Business: Investment Bankers

The 1,200 gentlemen who marketed four-fifths of the $7,500,000,000 corporation and government securities placed in the U. S. during 1925, met at Quebec last week as the Investment Bankers Association. They gathered as much for mutual acquaintance as for conference on their peculiar problems. Investment banking has grown to be of vast complexity, and depends much upon personal relations. Issuing houses buy bonds wholesale, which they job to their retail correspondents. These in turn sell such securities directly to investors.

The convention made no decisions of far-reaching import. The members, most of them...

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