Business & Finance: Bankers' Reply

Shocked into a state of profound grumpiness were the well-heeled members of the Bond Club of New York a month ago when SECommissioner William Orville ("Bill") Douglas in the course of a luncheon address opined that continuity of relationship between corporation and investment banker was of "unestablished value to anyone except the banker" (TIME, April 5). Equally heretical were other Douglas views. Being more circumspect than some of their industrialist clients, the bankers did not rush to microphone and rostrum with denunciation and alarm.

Instead the Bond Club called upon the logical man...

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