Business & Finance: Thin Sliver

Frosty, white-haired President Francis Edward Frothingham of the Investment Bankers Association of America has a watch which, besides telling the time, boasts a chime, a barometer and a gadget that registers how the moon will be each night. Last week as I. B. A. gathered for its annual convention at White Sulphur Springs, W. Va., the moon was only a thin sliver — an appropriate symbol for the investment banking business. Keynoted retiring President Frothingham: "Broadly speaking, there has for some time been no flow of new capital, the capital that employs men....

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