The Palatka news and advertiser. [volume] (Palatka, Fla.) 1908-19??, 1913-08-22
"BLUE SKY" Law
NOW I'M EFFECT
Investment Fakirs Subject to
ATest--Ask the Stock Ven.
dor for His Credentials.
Tallahasse, Aug. q, 1913.

! The law generally known as the
"Blue Sky" law, passed at the recent
session of the Legislature, went into
effect July 1st, and it is now unlawful
to offer for sale outside of the county
in which the company may be located
the stocks, bonds or securities of any
concern except those of Florida Utili-
ty Corporations, Banking and Trust
Companies, and Corpratiops under
control of the Railroad Commission,
without an official permit.
This is a very wholesome piece of
legislation and is more far-reachine
than many would suppose upon first
reading of the Act. 1t requires every
concern located in or out of the State,
except those specially exempted as
enumerated above, before offering for
sale any of their stock, bonds or 9th
er securities of any kind or charac-
ter outside of the county in which they
are located, to submit to the Comp
troller complete financial statements
and get permit signed by the Comp
troller and Attorney General. The
law requires also that when the COM
pany is given such permit that they
register every agent and a registra-
ton certificate is given each agent.
Before the Comptroller and Attor-
ney General may issue to any invest
ment company a permit to sell its
stocks, bonds or securities in this
State they must make such eXamina-
ton Of the concern and of its plan OF
doing business as will satisfy them
that the concern has a fair, just anj
equitable proposition to offer, but the
law does not permit the Comptroller
and Attorney General to recommend
any company's securities.
The investing public should be slow
TO buy any kind of stock or security
offered them until they have satisfied
themselves that it is no gold-brick
proposition and the "Blue Sky" Law
makes this easy to do. All that is
necessary is to ask the vendor for his
credentials and a showing that the
concern has a permit to do business ir
Florida.
If the stock offered is that of a cor
poration located in the county in
which it is offered no permit will be
necessary to make the offer in that
county, but if the concern is not To-
Gated in the cousty in which it offers |
its stocks or securities for sale, ther |
The public will not only be protecting
themselves, but will be assisting great |
ly in the administration of the law if
they will make it point to find out
if the salesman is a duly registered |
agent of a concern having a permit
TO do business in the State.
With the hearty cooperation of the
public the investment fakirs will * |
iriven from the State and it is well |
known that Florida has suffered he1
Share of losses from the sale of fake
stocks and gold-brick propositions t.
It's citizens.
In personal letter to the editor
W. V. Knott says:
"The strict enforcement of this gooG
aw will save the people of Floridg
many thousands of dollars which have
5een poured into investment schemes
If doubtful value, and a wide publici
y, which can only be had through thc
cooperation of the newspapers of the
State, will greatly add to the efforts
If the officials"
The above letter from Tallahassee.
which has the approval of Comptroll-
r Knott, is respectfully referred t.
he Jacksonville Metropolis and other
papers which insist that the law Is
'defective' and easy to evade. Again
We say, try to evade it just once
Ed.l