriter Company Grand Rapids, Mich. 
 
 Frankenlust Fuel & Feed Company Bay City, Mich. 
 
 Franklin Theatre Company Saginaw, Mich. 
 
 Fremont Canning Company Fremont, Mich. 
 
 Frost Gear & Forge Company Jackson, Mich. 
 
 Fuel Saving Heater Corporation Windsor, Out. 
 
46 FIRST REPORT 
 
 Fuller's Earth Company of America Detroit, Mich. 
 
 Fuller & Sons Manufacturing Company Kalamazoo, Mich. 
 
 Gaffke Realty & Building Company Hamtramck, Mich. 
 
 Gage Printing Company, Ltd Battle Creek, Mich. 
 
 Galbraith Home Company Pontiac, Mich. 
 
 Gardiner Theatre Equipment Company Detroit, Mich. 
 
 Gas Office Company Detroit, Mich. 
 
 Gas Oil Stove Company Detroit, Mich. 
 
 Gajdord Stores Company Detroit, Mich. 
 
 General Casualty & Surety Company Detroit, Mich. 
 
 General Stores Companj' of Pontiac Pontiac, Mich. 
 
 General Stores Corporation Ypsilanti, Mich. 
 
 German American Book Company Detroit, Mich. 
 
 Gibson Mandolin Guitar Company Kalamazoo, Mich. 
 
 Glaser Bros., Inc Detroit, Mich. 
 
 Gleaner Clearing House Association Detroit, Mich. 
 
 Globe Realt}" Company Grand Rapids, Mich. 
 
 Golden Age Junior Mining Company Lansing, Mich. 
 
 Golden Belt Refining Company Oklahoma City, Okla. 
 
 Goodale Company Kalamazoo, Mich. 
 
 Goodj^ear Tire & Rubber Company Akron, Ohio. 
 
 Graham Roller Bearing Company Coudersport, Penn. 
 
 Grand Boulevard Theatre Company Detroit, Mich. 
 
 Grand Ledge Milk Company Grand Ledge, Mich. 
 
 Grand Rapids Magnetic Mineral Water 
 
 Company Grand Rapids, Mich. 
 
 Grand Rapids Savings Building Company Grand Rapids, Mich. 
 
 Grand Rapids Varnish Company Grand Rapids, Mich. 
 
 Grand Rapids Wholesale Groceiy Company Grand Rapids, Mich. 
 
 Grand Rapids Wood Finishing Company Grand Rapids, Mich. 
 
 Grand Traverse Fruit Company Detroit, Mich. 
 
 Grange Life Assurance Association Lansing, Mich. 
 
 Grant Motor Car Corporation Findlay, Ohio. 
 
 Gratiot Central Market Company Detroit, Mich. 
 
 Great Lakes Stone & Lime Company .Alpena, Mich. 
 
 Greenfield Improvement & Sales Company. . . .Detroit. Mich. 
 
 Great Lakes Transportation Company Midland, Canada. 
 
 Green-Whiles Mail Order House Detroit, Mich. 
 
 Greilick Manufacturing Company Traverse City, Mich. 
 
 Grocers' Baking Company Grand Rapids, Mich. 
 
 Guarant}^ Title & Mortgage Company Flint, Mich. 
 
 Guardian Frigerator Company Detroit, Mich. 
 
 Hachmuth Pure Food Company . . Comstock Park, Mich. 
 
 Hackett Motor Car Company Grand Rapids, Mich. 
 
 Hall, (C. M.) Lamp Company Detroit, Mich. 
 
 Hall, (W. F.) Printing Company Chicago, 111. 
 
 Hamilton Motors Company Grand Haven, Mich. 
 
 Hancock Public Hospital '. . . Hancock, Mich. 
 
 Hanover Farmers' Co-Operative Association . . . Hanover, Mich. 
 
 Hardie Manufacturing Company Hudson, Mich. 
 
 Harris Bros. Seed Company Mt. Pleasant, Mich. 
 
 Harris & Warren Amusement Company Wyandotte, Mich. 
 
MICHIGAN SECURITIES COMMISSION 47 
 
 Harrouii Motors Corporation Wilniiiif^ton, Delaware. 
 
 Harrow, (A. T.) Tractor Company Detroit, Mich. 
 
 Haskelite Manufacturing Company Grand llapids, Mich. 
 
 Hasseldahl-Lanc Company Detroit, Mich. 
 
 Hawthorne Paper Company . . . .' Kahimazoo, Mich. 
 
 Hayes-Ionia Company Ionia, Mich. 
 
 Hayes Manufacturing Company Detroit, Mich. 
 
 Heath Carbureter (^Corporation New York, N. Y. 
 
 Hemingway (H. C.) & Company Syracuse, N. Y. 
 
 Henderson Co-Operative Elevator Company. . .Ihniderson, Mich. 
 
 Hermitage Realty Company. Grand Rapids, Mich. 
 
 Herzog Art Furniture Company Saginaw, Mich. 
 
 Heystek & Canfield Company Grand Rapids, Mich. 
 
 Hidden Treasure Mining & Leasing Company. . . Colo. Springs, Colo. 
 
 Higrade Motors Company Portland, Maine. 
 
 Hilke Baking Company Detroit, Mich. 
 
 Hill-Curtis Company Kalamazoo, Mich. 
 
 Hillsdale Warehouse Company Hillsdale, Mich. 
 
 Holland Aniline Company Holland, Mich. 
 
 Holland Shoe Company Holland, Mich. 
 
 Holland-St. Louis Sugar Company Holland, Mich. 
 
 Holzworth Company Buffalo, N. Y. 
 
 Home Builders Flint, Mich. 
 
 Home Furnace Company. Holland Mich. 
 
 Hoosier Construction Company Detroit,, Mich. 
 
 Houscman-Spitzlej' Corporation Detroit, Mich. 
 
 Howell Electric Motors Company Howell, Mich. 
 
 Hydraulic Oil Systems Corporation Detroit, Mich. 
 
 Imperial Chemical Company . .Grand Rapids, Mich. 
 
 Industrial Terminal Corporation Detroit, Mich. 
 
 Inland Metals Products Company Detroit, Mich. 
 
 International Milk Products Company Detroit, Mich. 
 
 International Money Machine Company .Terre Haute, Ind. 
 
 Inter-State Fire Insurance Company Detroit, Mich. 
 
 Inter-State Oil Company Los Angeles, Cal. 
 
 Invader Oil & Refining Company Muskogee, Okla. 
 
 Jackson Co-Operative Realty Company Jackson, Mich. 
 
 Jackson ^Munitions Corporation Jackson, Mich. 
 
 Jefferson Hall Company Detroit, Mich. 
 
 Jefferson Hotel Company Detroit, :\Iich. 
 
 Jeffery-Dewitt Company Hamtramck, Mich. 
 
 Jennings Piano Company Ann Arbor, Mich. 
 
 Jerome Victor Extension Copper Company. . . .Laurium, Mich. 
 
 Jones-Regan Company Detroit, Mich. 
 
 Kalamazoo Co-Operative Society Kalamazoo, Mich. 
 
 Kalamazoo Corset Company Kalamazoo, Mich. 
 
 Kalamazoo Gravel & Sand Company Kalamazoo, Mich. 
 
 Kalamazoo Ice & Fuel Company Kalamazoo, Mich. 
 
 Kalamazoo Laundry Company •. . Kalamazoo, Mich. 
 
 Kalamazoo Loose Leaf Binder Company Kalamazoo, Mich. 
 
 Kalamazoo Malleable Iron Company Kalamazoo, Mich. 
 
 Kalamazoo Paper Company Kalamazoo, Mich. 
 
48 FIRST REPORT 
 
 Kalamazoo Railway Supply Company Kalamazoo, Mich. 
 
 Kalamazoo Stationery Company Kalamazoo, Mich. 
 
 Kalamazoo Telegraph Press Company Kalamazoo, Mich. 
 
 Kalamazoo Vegetable Parchment Company. . . .Kalamazoo, Mich. 
 
 Keenan Construction Company Detroit, Mich. 
 
 Kelly Real Estate Company Iron River, Mich. 
 
 Kelly-Roth Company Chicago, 111. 
 
 Kent State Garage & Supply Company Grand Rapids, Mich. 
 
 Kenwood Gardens Land Company Detroit, Mich. 
 
 Kilgus Realty Company Detroit, Mich. 
 
 King Oil CJompany Seattle, Wash. 
 
 Kitchigami Gold Development Company Calumet, Mich. 
 
 Koering Cyaniding Process Company Detroit, Mich. 
 
 Koppin Realty Investment Company Detroit, Mich. 
 
 Labadie-Russell Motion Picture Productions, 
 
 Inc Detroit, Mich. 
 
 LaBell Funeral Service, Inc Detroit, Mich. 
 
 Ladd, (John W.) Company Detroit, Mich. 
 
 Lakeside Cranberry Company Alpena, Mich. 
 
 Lane Motor Truck Company Kalamazoo, Mich. 
 
 Lansing Body Company Lansing, Mich. 
 
 Lansing Chemical Company Lansing, Mich. 
 
 Lansing Foundry Company .Lansing, Mich. 
 
 Lape (Dr.) Veterinary Company Adrian, Mich. 
 
 Lapham, (S. D.) & Company, Inc Dearborn, Mich. 
 
 Larrowe Realty Company Detroit, Mich. 
 
 LaSalle Extension University Chicago, 111. 
 
 Lawrence Co-Operative Company Lawrence, Mich. 
 
 Lenhart Bros. Lunch Company Detroit, Mich. 
 
 Leonard, (H. R.) Furniture Company Detroit, Mich. 
 
 Leonard Tractor Company Detroit, Mich. 
 
 Leonard Warehouses, Inc Detroit, Mich. 
 
 Lewis-Geer Manufacturing Company. ....... . Ypsilanti, Mich. 
 
 Lincoln Motor Company Detroit, Mich. 
 
 Lincoln Scjuare Building Company Detroit, Mich. 
 
 Lin-Del Company, Inc Buffalo, N. Y. 
 
 Linderman Steel & Machine Company Muskegon, Mich. 
 
 Lindquist, (Francis O.) Company '. Grand Rapids, Mich. 
 
 Litho-Marble Company Detroit, Mich. 
 
 Litliuanian Co-Operative Association Detroit, Mich. 
 
 Litscher, (C. J.) Electric Company Grand Rapids, Mich. 
 
 Little Wonder Stove Company Detroit, Mich. 
 
 Lock-Tite Manufacturing Company Battle Creek, Mich. 
 
 Lo-Vis Company Kalamazoo, Mich. 
 
 Luck Tire & Manufacturing Company Jonesville, Mich. 
 
 Mack (Joseph Mack) Printing House, Inc Detroit, Mich. 
 
 Mackie-Olney Company Detroit, Mich. 
 
 Magic Wax-Shoe Polish Company, Inc Pontiac, Mich. 
 
 Maino Machine Tool Company . . . ■ Jackson, Mich. 
 
 Manchester Apartment Company Detroit, Mich. 
 
 Manistique Cooperage Company Manistique, Mich. 
 
 Manophone Corporation Adrian, Mich. 
 
MICHIGAN SECURITIES COMMISSION 40 
 
 Manufacturers Home Supply Company Detroit, Mich. 
 
 Manufacturer Publishing Company Detroit, Mich. 
 
 Mapl-Flake Mills Battle Creek, Mi(;h^ 
 
 Marlette Farmers Co-Operative Elevator 
 
 Company Marlette, Mich. 
 
 Marolf-Oberg Real Estate Company Iron River, Mich. 
 
 Marquette National Fire Insurance Company. . .Chicago, 111. 
 
 Marshall Castings Company South Haven, Mich. 
 
 Mason Tire & Rubber Company Cleveland, Ohio. 
 
 Maximotor Company Detroit, Mich. 
 
 Maxine Theatre Company, Inc Detroit, Mich. 
 
 McCord Manufacturing Company Detroit, Mich. 
 
 McCuen-Reynolds Company Jackson, Mich. 
 
 McDonough Automatic Regulator Company. . .Detroit, Mich. 
 
 McKeighan Auto Sales Company Flint, Mich. 
 
 McLen Printing Company Detroit, Mich. 
 
 Melling Forging Company Lansing, Mich. 
 
 Menominee Electric Manufacturing Company. .Chicago, 111. 
 
 Merchants Baking Company Detroit, Mich. 
 
 Merchants Publishing Company Kalamazoo, Mich. 
 
 Metal Sign Board Advertising Company Kalamazoo, Mich. 
 
 Metropolitan Builders Highland Park, Mich. 
 
 Michigan Silver Black Fox Company Gaylord, Mich. 
 
 Michigan Associates Detroit, Mich. 
 
 Michigan Bond & Mortgage Company, Ltd Detroit, Mich. 
 
 Michigan Brass & Electric Company Lansing, Mich. 
 
 Michigan Carton Company Battle Creek, Mich. 
 
 Midland Casualty Company Chicago, 111. 
 
 Michigan City Ice & Cold Storage Company. . . . Michigan City, Ind. 
 
 Michigan Crown Fender Company Ypsilanti, Mich. 
 
 Michigan Dairy Products Association Edmore, Mich. 
 
 Michigan Drop Forge Company Pontiac, Mich. 
 
 Michigan Employers Casualty Company Lansing, Mich. 
 
 Michigan Hearse & Motor Company Grand Rapids, Mich. 
 
 Michigan Live Stock Insurance Company Saginaw, Mich. 
 
 Michigan Loan Society of Delaware Philadelphia, Pa. 
 
 Michigan MiUtary Academy Island Lake, Mich. 
 
 Midway Mining & Milling Company Patmiin, Arizona. 
 
 Michigan Motor Specialties Company Detroit, Mich. 
 
 Michigan No-Break Egg Carrier Company Detroit, Mich. 
 
 Michigan Silo Company Kalamazoo, Mich. 
 
 Michigan Zinc Coat Company Detroit, Mich. 
 
 Mineral Oil Paint Company Detroit, Mich. 
 
 Minook Gold Dredging Company Seattle, \Vasli. 
 
 Mitchell Motors Company, Inc New York iV \ . 
 
 Modern Apartments Company Detroit, Mich. 
 
 Monarch Rubber Company Chicago, 111. 
 
 Monorail Company of America Detroit, Mich. 
 
 Monroe Binder Board Company Monroe, ^lich. 
 
 Monroe Motor Company Pontiac, Mich 
 
 Moose Bay Fur & Trading Company Tacoma, Wash. 
 
50 FIRST REPORT 
 
 Morse-Beauregard Manufacturing Company. . .Detroit, Mich. 
 
 Morse Investment Company Detroit, Mich. 
 
 Most-Houghton Company Detroit, Mich. 
 
 Motor Products Corporation Detroit & New York. 
 
 Motschall Company Detroit, Mich. 
 
 Mt. Clemens Driving Club Mt. Clemens, Mich. 
 
 Mt. Clemens Pottery Club Mt. Clemens, Mich. 
 
 Mt. Morris Co-Operative Elevator Company . . . Mt. Morris, Mich. 
 
 Mulkey Salt Company Detroit, Mich. 
 
 Muskegon Home Building Company Muskegon, Mich. 
 
 Mutual Construction Company . .Detroit, Mich. 
 
 Mutual Land Company Detroit, Mich. 
 
 National Automatic Music Company Grand Rapids, Mich. 
 
 National Cooperage Company Detroit, Mich. 
 
 National Corset Company Kalamazoo, Mich. 
 
 National Educational Bureau Ypsilanti, Mich. 
 
 National Hearse & Motor Company Grand Rapids, Mich. 
 
 National Incinerating & Columbarium Associa- 
 tion Detroit, Mich. 
 
 National Lumber & Manufacturing Company. .Detroit, Mich. 
 
 National Mileometer Company, Ltd Detroit, Mich. 
 
 Neal, (J. M.) Amusement Company Lansing, Mich. 
 
 Nelson-Blanck Manufacturing Company Hamtramck, Mich. 
 
 Nelson, (E. A.) Motor Car Company Detroit, Mich. 
 
 Nelson-Matter Furniture Company Grand Rapids, Mich. 
 
 Newcomb-Endicott Company Detroit, Mich. 
 
 New Egyptian Portland Cement Company .... Detroit, Mich. 
 
 New Era Building Company Detroit, Mich. 
 
 Newness Manufacturing Company Detroit, Mich. 
 
 Newport Mining Company Portland, Maine. 
 
 Newton Packing Company Detroit, Mich. 
 
 Noble, (Chas. F.) Oil & Gas Company Tulsa, Oklahoma. 
 
 North American Timber Holding Company. . . .Chicago, 111. 
 Northeastern Detroit Amusement Company . . . Detroit, Mich. 
 
 Northern. Ohio Electric Corporation New York, N. Y. 
 
 Northern Redwood Lumber Company Korbel, Cal. 
 
 Northway Realty Investment Company ■. .Detroit, Mich. 
 
 Northwestern Ranch & Cattle Company Detroit, Mich. 
 
 Northern Sugar Corporation Detroit, Mich. 
 
 Nyal Company Detroit, Mich. 
 
 Oliver-Hanson Company Alpena, Mich. 
 
 One Hundred Associates Company Highland Park, Mich. 
 
 Oregon Strong Ledge Mining Company Charlotte, Mich. 
 
 Orpheum Theatre, Inc Detroit, Mich. 
 
 Otsego Land Corporation Otsego, Mich. 
 
 Ozan-Graysonia Lumber Company Prescott, Arizona. 
 
 Ozark Coal Mining Company Tacoma, Wash. 
 
 Paalman Furniture Company Grand Rapids, Mich. 
 
 Packard Motor Car Company Detroit, Mich. 
 
 Palace Theatre Company Detroit, Mich. 
 
 Palmer Gauge Company Jackson, Mich. 
 
 Pantlind Building Company Grand Rapids, Mich. 
 
 Panthnd Hotel Company Grand Rapids, Mich. 
 
MICHIGAN SECURITIES COMMISSION 01 
 
 Park-American Realty Company Kalamazoo, Mich. 
 
 Park (A. B.) Dry Goods Company Adrian, Mich. 
 
 Park View Tavern Detroit, Mich. 
 
 Parker Rust Proof Company of America Detroit, Mich. 
 
 Pathfinder Company Indianapolis, Ind. 
 
 Patterson ]\Ianufactm-ing Company Holly, Mich. 
 
 Peerless Paper Company Dayton, Ohio. 
 
 Peninsular Fire Insurance Company Saginaw, Mich. 
 
 Peninsular Guardian Life & Accident Insurance 
 
 Company Detroit, Mich. 
 
 Penn Timber Company Warren, Pa. 
 
 Peoples Securities Company Detroit, Mich. 
 
 Peoples Store Building Company Manistique, Mich. 
 
 Perfection Coil Spring Company Jackson, Mich. 
 
 Perfection Devices Manufacturing Company. . .Detroit, Mich. 
 
 Petoskey Portland Cement Company Petoskey, Mich. 
 
 Phillips Metallic Hose Company. . ." Jackson, Mich. 
 
 Pioneer Trailer Corporation Detroit, Mich. 
 
 Piqua Handle & Manufacturing Company Piqua, Ohio. 
 
 Planet Steam Specialty Company Detroit, Mich. 
 
 Plattesville Consolidated Lead & Zinc Mining 
 
 Co Beloit, Wis. 
 
 Plymouth Motor Castings Company Plymouth, Mich. 
 
 Polish Union Fire Insurance Company Chicago, 111. 
 
 Pollock, Pettibone & Company Detroit, Mich. 
 
 Polonia Theatre Company Detroit, Mich. 
 
 Portage Point Association Grand Rapids, Mich. 
 
 Porter Manufacturing Company Ann Arbor, Mich. 
 
 Powers National Oil Company Detroit, Mich. 
 
 Pregulman Brothers Packing Company Lansing, Mich. 
 
 Productive Building Company Detroit, Mich. 
 
 Prudential Mortgage Company Detroit, Mich. 
 
 Pudrith (E. H.) Company Detroit, Mich. 
 
 Pullau Steel Spring Company Mt. Clemens, Mich. 
 
 Purity Candy Company Battle Creek, Mich. 
 
 Ramsey-Alton Manufacturing Company Portland, Mich. 
 
 Rational Remedy Company Kalamazoo, Mich. 
 
 Real Estate Holding Company Detroit, ]\Iich. 
 
 Redpath Chautauquas Chicago, 111. 
 
 Reeman Co-Operative Creamery Company. . . .Reeman, Mich. 
 
 Regal Collieries, Limited Taber, Alberta, Canada 
 
 Regent Manufacturing Company : Detroit, Mich. 
 
 Regent Theatre Company Detroit, Mich. 
 
 Republic Motor Truck Company Alma, Mich. 
 
 Retail Adding Machine Sales Company Detroit, Mich. 
 
 Rex Paper Company Comstock, Mich. 
 
 Hialto Theatres Corporation Detroit, Mich. 
 
 Richardson Garment Company Kalamazoo. Mich. 
 
 River Raisin Paper Company Monroe, Mich. 
 
 Riverview Coated Paper Company Kalamazoo, Mich. 
 
 Roach (W. R.) & Company Hart, Mich. 
 
 Roberts (H. C.) Storage & Transfer Company. . . Detroit, Mich. 
 
52 FIRST REPORT 
 
 Rockwood & Company Brooklyn, N. Y. 
 
 Rosedale Park Land Company Detroit, Mich. 
 
 Roseland Park Cemetery Association Detroit, Mich. 
 
 Rouse Folding Crate Company, Inc Detroit, Mich. 
 
 Rowe (Henry) Manufactm'ing Company Newaygo, Mich. 
 
 Rudy Furnace Company , Dowagiac, Mich. 
 
 Safety Changer Company Detroit, Mich. 
 
 Saginaw Hippodrome Amusement Company. . .Saginaw, Mich. ! 
 
 Saginaw Motor Car Company Saginaw, Mich. i 
 
 Saginaw Plate Glass Company Saginaw, Mich. | 
 
 Saginaw Shipbuilding Company Saginaw, Mich. i 
 
 Saginaw Valley Ginseng Company Saginaw, Mich. ; 
 
 Saginaw Wood Products Company Gaylord, Mich. j 
 
 Sanitary Steam Flat Iron Company Detroit, Mich. ^ 
 
 Sauer (C. A.) Company ■ Ann Arbor, Mich. , 
 
 Savigny Company Detroit, Mich. ! 
 
 Schau Cone Tire Company Kalamazoo, Mich. 
 
 Schmid (O. F.) Chemical Company Jackson, Mich. -. 
 
 Sebewaing Co-Operative Association Sebewaing, Mich. , 
 
 Security Life Insurance Company of Canada . . . Montreal, Canada. , 
 
 Security Mortgage Company of America St. Paul, Minn. ; 
 
 Seneca Co-Operative Association Seneca, Mich. ! 
 
 Service Auto Equipment Company Detroit, Mich. 
 
 Service Products Machine Company Detroit, Mich. i 
 
 Shakespeare Company Kalamazoo, Mich. 
 
 Shank Fireproof Storage Company Grand Rapids, Mich. 
 
 Shuswap Timber Company Detroit, Mich. 
 
 Signal Motor Truck Company Detroit, Mich. i 
 
 SIhca Brick Company Detroit, Mich. 
 
 Silver Star Coal Company Kalamazoo, Mich. , 
 
 Smith (C. A.) Timber Company Bay Point, Cal. ; 
 
 Smith (Harley) Furniture Company Grand Rapids, Mich. ; 
 
 Smith (Joseph N.) & Company Detroit, Mich. 
 
 Southern Trust Company McAlester, Oklahoma. 
 
 South Haven Co-Operative Society South Haven, Mich. , 
 
 Sparta Condensed Milk Company Sparta, Mich. . 
 
 Spranger Wire Wheel Company Detroit, Mich. ] 
 
 Square Turn Tractor Company Chicago, 111. ] 
 
 St. Clair Brick Company Detroit, Mich. ^ 
 
 St. John Arbors Company Detroit, Mich. ! 
 
 Stafford Printing Company Detroit, Mich. ] 
 
 Standard Computing Scale Company Detroit, Mich. i 
 
 Standard Gravel Company Pontiac, Mich. 
 
 Standard Mortgage & Investment Company . . . Detroit, Mich. 
 
 Standard Real Estate Company Lansing, Mich. 
 
 Standard Royalties Company Okmulgee, Okla. 
 
 Standard Sulphur Corporation Detroit, Mich. 
 
 Standard Tool & Manufacturing Company .... Detroit, Mich. 
 
 Star Land Company Detroit, Mich. 
 
 States Motor Car Manufacturing Company Kalamazoo, Mich. 
 
 Stearns (Frederick) & Company Detroit, Mich 
 
 Steel Age Manufacturing Company Battle Creek, Mich. 
 
 Stoll Printing House Detroit, Mich. 
 
MICIIIOAX SECUKITIES COMMISSION 
 
 Stone Products Company Muskof^on, Mich. 
 
 Strand Theatre, Incorporated Detroit, Mich. 
 
 Strasbur^-Miller Company Detroit, Mich. 
 
 Sturgis Steel Go-Cart Company Stiirgis, Midi. 
 
 Sullivan Packing Company Detroit, Mich. 
 
 Superior Ore Milling Corporation Hancock, Mich. 
 
 Superior Steel Castings Company Benton Harl)or, Mich. 
 
 Superior Wholesale Grocery Company.. Detroit, Mich. 
 
 Svensgaard (Harry) Sales Corporation Detroit, Mich. 
 
 Swan Manufacturing Company Detroit, Mich. 
 
 Sweeney-Huston Company Detroit, Mich, 
 
 Taite Manufacturing Company Niles, Mich. 
 
 Taneha Oil Lot Development Company St. Louis, Mo. 
 
 Tarabusi Realty Company Detroit, Mich. 
 
 Tavern Hotel Company Detroit, Mich. 
 
 Tecumseh Co-Operative Association Tecumseh, Mich. 
 
 Theatre DeLuxe Company Detroit, Mich. 
 
 Tigchon Land Company Detroit, Mich. 
 
 Timken-Detroit Axle Company Detroit, Mich. 
 
 Tisch Auto Supply Company Grand Rapids, Mich. 
 
 To war Cotton Mills, Inc Detroit, Mich. 
 
 To wars Wayne County Creamery Companj^ . . . Detroit, Mich. 
 
 Tower Motor Truck Company'- Greenville, Mich. 
 
 Triangle Motor Truck Company of Michigan. .St. Johns, Mich. 
 
 Trippensee Manufacturing Compan}^ Detroit, Mich. 
 
 Tri-State Co-Operative Association Montgomery, Mich. 
 
 Truck (W. S.) Compan}^ Birmingham, Mich. 
 
 Trenton Grain & Elevator Company Monroe, Mich. 
 
 Trussed Concrete Steel Company Detroit, Mich. 
 
 Traverse Citj^ Motor Car Company Traverse City, Mich. 
 
 Tuller Hotel Company Detroit, Mich. 
 
 U-Eat-A Lunch Companj^ Detroit, Mich. 
 
 Underwriters Sales Company Grand Rapids, Mich. 
 
 Union Home Builders Detroit, Mich. 
 
 Union Trust Company, for Anderson Electric 
 
 Car Co Detroit, Mich. 
 
 Union Trust Company, for Joseph H. Berry 
 
 Estate Detroit, ]\Iich. 
 
 United Agenc}^ Chicago, 111. 
 
 United Cash Grocerj^ Corporation Grand Rapids, ]\Iich. 
 
 United Electrical Manufacturing Company. . . .Adrian, Mich. 
 
 United Fuel & Supply Company Detroit, Mich. 
 
 United Oil Co. of Kentucky Detroit, Mich. 
 
 U. S. Auto Supply Store Company Detroit, Mich. 
 
 U. S. Mortgage Bond Company Detroit, Mich. 
 
 U. S. Pressed Steel Company Ypsilanti, Mich. 
 
 United Reed & Fiber Company Ionia, Mich. 
 
 United Vending Company Grand Jiapids, Mich. 
 
 Universal Auto Top Company Grand Rapids, Mich. 
 
 Universal Car Equipment Company Detroit, Mich. 
 
 Universal Oil & Gas Company Pittsl>urgh, Pa. 
 
 Universal Stores Corporation Chicago, 111. 
 
rA FIRST REPORT , \ 
 
 Universal Valveless Four Cycle Motor 
 
 Company Grand Rapids, Mich. j 
 
 University Club Building Company St. Louis, Mo. 
 
 Utility Compressor Company . .Detroit, Mich. j 
 
 Van Alstyn (A. T.) Company Grand Rapids, Mich. ^ 
 
 Van Blerck Motor Company Monroe, Mich. ] 
 
 Veit Manufacturing Company .Holland, Mich. | 
 
 Verde Hub Copper Company Decatur, HI., and Jerome, Arizona. , 
 
 Vernor, (James) Company Detroit, Mich. j 
 
 Victor Wire Wheel Company Kalamazoo, Mich. 
 
 Vinton Company Detroit, Mich. ] 
 
 Virginia Ochre Corporation Grand Rapids, Mich. ] 
 
 Vulcan Drop Forge Company Sandusky, Ohio. 
 
 Vyking Refrigerator Company Niles, Mich. ' 
 
 Walker Brothers Catering Company Detroit, Mich. 
 
 Walker Universal Joint Company Detroit, Mich. 
 
 Washington Iron Company Marquette, Mich. : 
 
 Watervliet Paper Company Watervliet, Mich. 
 
 Wa-Ba-Va-Nes-Ta Medicine & Drug Company. Bay City, Mich. : 
 Waukesha Glen Rock Mineral Springs 
 
 Company Waukesha, Wis. 
 
 Wayne County Loan & Realty Company Detroit, Mich. j 
 
 Weed, Gordon & Company Detroit, Mich. j 
 
 Weis Manufacturing Company Monroe, Mich. ] 
 
 Welch Furniture Company Grand Haven, Mich. j 
 
 Wellesley Apartment Company Detroit, Mich. j 
 
 West Calhoun Co-Operative Company East Leroy, Mich. 
 
 West Chapin Mines Company Iron Mountain, Mich. : 
 
 Western Building Company Detroit, Mich. 
 
 White Pigeon Coated Paper Company Kalamazoo, Mich. ; 
 
 White Pine Extension Copper Company Detroit, Mich. 
 
 White Star Refining Company Detroit, Mich. 
 
 Whitewater Ranch Fruit Company Detroit, Mich. ' 
 
 Wilcke-Armstrong Company Detroit, Mich. i 
 
 Williams Iron Company Detroit, Mich. ' 
 
 Williams (W. E.) Company Traverse City, Mich. ; 
 
 Wilhng (H. L.) Company Detroit, Mich. ] 
 
 Wilson (J. C.) Company Detroit, Mich. ' 
 
 Windsor Upholstering Company Grand Rapids, Mich. 
 
 Wolverine Brass Works Grand Rapids, Mich. j 
 
 Wolverine Car & Tractor Company Detroit, Mich. J 
 
 Wolverine Coal Company . .Saginaw, Mich. 'i 
 
 Wolverine Creamery Products Company Detroit, Mich. ; 
 
 Wolverine Motor Car Company Kalamazoo, Mich. 
 
 Wolverine Paper Company Otsego, Mich. | 
 
 Wolverine Textile Mills Ann Arbor, Mich. j 
 
 Wood (G. H.) Paper Company Monroe, Mich. ; 
 
 Wright Carson Company Gladwin, Mich. 
 
 Zanger (G. W.) Realty Company Detroit, Mich. j 
 
 Zimmers Dairy Service Station Detroit, Mich. \ 
 
 Note: — Status of Companies appearing as APPROVED changes from : 
 time to time through revocation of licenses and therefore the latest \ 
 bulletins and supplements issued by the Department should be followed. | 
 
MICHIGAN SEC^UlilTIES COMMISSION 
 
 BOND ISSUES APPROVED 
 
 BY THE 
 
 MICHIGAN SECURITIES COMMISSION. 
 
 Jacob Adler & Benjamin Rush, Collingwood 
 
 Apts Detroit, Mich. 
 
 Jacob Adler & Benjamin Rush, Alger Apts. . . .Detroit, Mich. 
 Jacob Adler & Benjamin Rush, Brainard Apts. . . Detroit, Mich. 
 Jacob Adler & Benjamin Rush, Pioneer Apts.. .Detroit, Mich. 
 
 Wm. J. Andrews, Burton Apts Detroit, Mich. 
 
 Ralph Appleman, St. Antoine Apts Detroit, Mich. 
 
 August Barak, et al., Delaware Court Apts. . . .Detroit, Mich. 
 August Barak, et al., Seward & Wilson Aves .... Detroit, Mich. 
 
 Julius Berman, Farnum Bldg Detroit, Mich. 
 
 Julius Berman, et al., Forest Ave. & St. Antoine. Detroit, Mich. 
 Ernest Bergman, et al., Rex-Arms Apts. ..... .Detroit, Mich. 
 
 Bigelow Company, Hancock & John R. Sts . . . .Detroit, Mich. 
 
 Henry L. Bowles, Store Building Detroit, Mich. 
 
 Robert F. Church, Racine Terminal Bldg Racine, Wis. 
 
 Sherman T. Cooper, Coop^r-Monatah Bldg. . . .Chicago, 111. 
 
 Sherman T. Cooper, Hotel Richmond Chicago, 111. 
 
 W. Harry Courtaine, Courtaine Apts Detroit, Mich. 
 
 Aloysia & Maurice Curren, Minerva Apts Chicago, II'. 
 
 Harry Davidson, et. al., Holcomb & Lorman 
 
 Aves Detroit, Mich. 
 
 Henry Frank, et. al., Greenfield Apt. Bldg Detroit, Mich. 
 
 Morris Friedman & Jos. Roth Grand Rai)ids, Mich 
 
 George P. Goeble, Rosenwald & Weil Bldg Chicago, 111. 
 
 Chas. & Max Hamburger, Grand Oak Bldg Detroit, INIich. 
 
 Chas. & Max Hamburger, Richton Bldg Detroit, Mich. 
 
 Samuel & Esther Harris, Penn. & Warren Aves. .Detroit, Mich. 
 
 Earl I. Hecnan, Apartment Bldg Detroit, Mich. 
 
 Edward J. Hickev, et. al., Detroit, Mich. 
 
 Harry Lewis, et. al., Lewis Apt. Bldg Detroit,. Mich. 
 
 John & Charlotte Mclnnis, LaFayette Apts (^hicago, PI. 
 
 Mrs. Chas. McMahon, et al., LaSalle Garden 
 
 Apt Detroit, Mich. 
 
 Wm. A. Montgomery, et al., Montgomery Apts. Detroit, Mich. 
 
 Jacob Newman, Birmingham Apts Detroit, Mich. 
 
 New York City District Realty Corporation. . .Now York, X. ^ . 
 New Washington Improvomont Company, New 
 
 Washington Hotel Seattle, Wash. 
 
 Henry F. & Anna F. Peabody, Pcabody Apts. .Detroit, Mich. 
 
 Samiicl Plotkin, et al., Fort William Apts Detroit, Midi. 
 
 Samuel Rabinowitch & Louis Stoll, Parsons St. Detroit, Mich. 
 Elwyn W. Sevmour, Milwaukee Terminal Bldg. Milwaukee, Wis. 
 
 George H. Shank, Shank Warehouses Chicago, 111. 
 
 George H. Shank, Shank Annex Warehouse. Chicago, 111. 
 
56 FIRST REPORT 7 : 
 
 Harry W. Sisson, Sissoii Apt. Hotel Bldg Chicago, 111. 
 
 Chas. C. Smith, "Villa Lante" Apts Detroit, Mich. 
 
 Louis Stoll, LaSalle Bldg Detroit, Mich. 
 
 Harold & Peter Trunsky, Warwick Apts Detroit, Mich. 
 
 229 Lake Shore Drive, Inc., The Shoreland .... Chicago, 111. 
 
 Estate of Francis Palms, Book Bldg Detroit, Mich. ^ 
 
 Nathaniel Victor & Harry Lipshitz, Peterboro 
 
 Apts Detroit, Mich. 
 
 Barney Wetsman & Mose Lipsitz, LesHe Bldg. . Detroit, Mich. 
 
 Joseph Wetsman, Frederick Bldg Detroit, Mich. i 
 
 John S. Wilson, et al., Wilson Building Lansing, Mich. 
 
 INVESTMENT COMPANIES DISAPPROVED 
 
 BY THE 
 
 MICHIGAN SECURITIES COMMISSION. 
 
 Air-0-Lite Company Cincinnati, Ohio. 
 
 American Finance & Bond Company Birmingham, Alabama. 
 
 Artone Film Company Detroit, Mich. 
 
 Austro-Hungarian Land Company Detroit, Mich. 
 
 Ben MacDhui Health Resort Company Whitehall, Mich. ' 
 
 British Northwestern Fire Insurance Company . Detroit, Mich. j 
 
 Chaussee Manufacturing Company Detroit, Mich. j 
 
 Commonwealth Finance Corporation Pierre, South Dakota. 
 
 Commonwealth Mortgage Company .'.Minneapolis, Minn. 
 
 Developments Corporation of Detroit, Real ■ 
 
 Estate Exchange Bldg Detroit, Mich. 
 
 Detroit Pneumatic Tire Company Detroit, Mich. 
 
 Dillon Oil Company Butte, Montana. [ 
 
 •Dodge Motor Car Company Detroit, Mich. \ 
 
 Espranza Mining Company ■: . Cedar, Mich. 
 
 Excelsior Smokeless Stove Company. Detroit, Mich. 
 
 Gold Cup Mining Company Central City, Col. 
 
 Harmon Coal Company Chicago, 111. < 
 
 Lake Superior Land Company Marquette, Mich. 
 
 Luxmore Company Dover, Del. ; 
 
 Marshall Castings Company (Bonds) Marshall, Mich. 
 
 Mutual Investment & Improvement Associa- 
 tion Marshall, Mich. 
 
 National Aerial Navigation & Equipment 
 
 Company Detroit, Mich. i 
 
 Orleans Flake Graphite Company New Orleans, La. j 
 
 Reo Motor Car Company of Canada.. . .■ St. Catherines, Ont. 
 
 Sentanel Remedies Company Cincinnati, Ohio. 
 
 Shoshoni Oil Company Royal Oak, Mich. 
 
 Tropical Development Company Detroit, Mich. 
 
 Waco-Schaffer Motor Company Detroit, Mich. j 
 
 Waterbury, James L. Company Minneapolis, Minn. ! 
 
 Weed Differential-Rotary Motor Company. . . .Detroit, Mich. • 
 
 Weis Fibre Container Corporation Monroe, Mich. j 
 
MICHIGAN SECURITIES COMMISSION 57 
 
 LICENSES REVOKED. 
 
 American Rapid Cyanidiiig Company Detroit, Mich. 
 
 Charlevoix Rock Products Company Charlevoix, Mich. 
 
 Cort Film Corporation New York, N. Y. 
 
 Detroit-Colonial Theatre Company Detroit, Mich. 
 
 Detroit-Wyandotte Motor Truck Company Wyandotte,, Mich. 
 
 Gem Motor Car Corporation Grand Rapids, Mich. 
 
 Lawton Basket Company Lawton, Mich. 
 
 Menominee Electric Manufacturing Company . . Menominee, Mich. 
 
 National Building Construction Company Detroit, Mich. 
 
 Niles Invisible Door Check Company Niles, Mich. 
 
 Price Merchants Syndicate Minneapolis, Minn. 
 
 Wayne Tractor Company Detroit, Mich. 
 
 APPLICATIONS WITHDRAWN SINCE 
 ORGANIZATION OF COMMISSION. 
 
 A. L. A. Tire Company Detroit, Mich. 
 
 Alabama Southern Oil Company Chicago, 111. 
 
 Alfo Products Company Detroit, Mich. 
 
 Arizona Virginia Copper Company Prescott, Arizona. 
 
 Automobile Boat Mfg. Company Chicago, 111. 
 
 Bay State Oil & Gas Company Kansas City, Mo. 
 
 Beneficial Loan Society Newark, N. J. 
 
 Bluff Creek Oil & Gas Company Tulsa, Oklahoma. 
 
 Buckhorn & Boulder Mining Company Mesa, Col. 
 
 Butte-Detroit Copper & Zinc Mining Company .Boston, Mass. 
 
 Central Wyoming Oil Company Wilmington, Del. 
 
 Cleopatra Copper & Gold Mines Company .... Phoenix, Arizona. 
 
 C. L. 0. Land Company Detroit, Mich. 
 
 Cigar Machine Corporation of America Baltimore, Md. 
 
 Club Farms & Town Development Syndicate . . . Chicago, 111. 
 
 Cowles-McDowell Pneumobile Company Chicago, 111. 
 
 Detroit Pressed Steel Company Detroit, Mich. 
 
 Detroit Serving Machine Company Detroit, Mich. 
 
 Detroit Zoological Society Detroit, Mich. 
 
 Dowagiac Drill Company Dowagiac, Mich. 
 
 Eidson Air Products Company Baltimore, Md. 
 
 Electra Oil & Pipe Line Company Dallas, Texas. 
 
 Ensign Yellow Pine Company Wetumpka, Ala. 
 
 Ferndale Cemetery Association Wj^andotte, Mich. 
 
 Fremont County Power Company Kansas City, Mo. 
 
 Gemmer-Detroit Starter Company Detroit, JVIich. 
 
 Gibson Consolidated Copper Company Wilmington, Del. 
 
 Grand Rapids Wholesale Grocery Company. ...Grand Rapids, Mich. 
 
 Guaranty Bond & Mortgage Corporation Detroit, Mich. 
 
 Hotel Hamilton Corporation New York, N. Y. 
 
 Inter-County Co-Operative Packing Company. . New Richmonti, \\ is. 
 
 Ivy Pictures Corporation Detroit, Mich. 
 
 William E. King Company Detroit, Mich. 
 
 Mesa-Colorado Oil Company Boston, Mass. 
 
 Morse-Knap Tire & Rubber Company Detroit,. Mich. 
 
58 FIRST REPORT j 
 
 1 
 
 National Oxygen Company Chicago, 111. | 
 
 National Process Fuel Company Detroit, Mich. 
 
 National Pure Water Company Detroit, Mich. I 
 
 Palm Development Company Coachella, Cal. j 
 
 Pan-American Motors Corporation Chicago, 111. j 
 
 Pas Consolidated Mines Company Winnipeg, Canada. \ 
 
 Perpetual Motion Power Heat & Light ' 
 
 Company Detroit, Mich. \ 
 
 Producers & Refiners Corporation Denver, Col. ' 
 
 Pull-More Motor Truck Company Detroit, Mich. [ 
 
 Redpath Chautauquas Chicago, 111. i 
 
 Riley-Schubert-Grossman Company Chicago, 111. I 
 
 Russell Pharmaceutical & Instrument Company. Pueblo, Col. \ 
 
 Scientific Farming Machinery Company MinneapoHs, Minn. ■ 
 
 Self-Adjusting Bearing Company Detroit, Mich. ■ 
 
 Sherman Carbide Company Pittsburg, Pa. '. 
 
 Thermophore Manufacturing Company Kalamazoo, Mich. 
 
 Charles Truax Company Chicago, 111. j 
 
 United States Copper Company Hanover, New Mexico. j 
 
 United States Mortgage Bond Company Detroit, Mich. i 
 
 Universal Machine Company Detroit, Mich. j 
 
 Homer F. Wilcox Syndicate Tulsa, Oklahoma. ; 
 
 Woodlawn Trust & Savings Bank Chicago, 111. 
 
 C. R. Wilson Body Company Bay City, Mich. 
 
 LICENSED DEALERS ] 
 
 UNDER : 
 
 ACT 46, PUBLIC ACTS OF 1915. | 
 
 Dealers, Agents of Dealers and Agents of Approved Companies are 
 
 issued Licenses when permission is granted them to sell securities. ■ 
 
 Andrews Company Detroit & Chicago. i 
 
 Andrews-Hanrahan Company Detroit, Mich. j 
 
 Andrews, Heenan & Company Detroit, Mich. : 
 
 Anger, F. C Detroit, Mich. ' 
 
 Anstey, (S. J.) Company Detroit, Mich. j 
 
 Appleby, Benjamin G Saginaw, Mich. 
 
 Armstrong, A. Grant Detroit, Mich. 
 
 Austin, J. F. & Company Detroit, Mich. 
 
 Bailey, W. N . Saginaw, Mich. ■ 
 
 Baker, H. B Detroit, Mich. : 
 
 Baker, Ayling & Young Boston, Mass. I 
 
 Barnes, J. William Detroit, Mich. ! 
 
 Barry- Wilson Company Milwaukee, Wis. | 
 
 Bennett, Smith & Company Detroit, Mich. | 
 
 Berger, Charles Pratt Jackson, Mich. ' 
 
 Besner, Cramer & Muehl Detroit, Mich. j 
 
 Binkhorst, D. & Company Kalamazoo, Mich. I 
 
 Bolger, Mosser & Willaman Chicago, 111. i 
 
 Bonbright & Company Chicago & Detroit. , 
 
MICHIGAN SECURITIES COMMISSION 59 
 
 Bradford, Walter T Detroit, Mich. 
 
 Breed, Elliott & Harrison Chicago, 111. 
 
 Breitung & Company New York & Marquette. 
 
 Brewer, E. C. & Company Chicago, 111. 
 
 Brewer, F. A. & Company Chicago, 111. 
 
 Brook, Charles L Ann Arbor, Mich. 
 
 Buell, Elbert L Detroit, Mich. 
 
 Buick, Thomas D Detroit, Mich. 
 
 Bumpiis & Company Detroit, Mich. 
 
 Burdick-Thomas Company Detroit, Mich. 
 
 Burger (John) Company Detroit, Mich. 
 
 Burr, George H. & Company Chicago & New York. 
 
 Carlyle & Povah Detroit, Mich. 
 
 Chalfont, A. R. & Company Detroit, Mich. 
 
 Child & Company New York, N. Y. 
 
 Clark, Edward H. & Company Detroit, Mich. 
 
 Clark, E. W. & Company Philadelphia, Pa. 
 
 Coleman, R. E. & Company Grand Rapids, Mich. 
 
 Colton, Frank S. & Wm. C. Jacobs Detroit, Mich. 
 
 Compton, William R. Investment Company ... St. Louis, Mo. 
 
 Conshafter, John N Milwaukee, Wis. 
 
 Continental & Commercial Trust & Savings 
 
 Bank Chicago, 111. 
 
 Couls, S. W. & Company Detroit, Mich. 
 
 Counselman & Company Chicago, 111. 
 
 Crawford, Stanton C Detroit, Mich. 
 
 Currier, I. Lewis Detroit, Mich. 
 
 Cutler, Harold A Grand Rapids, Mich. 
 
 Dahms, Edward J Detroit, Mich. 
 
 Davis-Burger Company Chicago, 111. 
 
 Davison Company Boston, Mass. 
 
 Davidson, R. S. & Company Detroit, Mich. 
 
 Davies, Karl R. & Company Detroit, Mich. 
 
 DenBleyker & Olmsted Kalamazoo, Mich. 
 
 Detroit Trust Company Detroit, Mich. 
 
 Deuel & Sawall Grand Rapids, Mich. 
 
 Devitt, Tremble & Company Chicago & Detroit. 
 
 Dodd, Martin & Company Detroit, Mich. 
 
 Donovan, William & Company Lansing, Mich. 
 
 Draper Brothers Chicago & Toledo, 
 
 Elston, Clifford & Company Chicago, 111. 
 
 Equitable Finance Corporation Detroit, Mich. 
 
 Federal Bond & Mortgage Company Detroit, Mich. 
 
 Field, Richards & Company Detroit & Cincinnati, O. 
 
 First & Old Detroit National Bank Detroit, Mich. 
 
 Fish, Albert H Saginaw, Mich. 
 
 Fisher, Johnson Detroit, Mich. 
 
 Forshee & Kuehnle Ann Arbor, Micii. 
 
 Fries, Edgar D Detroit, Mich. 
 
 Frost, John C Detroit, Mich. 
 
60 FIRST REPORT 
 
 Fuller, E. M. & Company New York, N. Y. 
 
 Gardner & Dresser Detroit, Mich. : 
 
 Garlinghouse, B. A Detroit, Mich. 
 
 Gaylord Company Cleveland, Ohio. i 
 
 Gerhauser, W. H. & Company Detroit, Mich. : 
 
 Glendon, John P Detroit, Mich. 
 
 Gorton, Lewis G Detroit, Mich. j 
 
 Gowman, C. H Detroit, Mich. ■ 
 
 Grand Rapids Trust Company Grand Rapids, Mich. 
 
 Hallgarten & Company New York, N. Y. j 
 
 Halsey, Stuart & Company Chicago, 111. i 
 
 Hamhn, W. A. & Company Detroit, Mich. 
 
 Harbridge & Company Detroit, Mich. • 
 
 Harriman & Company New York, N. Y. ' 
 
 Harris, Mark Buffalo, N. Y. I 
 
 Harris & Company Chicago, 111. 
 
 Harris Fiscal Company St. Paul & Detroit. ] 
 
 Harris Trust & Savings Bank Chicago, 111. j 
 
 Haynes & Huffman Detroit, Mich. j 
 
 Hemphill, White & Chamberlain New York, N. Y. '{ 
 
 Henry, Frank J Kalamazoo, Mich. i 
 
 Hill, R. Richardson & Company Saginaw & New York. 
 
 Hilliker, Perkins & Everett Grand Rapids, Mich. : 
 
 Hirschman, Irving L Detroit, Mich. 1 
 
 Hobbs, Henry Kalamazoo, Mich. j 
 
 Hodenpyl, Hardy & Company Chicago, 111. J 
 
 Hoehler, F. C. & Company Toledo, Ohio. 
 
 Holtz, H. T. & Company Chicago, 111. j 
 
 Hood, A. J. & Company Detroit, Mich. 
 
 Hord, Fitzsimmons & Companj^ Chicago, 111. 
 
 Hornblower & Weeks Detroit, Mich. ^ 
 
 Howe, Snow, Corrigan & Bertles Grand Rapids, Mich. i 
 
 Hughes, W. C. & Company, Ltd Detroit, Mich. i 
 
 Hulburd, Warren & Chandler Chicago, 111. ; 
 
 Humphrey, W. H. & Company Detroit, Mich. ! 
 
 Hyney, R. S. & Company Chicago, 111. j 
 
 Imbrie, William Morris & Company New York, N. Y. j 
 
 Isbell, Plant & Company Toronto, Ont. | 
 
 James, William D Detroit, Mich. i 
 
 Jones & Baker New York, N. Y. . 
 
 Kay & Company Detroit, Mich. '■ 
 
 Kean, Taylor & Company Chicago, 111. \ 
 
 Keane, Higbie & Company Detroit, Mich. j 
 
 Kern & Kilets Detroit, Mich. I 
 
 King, Hoagland & Company Chicago, 111. I 
 
 Knapp, A. W. & Company Detroit, Mich. 
 
 Kusterer, A. E. & Company Grand Rapids, Mich. 
 
 Lansing Investment Company Lansing, Mich. 
 
MICHIGAN SECURITIES COMMISSION 61 
 
 Leach, A. B. & Company Chicago & New York. 
 
 Lee, Higginson & Company Chicago, 111, 
 
 Lincoln Finance Corporation Detroit & New York. 
 
 Lion, David Marks New York, N. Y. 
 
 Lisman, F. J. & Company New York, N. Y, 
 
 Logan & Bryan New York & Chicago. 
 
 MacCrone, E. E. & Company Detroit, Mich. 
 
 McCoy & C'ompany Chicago, 111. 
 
 McGiverin, Thomas Detroit, Mich. 
 
 McLaughlin, Walter B Detroit, Mich. 
 
 McLean, John F, & Company Detroit, Mich. 
 
 McNab, B. A. & Company. ! Detroit, Mich. 
 
 McNeal, E. & Company Chicago, 111. 
 
 McNear, C. W. & Company Chicago, 111. 
 
 Martin, James L. & Company Chicago, 111. 
 
 Meisenheimer-Holt Corporation Detroit, Mich. 
 
 Merchants Securities Company Detroit, Mich. 
 
 Merrill, Ljmch & Company Detroit, Mich. 
 
 Michigan Motors Securities Company Grand Rai)ids, Mich. 
 
 Michigan Trust Company Grand Rapids, Mich. 
 
 Miller, Albert R Detroit, Mich. 
 
 Minnear, J. A. & Company Ishpeming, Mich. 
 
 Mitchell, C. C. & Company Chicago, 111. 
 
 Moore, Ernest H. & Company Chicago, 111. 
 
 Mortgage Securities Company New Orleans, La. 
 
 Moss, W. E. & Company Detroit, Mich. 
 
 Murphy, Charles Raymond & Company Detroit, Mich. 
 
 Myers & Jolliff Detroit, Mich. 
 
 National City Company Detroit & New York. 
 
 Nebe, Belden, Woodruff & Company Detroit, Mich. 
 
 Neer, Wm. A. & Company Detroit, Mich. 
 
 Newman, Paul A. & Company New York, N. Y. 
 
 Nicol, Ford & Company Detroit, Mich. 
 
 Nichols & Barry Detroit, :\Iich. 
 
 Noble, H. W. & Company Detroit, Mich. 
 
 Oakes, James W. & Company Grand Haven, :Mich. 
 
 O'Hara, Ferriss & Company Detroit, Mich. 
 
 Oliver, Francis E Detroit, Mich. 
 
 Otis & Company Cleveland, O. 
 
 Paine, Webber & Company Detroit, Mich. 
 
 Payne, Bergeran & Company Detroit, :Mich. 
 
 Peabody Bond & ^Mortgage Company Chicago, 111. 
 
 Peirce, M. M Detroit, Mich. 
 
 Pelton, Frank K Detroit, Mich. 
 
 Perry & Posey Chicago, 111. 
 
 Pitcher & Company Saginaw, Mich. 
 
 Potter, King & Palmer Detroit, Mich. 
 
 Powell, Garard & Company Chicago, III. 
 
 Read, Wm. A. & Companv Now York, X. ^ . 
 
 Reilly, WiUiam E. & Company Detroit, Mich. 
 
 Robinson, M. M. & Company, Inc Detroit, Mich. 
 
62 FIRST REPORT I 
 
 1 
 
 'Rogers, Jonathan- Spencer Detroit, Mich. ' 
 
 RolHns, E. H. & Sons Chicago, 111. : 
 
 Root, John Mortimer Detroit, Mich. j 
 
 Rose, Wm. H. & Company Detroit, Mich. . 
 
 Salomon, William & Company Chicago & New York. i 
 
 Sawyer, Noble & Company Kalamazoo & Elmira, N. Y. 
 
 Seagrave, F. & Company New York, N. Y. ! 
 
 Security Trust Company Detroit, Mich. 
 
 Sessler Company Detroit, Mich. 
 
 Seymour, Dwight Lewis Detroit, Mich. 
 
 Shanahan, F. H. & Company Detroit, Mich. 
 
 Shapker, Waller & Company Chicago, 111. i 
 
 Sheffer, A. R. & Company . . Detroit, Mich. j 
 
 Shifflett, John B Cleveland, Ohio. | 
 
 Sinclair, George W. & Company Detroit, Mich. j 
 
 Slattery & Company New York, N. Y. i 
 
 Souders, W. G. & Company Chicago, 111. ] 
 
 Spitzer, Sidney & Company Toledo, Ohio. 
 
 Stacy & Braun Toledo, Ohio. 
 
 Stanton, K. M. Company, Inc New York, N. Y. 
 
 Stettler, Paul H Detroit, Mich. 
 
 Stockard, Joel & Company Detroit, Mich. 
 
 Stoneham, Charles A. & Company Detroit, Mich. 
 
 Stratton, Burt S Lansing, Mich. 
 
 Straus, S. W. & Company Chicago & Detroit. 
 
 Straus Brothers Company Detroit, Mich. 
 
 Sunley, Wilham T ■ Detroit, Mich. 
 
 Taylor, Ewart & Company Chicago, 111. 
 
 Thomson, Jack M Detroit, Mich. 
 
 Thomson & McKinnon ' Chicago, 111. 
 
 Thurman, Geistert & Company Grand Rapids, Mich. 
 
 Tillotson & Wolcott Company Cleveland, Ohio. 
 
 Union Tmst Company i Detroit, Mich. 
 
 United States Investment Company Detroit, Mich. 
 
 United States Mortgage Bond Company, Ltd . . . Detroit, Mich. 
 
 Ussing, Poole & Simmons, Inc Chicago, 111. 
 
 VanHeest & Company Grand Rapids, Mich. 
 
 VanKeuren, James Irvin Lansing, Mich. 
 
 VanKeuren, Rogers, Templeton Company, Inc. .Detroit, Mich. 
 
 Wagner, E. W. & Company Chicago, 111. 
 
 Wallace, A. W. & Company Detroit, Mich. 
 
 Walsh, John H Lansing, Mich. 
 
 Wathng, Lerchen & Company Detroit, Mich. 
 
 Webb, Lee & Company Detroit, Mich. 
 
 Wells, Knapp & Company Detroit, Mich. 
 
 Wendell, Mulkey & Company Detroit, Mich. 
 
 West, Amos P Detroit, Mich. 
 
 West, George M. & Company Detroit, Mich. 
 
 Wheeler, F. H. & Company Detroit, Mich. 
 
MICHIGAN SECURITIES COMMISSION 63 
 
 White, George W Detroit, Mich. 
 
 White, Weld & Company New York, N. Y. 
 
 Whittlesey, M. B. & Company Detroit, Mich. 
 
 Wills, Hamilton B Detroit & Toronto, Ont. 
 
 Wilsey, R. E. & Company Chicago, 111. 
 
 Winkelman, L. L. & Company New York, N. Y. 
 
 DISAPPROVED. 
 Guarantee Bond & Securities Company Detroit, Mich. 
 
64 
 
 FIRST REPORT 
 
 STOCK PLACED IN ESCROW WITH STATE TREASURER. 
 
 Name of company. 
 
 Number 
 shares. 
 
 Amount. 
 
 Purpose and consideration. 
 
 
 150 
 
 5,000 
 
 50 
 
 20,000 
 
 5.000 
 
 ■2,. 500 
 
 10,000 
 
 20,100 
 
 20,000 
 
 4,000 
 
 1,794 
 
 25,000 
 
 1,000 
 
 500 
 
 1,400 
 
 2,000 
 
 400 
 
 5,100 
 
 1,000 
 
 2,200 
 
 100,001 
 
 250 
 
 50,000 
 
 200,000 
 
 500,000 
 
 1,000 
 
 2,550 
 
 17,500 
 
 5,000 
 
 3,500 
 
 2,000,000 
 
 2,500 
 
 1,285 
 
 740 
 
 26,500 
 
 11,504 
 
 37,500 
 
 1,.500 
 
 .300,005 
 
 250 
 
 1,500 
 
 1,000 
 
 4,530 
 
 1.52,272 
 
 7,500 
 
 2,501 
 
 2,500 
 
 500 
 
 600,000 
 
 1,.500 
 
 775 
 
 10,000 
 
 3.35,000 
 
 15,000 
 
 1,321 
 
 3,500 
 
 5,905 
 
 .35,000 
 
 10,000 
 
 1,500 
 
 100 
 
 589 
 
 500 
 1,500 
 
 20,000 
 2,007 
 1,137 
 1,010 
 3,800 
 1,3.50 
 1,012 
 4,, 500 
 3,000 
 
 70,000 
 
 500 
 
 300 
 
 2.1351 
 
 315,000 
 
 50,000 
 
 5,000 
 
 200,000 
 
 .50,000 
 
 25,000 
 
 100,000 
 
 201,000 
 
 200,000 
 
 40,000 
 
 17,940 
 
 250,000 
 
 10,000 
 
 50,000 
 
 14,000 
 
 20,000 
 
 4,000 
 
 51,000 
 
 10,000 
 
 22,000 
 
 1,000,010 
 
 25,000 
 
 50,000 
 
 200,000 
 
 500,000 
 
 10,000 
 
 255,000 
 
 175,000 
 
 50,000 
 
 35,000 
 
 10,000,000 
 
 25,000 
 
 12,850 
 
 74,000 
 
 265,000 
 
 115,040 
 
 375,000 
 
 15,000 
 
 .300,005 
 
 25,000 
 
 15,000 
 
 10,000 
 
 45,300 
 
 75! 000 
 25,010 
 25,000 
 ,50,000 
 600,000 
 
 15,000 
 
 7,750 
 
 100,000 
 
 3,. 350, 000 
 
 150,000 
 
 13,210 
 
 35,000 
 
 .59,050 
 
 .3.50,000 
 
 100,000 
 
 15,000 
 
 10,000 
 
 5,890 
 
 5,000 
 
 15,000 
 
 200,000 
 
 200, 700 
 
 11,370 
 
 10.100 
 
 38,000 
 
 13,500 
 
 101,200 
 
 45,000 
 
 .30,000 
 
 70,000 
 
 .50,000 
 
 (Life Ins. Pol.) 
 
 5,000 
 
 .30,000 
 
 21,355 
 
 Plant and equipment. 
 Property. 
 
 Aetna Motor Truck Co., Detroit, Mich 
 
 Air-0-Flex Automobile Corporation, Detroit, Mich. . . 
 Alfalfa Cereal Co., Detroit Mich 
 
 License cont. 
 
 All Season Body Co., Marshall, Mich 
 
 
 American Commerce Association, Chicago, III 
 
 American Motor Truck Co. Detroit Mich 
 
 Manuscripts. 
 
 Blue prints, designs, etc. 
 
 Patent. 
 
 American Rapid Cyaniding'Co., Detroit, Mich 
 
 American Specialty Co., Grand Rapids, Mich 
 
 Anglin (Margaret) Picture Corporation, New York City 
 
 Patents. 
 Contract. 
 
 Automotive Manufacturing Co., Detroit, Mich 
 
 Bay City Sand & Gravel Co., Bay City, Mich 
 
 Black's Money Saving Mail Order Co., Pigeon, Mich. . . 
 Blashfield Furnace Co. Jackson Mich 
 
 Patents. 
 
 Steamer "H. Houghton." 
 
 Stock of goods. 
 
 Patents 
 
 
 
 Bowling Dental Mfg. Co., Detroit, Mich 
 
 Patents 
 
 Buller-Millikin Co., Detroit Mich 
 
 Patents 
 
 Butler Iron Co. Chicago 111 
 
 
 Byron Typewriter Cabinet Co., Detroit, Mich 
 
 Calumet Petroleum Co. Calumet Mich 
 
 Patents and property. 
 
 Cascade Lead-Silver Mines Co., Ltd., Toronto, Ont. .. . 
 Champerado Copper Mining Co., Phoenix, Arizona. . . 
 Clay Products Co. Detroit Mich 
 
 Mining claims. 
 
 Property. 
 
 Property. 
 
 Patents and property. 
 
 Contracts and other property. 
 
 Option to purchase property. 
 
 
 
 Consumers Co-Operative Coal Co., Detroit, Mich 
 
 
 Property. 
 
 Detroit Heater Corporation Detroit Mich 
 
 Detroit Loose Leaf Specialty'Co., Detroit, Mich 
 
 Detroit Sanitary Closet Co. Detroit Mich 
 
 Patent. 
 Patents 
 
 Detroit Weatherproof Body Co., Detroit, Mich 
 
 Differential Clock Co., Chicago, 111 
 
 Patent rights. 
 
 Doble-Detroit Steam Motors Co., Detroit, Mich 
 
 Drabold-Mott Mfg. Co. Detroit Mich 
 
 Property. 
 Patents 
 
 Dripping Springs Copper Co., Los Angeles, Cal 
 
 Electrograph Co., Detroit Mich. . . 
 
 Mining claims. 
 Patent. 
 
 Emerson Motor Truck Co. Detroit Mich 
 
 Organization and experimental work 
 
 Assets of cigar business. 
 
 Patent. 
 
 Emery Cigar Co., Battle Creek, Mich 
 
 Esco Mfg. Co., Detroit, Mich. . 
 
 Federal Syndicate Copper Co., Calumet, Mich 
 
 Lease. 
 
 Four Drive Tractor Co. Big Rapids Mich 
 
 Patents. 
 
 Gas Oil Stove Co. Detroit Mich 
 
 Patents 
 
 
 
 Golden Age Junior Mining Co., Lansing, Mich 
 
 Grand Rapids Magnetic Mineral Water Co., Grand 
 Rapids, Mich 
 
 Lease. 
 
 Guardian Frigerator Co. Detroit Mich 
 
 Patents. 
 
 Hackett Motor Car Co., Grand Rapids, Mich 
 
 Harroun Motors Corporation, Wihnington, Del 
 
 A. T. Harrow Tractor Co. Detroit Mich 
 
 Property. 
 Patents. 
 Patents and property. 
 
 Headlight Support Co. Detroit Mich 
 
 Patents 
 
 
 
 Holzworth Co., Milwaukee & Buffalo 
 
 Leases etc. 
 
 Houseman-Spitzley Corporation, Detroit, Mich 
 
 Hydraulic Oil Systems Corporation, Detroit, Mich. . . . 
 
 Inland Metal Products Co., Detroit, Mich 
 
 Jones-Regan Co., Detroit, Mich 
 
 Property. 
 
 Assets and patents. 
 
 Secret process and formulae. 
 
 Formulaes. 
 
 Labadie Russell Motion Picture Productions, Inc., 
 Detroit, Mich 
 
 Contracts and property. 
 
 Lenhart Bros. Lunch, Inc., Detroit, Mich 
 
 Patents. 
 
 Francis 0. Lindquist.Cc, Grand Rapids, Mich 
 
 Litho Marble Co. Detroit Mich 
 
 Property. 
 
 Contracts formulae etc 
 
 Little Wonder Stove Co., Detroit, Mich 
 
 
 Lock-Tite Mfg. Co., Battle Creek, Mich 
 
 Lo-Vis Company Kalamazoo Mich 
 
 Patents. 
 Patents. 
 
 Luck Tire & Mfg. Co., Jonesville, Mich 
 
 Michigan No-Break Egg Carrier Co., Detroit, Mich. . . . 
 Mineral Oil Paint Co. Detroit Mich 
 
 Patents. 
 
 Promotion. 
 
 Propertv. 
 
 Moose Bay Fur & Trading Co., Tacoma, Wash 
 
 Morse-Beauregard Mfg. Co. Detroit Mich 
 
 Promotion. 
 Promotion. 
 
 National Cooperage Co., Detroit, Mich 
 
 National Educational Bureau, Ypsilanti, Mich 
 
 Promotion. 
 Promotion, 
 
MICHIGAN SECURITIES COMMISSION 
 STOCK PLACED IN ESCROW WITH STATE TEEASVRER.-Conduded. 
 
 05 
 
 Name of company. 
 
 Number 
 shares. 
 
 Amount. 
 
 Purpose and considcratiDn. 
 
 Northwestern Ranch & Cattle Co. Detroit. Mich .... 
 Oregon Strong Ledge Mining Co., Charlotte, Mich .... 
 
 143 
 340,607 
 1.132 
 7,236 
 5,100 
 4,000 
 2,000 
 
 12,, 500 
 1,500 
 3,000 
 1,2.50 
 7,000 
 190 
 5,000 
 2,000 
 
 37, ,500 
 2,510 
 2,2.50 
 
 30,000 
 2,450 
 3,000 
 6,000 
 9,300 
 
 40,000 
 1,000 
 3,282 
 450 
 3,793 
 
 10,040 
 
 800 
 
 2,500 
 
 7,400 
 
 14,300 
 
 340,607 
 11,. 320 
 
 723,600 
 51,000 
 40,000 
 20,000 
 
 125,000 
 15,000 
 30,000 
 
 125,000 
 70,000 
 19,000 
 .50,000 
 20,000 
 No par value 
 
 251,000 
 22,500 
 
 300,000 
 24,500 
 ,30,000 
 60,000 
 93,000 
 40,000 
 10,000 
 32,820 
 45,000 
 37,9.30 
 
 251.000 
 20,000 
 25,000 
 74,000 
 
 Lands. 
 Real estate. 
 Patent. 
 
 Parker Rust-Proof Co. of America, Detroit, Mich. . . . 
 Phillips Metallic Hose Co. Jackson Mich 
 
 Patents. 
 Patents. 
 
 Powers National Oil Co Detroit Mich 
 
 Real estate and equipment. 
 
 Rouse Folding Crate Co.', Inc., Detroit, Mich 
 
 Saginaw Valley Ginseng Co. Saginaw Mich 
 
 Patent. 
 Property. 
 
 Sanitary Steam Flat Iron Co Detroit Mich 
 
 Contracts. 
 
 
 Patent. 
 
 Security Mortgage Co. of America, St. Paul, Minn. . . 
 Signal Motor Truck Co Detroit Mich 
 
 Promotion. 
 
 Assets and property. 
 
 Silica Brick Co., Detroit, Mich 
 
 Patent. 
 
 Spranger Rim & Wheel Co. Detroit Mich 
 
 
 St Clair Brick Co Detroit Mich 
 
 Land contract. 
 
 Standard Sulphur Corporation, Detroit, Mich 
 
 States Motor Car Mfg. Co., Kalamazoo, Mich 
 
 Steel Age Mfg Co Battle Creek Mich 
 
 Lease. 
 
 Promotion. 
 
 Patents. 
 
 Superior Ore Milling Corporation', Hancock, Mich 
 
 Swan Mfg. Co. Detroit Mich . . ... 
 
 Patents. 
 Patents. 
 
 Taite Mfg Co Niles Mich 
 
 Secret process and foruuilac. 
 
 
 Options. 
 
 Towar Cotton Mills Inc. Detroit Mich 
 
 Contract. 
 
 United Oil Co. of Kentucky Detroit Mich 
 
 Leases. 
 
 Universal Auto Top Co., Grand Rapids, Mich 
 
 Utility Compressor Co. Detroit Mich .... 
 
 Patents. 
 Patents. 
 
 A T VanAlstyn Co Grand Rapids Mich 
 
 Patents. 
 
 
 Patents. 
 
 West Chapin Mines Co., Iron Mountain, Mich 
 
 Williams Iron Co Detroit Mich 
 
 Mining leases. 
 Contracts. 
 
 
 
 
 
 
 
 
 5,248,9561 
 
 $23,868,129 
 
 
 STOCK RELEASED FROM ESCROW. 
 
 Name of company. 
 
 Number 
 shares. 
 
 Amount. 
 
 Purpose and consideration. 
 
 
 300 
 1,200 
 9,000 
 3,870 
 10,000 
 1,800 
 13,750 
 2,063 
 2,250 
 16,6.50 
 2,. 373 
 1,.3.50 
 40.000 
 150.001 
 300 
 245 
 
 $.30,000 
 12,000 
 90,000 
 
 3S7, 000 
 
 100,000 
 18,000 
 
 137. .500 
 20.630 
 22.. 500 
 
 .333.000 
 
 2.37. 300 
 . 13.. 500 
 
 400,000 
 
 1.. 500. 010 
 
 30.000 
 
 24.. 500 
 
 Promotion. 
 
 Auto Light Control Co.! Grand Rapids, Mich 
 
 Patents. 
 
 Mailing list and property. 
 Issued as dividends. 
 
 Canada Mills Co., Greenville, Mich 
 
 Detroit Ball Valve Co Detroit Mich 
 
 Patents. 
 
 Detroit Starter Co Detroit Mich 
 
 Patents. 
 
 Ferndale Cemetery Association, Wyandotte, Mich 
 
 Grand Boulevard Theatre Co., Detroit, Mich 
 
 Gillette Safety Tire Co., Grand Rapids, Mich 
 
 Promotion. 
 
 Le.ise and patents. 
 
 Patents. 
 
 Patents and property. 
 
 LaBeil Funeral Motor Car Co., Detroit, Mich 
 
 Linderman Steel & Machine Co., Muskegon. Mich. . . . 
 The Nyal Company Detroit Mich . . . 
 
 Patent.s. 
 
 Property and [Kilcnts. 
 
 Trade mark.s. 
 
 
 Proraotion. 
 
 
 Proiwrty. 
 
 
 
 
 255, 152 
 
 $3.355.W0 
 
 
66 FIRST REPORT i 
 
 i 
 
 BULLETINS ISSUED BY THE MICHIGAN SECURITIES | 
 
 COMMISSION. i 
 
 i 
 
 Bulletin No. 11, with Supplements. (List of Companies Approved and j 
 
 Disapproved ; Bond Issues Approved ; List of Registered and Licensed ! 
 Dealers.) 
 
 Bulletin No. 12. Copy of the Law (commonly known as the "BLUE 
 SKY LAW") with Rules and Regulations of the Commission. 
 
 These Bulletins are compiled with the view of informing the public as ] 
 
 to the names of the investment companies approved and disapproved by ] 
 
 tlie Commission and the names of registered and licensed dealers who | 
 
 have been authorized to sell securities in Michigan. These Bulletins are | 
 
 for distribution to the investing public and can be obtained free of i 
 
 charge bv addressing the MICHIGAN SECURITIES COMMISSION, J 
 
 LANSING, MICH. j 
 
iii 
 
582616 
 
 UNIVERSITY OF CALIFORNIA LIBRARY