State Losing Investment Capital to Out-of-State Securities Dealers / Says Patton
Wolfe, Lou Anne, THE JOURNAL RECORD
Patton told a recent Kiwanis Club meeting that 1,700 securities offerings were filed with his department in 1985, amounting to $84 billion.
Of that, $1.5 billion were offered for sale by Oklahomans, he said.
"A very small part is being done by Oklahoma companies, and about half are oil and gas and about half are manufacturing," Patton said. "But 91 percent (of the capital) leaves the state to out-of-state issuers."
Patton added that 61 percent of Oklahoma's $1.5 billion goes to mutual funds and investment trusts.
While giving credit to those who are concentrating efforts on attracting new industry to the state, Patton stressed the need for Oklahoma to build from within to fight its sagging economy.
He predicted future reliance on oil and gas, agriculture and cattle would greatly diminish.
He also called for better planning by people and agencies, who tend to move in different directions, and a closer scrutiny of public trust expenditures.
"We need to concentrate on our urban areas," he continued. "You know the Pizza Hut ad where Hoyt Axton says that Oklahoma is the cultural center of the universe? We need to make it come true."
Oklahoma's educational system needs to be increased from the elementary to college levels, Patton said, but it also needs increased accountability. …