|
. mucosa was m scene's-samene-
_ too-Ia c my. JI Mann II. Unn- WHM I W
hues. some a ousoau. use I unnec- aucc out a men. as
sea names harms auto Dam-DON. nus-tam e 9 sum
m ov. moo
FLORIDA SECURITY DEALERS ASSOCIATION
m tremolo alm- emu-o-
an ll mun. canons one Me n Susan Imus In Cums. Mm In
Aus- c homo. JmIMVIL mam wuuau R noun or, mason-o
Looms c Luov. Jo. mane zones- Iauav. JWVILI.
NIH as VIII. ass-um
' P. 0. Box 791
Orlando. Florida
I April 2.1. 1960
llr. Farris [tryout
P. 0. ex 1773
Ocala. Florida
Dear hr. kryant:
The Board of Governors of the Florida Security Dealers Association has directed
that a letter be written to each gubernatorial candidate setting forth the views of
the Association on three f unctions which we believe to be of considerable importance
to the citizens of Florida in general and the investing public and members of our
profession in particular. Accordingly. below are listed the three topics. follwod.
in each case. by the position taken by our Association. He respectfully request
that you express your views on these subjects by letter to the writer.
1. Reduction of the intmible tax from the present $2.00 per 51,000 value
to the original level of $1.00 per $1.000 value.
This is a subject on which nest candidates hava expressed themselves.
the majority favoring snoh redaction. embers or our profusion are
'1' almost certainly closer to the people directly effected by this tax than
Jr ,1 any other single business group in the State. Instance after instance
lv I." has been reported by various of our members wherein very wealthy indi-
u' ; viduals on the verge of taking up residency in florida have considered
7" the two still tax a najor factor in finally looking a decision against
such a move. Objections are: (a) two mills is higher than in many
other states and (b) there appears to be no assurance that the tax will
not be further increased. He believe a reduction to one mill and a more
rigid enforcenent would be in the best interest of the State and its
citizens.
2. ltsterial increase of emrooriation to the Florida Securities Commission.
The Florida Securities Cnuissinn administers Chapter 517, being
the Florida Securities law. The law is quite satisfactory. but the
.4\ Florida Securities Dominion does not have the funds available to ade-
tim) qutcly administer the sons. This has resulted in actions on the part of
_ 1 some dealers known by the Florida Security Dealers Association to be vil-
ful violations of the Securities Law. Through misrepresentations, nis-
' l
1 "v
2" leading advertisements, and many other improper practices, a goodly msnbor
b, for Florida cititens are being defrauded annually. This. obviously. is
the" gr
\ .
Kr. Farris Bryant 2
l.Cl.jr:ke
April 21' r1960
undesirable, and it al so reflects morsely on legitimate dealers.
If the Florida Securities Conissinn were to receive some appro-
priations, they could increase their stuff enough to greatly curtail
the activities of irresponsible dealers and salesnen. In view of the
Pact that in 1958-59 the budget for the Florida Securities Comission
was 896,486, the actual expenditures were $95,778, yet the income to the
State from fees and licenses of security dealers and salesmn, stools
registrations, etc., anounted to $251,989, it is apparent that fmuls
free within our profession are available for proper administration or
our Securities Law.
Effect close working relationship betwoen Florida State administration
and Florida aunieipal bond dealers in accomplishing extraordinary
financing.
In the past, For the nest part, it has been come practice of the
administration, in the Financing of such major projects as turnpikes,
toll bridges, and expressways, to deal directly with New York bond houses.
In such situations, these dealers, in turn, deternine which Florida
dealers shall participate in the financing! and to what extent.
Florida bond dealers giw- Iajor support to the Florida aunicipal
bond market by bidding on bonds and revenue certificates issued by all
political subdivisions of the State as and hm: thq come to market.
Consequently, the Florida bond dealers have reason to believe they col-
leetively haVe better market knonedge of Florida bonds than any other
group or bond dealers smothers. We belie-1e the administrationshnuld
consult with representatives _o_f Florida kilowatt" of such
aajor' Fountain], which Firm or fires would W'mdn'
endures to be followed. To be sure, the major bond houses in New York
and in many other states would he invited to participate in tho financ-
ing. and such participation would he essential. This basic system is
followed in the mjorit'y of the states in the United States, including
California, Illinois, Indiana, Kentucky, New York, Ohio, Pennsylvania,
Texas, and Virginia.
Very truly yours,
FIDRIDA SECURITY mamas ASSOCIATION
A; e. {New
loonis C, Loom, Jr., Presid
(It'd.
cane PnCES-ED_
_
PAGE 1
FL,,,,A SE-URITY DEALERs A-1-CATIO
PAGE 2
sexe
|
