Business & Finance: Investment Bankers

The investment bankers are apparently indifferent to the hard things recently said of them in the West. Last week their convention was held in Washington itself, and they were addressed by President Coolidge from the south portico of the White House. The President's remarks were brief and to the point. After declaring that the investment banker performed important functions in American society by encouraging thrift and gathering funds for the commerce and industry of the country, President Coolidge went on to stress the responsibility which these tasks involved and to appeal to the Investment Bankers' Association to drive out undesirable promoters and financiers posing as legitimate investment firms. "It is almost impossible to weed out every undesirable element," said he, " but the country has come to know that it can rely upon the representations made by its investment bankers."

The convention went on record as firmly opposed to changes in the Transportation Act, the passage of a soldiers' bonus, the continuation of the Government in the shipping business, or the making of loans on improved city real estate for more than 60% of present costs.

Colonel John W. Prentiss, of Hornblower & Weeks, a partner of Secretary of War Weeks, was elected President of the Association for the coming year. The convention of 1924 will be held in Cleveland.