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| Citation |
- Permanent Link:
- https://original-ufdc.uflib.ufl.edu/UF00083631/00034
Material Information
- Title:
- Letter to Farris Bryant from Jerry Tripp. ( 1962-05-02 )
- Series Title:
- Governor, 1961-1967. Turnpike 1961-1962. (Farris Bryant Papers)
- Creator:
- Jerry Tripp
- Publication Date:
- 5/2/1962
- Language:
- English
Subjects
- Subjects / Keywords:
- Bryant, Farris, 1914- ( LCSH )
United States. Office of Emergency Planning. ( LCSH )
Florida. Board of Control. ( LCSH )
Florida Turnpike Authority. ( LCSH )
Florida. State Road Dept. ( LCSH )
Marjorie Harris Carr Cross Florida Greenway (Fla.) ( LCSH )
Politics and government -- 1951- -- Florida ( LCSH )
Bryant, Farris, 1914- -- Correspondence ( LCSH )
United States. Congress. Senate -- Elections, 1970 ( LCSH )
Segregation -- Florida -- St. Augustine ( LCSH )
Political campaigns -- Florida ( LCSH )
Elections -- Florida ( LCSH )
Governors -- Florida -- 20th century ( LCSH )
Governors ( JSTOR )
Bond markets ( JSTOR )
Political campaigns ( JSTOR )
Commercial regulation ( JSTOR )
Corporate income taxes ( JSTOR )
Income taxes ( JSTOR )
Political elections ( JSTOR )
Prices ( JSTOR )
Price comparisons ( JSTOR )
Asking prices ( JSTOR )
Highways ( JSTOR )
Highway bridges ( JSTOR )
Toll bridges ( JSTOR )
Tunnels ( JSTOR )
Counties ( JSTOR )
Banking regulation ( JSTOR )
Commercial banks ( JSTOR )
Corporations ( JSTOR )
Investors ( JSTOR )
United States government ( JSTOR )
Business administration ( JSTOR )
Easy money ( JSTOR )
Stock prices ( JSTOR )
United States Senate ( JSTOR )
- Spatial Coverage:
- North America -- United States of America -- Florida
Notes
- General Note:
- SubSERIES 4c: Administrative and General Subjects,1961-1967 BOX: 18
Record Information
- Source Institution:
- University of Florida
- Holding Location:
- University of Florida
- Rights Management:
- All rights reserved by the copyright holder.
- Resource Identifier:
- UF80000325_0018_011_0075
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TRIPP 8. Co..lnc.
STATE AND NUNICHAL BONDS
40 WALL BTIIET
TtrrlmOua Auovt- I use YORK 5, N.Y.
May 2, 1962
1:0
The Honorable Farris Bryant
Governor ol the State of Florida
Tallahassee. Florida
Dear Governor Bryant:
Re: The Florida Turnpike and Other Bond Prices
D¢Ccmber 26. 1961 and May 1. 1962
In View of the strength of Florida Turnpike 4 3/4% Bonds
since issuance. I thought you might like to have the following price
comparisons plus our comments on the over all tax-free bond market.
Agroximate Offering Price
issue 12/26/61 5/1/62
Florida Turnpike Authority 4 3/4% 99 109 3/4
Due 11/1/2001
Western Kentucky Turnpike 4.85% 101 3/4 109 1/4
Due 7/1/2000
Oklahoma Turnpike Authority (southwestern)
4.75% Due 7/1/2001 99 108 1/2
lllinois State Toll Highway Commisaion 89 97 3/4
3 3/4% Due 1/1/95
Chesapeake Bay Bridge 8: Tunnel District 99 1/2 106
5 3/4% Due 7/1/2000
Grant County. Washington P.U.D. it 2 100 106
3 7/8% Due 11/1/2005
Indiana Toll Road Commission 79 90
3 1/22. Due 1/1/94
The Honorable Farris Bryant 2 May 2. 1962
Long-term. high-grade Florida road revenue. school and
other bonds have also risen comparably. The entire long-term. tax-free
bond market has changed approximately 1/2 of 1% since last December
which translated into dollars means a rise of about [0 points on a 40-year
bond .
The reasons for the unusual strength in the bond market
since last fall and last December are as follows:
1. Regulation Q, which caused the commercial banks to buy
many hundreds of millions of tax-free bonds to cover the
4% interest they are now permitted to pay on deposits of
one year.
Banks are in the 52% bracket as corporations and. there-
fore. it 3% taxofree income is equivalent to a little more
than 6% in taxable income.
2. The failure of business to reach expected levels and the
loss of confidence among stock investors because of the
Federal Government's attitude toward business.
3. There has been a broad switch from stocks to tarexempt
bonds.
4. it is a well-known fact that the Kennedy Administration
favors easy money.
if general business picks up. and business is satisfied that
it will not be persecuted, there could be a substantial reversal of stock
and bond prices. Markets are also affected by psychological. international
and other factors.
We trust the above information may be useful to you and if
you need additional data. please be sure to call on us at any time.
Yours most sincerely.
(Ivar \v; uffy .
felt/ti
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TRIPP & CO,NC
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