Business: Needed: A Balanced Budget

Before the 48th annual convention of the Investment Bankers Association of America last week in Bal Harbour, Fla., outgoing President William D. Kerr posed a challenge: "I visualize a titanic struggle between the forces that would foster and perpetuate our local governments and our right to the well-known freedoms and those who would turn these United States into a huge federal omnibus in which the individual would be reduced to being a number in a file."

Kerr, a partner in the Chicago investment house of Bacon, Whipple & Co., told the bankers that those "who know the invariable wisdom of...

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