Business: I.B.A.

The Investment Bankers Association of America convened at White Sulphur Springs, W. Va., last week and simultaneously Wall Street witnessed one of the tightest squeezes in market history due to a unique set of circumstances which perfectly illustrate the unhappy state of investment banking.

In September, Edward B. Smith & Co. and other investment houses underwrote an issue of 442,443 shares of Pure Oil Co. 5% preferred stock convertible into Pure Oil common at $22.22 per share. But the coincidence of the market smash with the slow period of gestation which the Securities...

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