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Corporation Commission
Warn on Stock Purchases
"A state-wide newspaper and radio campaign is to be employed by the State Corporation Commission to educate the people in Virginia against buying mining and oil stocks offered them from Ontario, Canada,” says William C. King, director of the securities division in Richmond., “Haavy^ losses have been suffered by Virginians who have been taken in by Ontario brokers through the use of the mails, telephone and telegraph, and many,” says Mr. King, “stand to lose their Christ* mas savings by sending it to Can' ada in exchange for worthless securities.
’‘Unscrupulous stock brokers in Ontario are flooding the United States mails, and Virginia citizens are receiving circulars urging them to purchase stocks. The Ontario peddlers are making a desperate effort to high pressure our citizens to purchase their securities, all of which are unlicensed and unlawful in this state.
“The prices of these stocks are usually from 30c to &5c per share. Everyone has the urge to make money, and when the unsuspecting citizen receives letters telling him how he might make a fortune, unless he is on his guard, 'he is very likely to send some of his hard-earned dollars to purchase some of the stock. It is conservatively estimate dthat hundreds of thousands of dollars in cash are lost by Virginians in this class of
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