The Bridgeport times and evening farmer., 1921-03-07

legfslation believing it to be against
 fundamental democratic principles
 Blue Sky Legislation so-calIed ? sa1d MT HinckS, has been enacted ir
 aoout a dozen states and there is 9 1 strong probability of it's being enac+ ed in Massachusetts this wear and l probably New York. In most of the
 states this legislation takes the form | or requiring a dealer in securities to submit full data regarding the sec11ri- | ties he proposes to sell to some state offlc1al-usua1ly the Bank Conar1is- sioner, but sometimes the treasurer ana sometimes the secretary of state with the request that authoritv he
 granted by that official to sell that pdrucuIar- security in the state in
 question. It is made illegal to sell
 any security for which permission has not been granted or for wbic1, nern,iss
 sion mas been refused.
 Personally I have always been on- posed to ahy Blue Sky Legislation
 My attitude is based more on a set tied principles than on any incon-
 in oenle1ce or interference that may be caused to my business. greatly dis ike the idea of the state reaching out ana assuming the regulation of one business after another. I recog- HI1e Cihe necessity, of course, for the state to regulate the traffic in drugs ana to regulate the handing of eS- ploSaVes. l have no sympathy, how ever; with legislation which is now eOAAAS 1oA ubS or a real tate board in Connecticut under which legislation a person may not trade in real estate unless he has, a Hcense as a real estate broker The 1act that some real estate men have cheated in the past does not justify the state in taking control of the real estate business and saying to one man tnat ne may have license as a real estate broker and denying it to an- other. This constant extension of the states regulatory power over business IS bound to bring trouble, I think
 Where are several Blue Sky meas- ures pending before the Connecticut Legislature. As president of the Connecticut Securities Dealers Asso- ciation, I have been interested in them- None of these measures were Dealers Association, nor, as far as can learn, were any of them present. sd by any dealers in securities in this state acting in their private capacity. II IS sald there IS very consid derable | call for the Sky Legislation to be en- acted in this state. Personally I | have always thought, the operations of the financial fakers were rnasni- l jed in common report and newspa- | per stories. I do not think the harm | which is done by selling bogus se- | 'ur1ties is comparable with the injury | which will result in the business life If >e community by the state broad ming it's powers to regulate the busi- less of security selling There has 'een some discussion in legislative ircles of passing a law which shall icense securities dealers and sales nen and shall not attempt to pass | lpon the merits of different securi- ies begore they may be sold. If it s a choice between the two forms f Blue Sky Legislation in this state.
 do not know what form legislation n this subject will take Perhaps
 10 legislation will be enacted. I realty hope such will be the case IS far as can learn no Blue Sky that has been enacted T any other state has succeeded in hutting off the activities of unre1ia- 1e people, but it has very severely andicapped and limited the proper perations of reputable dealers"
 How a business man would view 1ue sky legislation is indicated by he statement of J. W. Connors of the r W. Connors Clothing Company t -hcse reply to the question was: "I [
 Continued on Page Three)