New-York tribune., 1921-11-03
lBeebe Is Head
| OF Investment
| Bankers Assn
lie Expresses Dissatisfaction
With Tax Legislation Now
in the Making; Says Com
ditions Are Improving
Fake Vendors Discussed
Delegates Wind Up Conven-
ton With am Afternoon
Passed ON Golf Links
rake Vendors Discussed
By Merryle Stanley R,,Ln,s

by Merryle Stanley Rukeyser
NEW ORLEANS, Nov. 2.-Golf. which
i1red some OF the less conscientious
delegates to the tenth annual convar-
sion OF the Investment Bankers, Asso
e,a1'0n from the business meetings all
ehrougn the week, this afternoon 70
eeived official recognition. The prin-
e'pat bond vendors Of the nation "a
paired from the auditorioum at tbo
81. Charles to the New Orleans Conr
try Club.
BANKERS here hold the theory +ba.
Inc BEST benefits flowing from n na-
'iohsi convention consist of meetinr
soe'a4ly the men with whom thew CO.
operate and compete throughout +ha
year. They regard the links as the
'oeat place for getting together. con-
ciuoing that sporty eighteen-hole
course makes democratic EQUALS of
oahA presidents, cub statesmen. hsads
OF great investment svnsica+os nl
small retailers of promises to paw.
according to banking legends. eipan-
TIC projects have frequently been in.
cu0ated on golf courses. Conversely
snere IS similar tendency to recanit,,.
late the occurrences on the go1f .o,,r.,
al serious meetings of directing boards
De4ors the convention adjourned a+
noon, Howard F. Beehe. Of 49, er ~
FORBES & Co, of New YORK. was ,n ~ >
augurated as ts4a new president of the
organlzatlon. In an address Nh Reeha
nlaGe artlculate the dominant sent
ment OF the delegates regarding the
Improvement OF general business AND
also concerning disappointment re-
ng the present tax program at
Washington.
Free From Anxieties"
nile the last year has been one
OF trials and tri5ulations for many
INES OF business in conforming their
aHalrs to changing conditions, l be-
lleve we can safely consider that CON
ol|lons are improving and will continue
20 improve for business as a whole.
CUR own business has been more free
from anxieties shan for a number of
I years, and recent developments GER
/ talnIy indicate definite and continued
] improvement
/ Concerning taxation. delegates lost
their customary attitude of academic
moderation They are tremendously
i dlspleased with the tentative revenue
bill. In abiding to this, the new
/ president declared:
Taxation, particularly that by the
rederal authorities, continues to men
ace business and to retard the return
TO normal state of affairs. Methods
and degrees Of taxation, justifable only
| because OF and during immediate war
conditions, still are with US. The coun-
try has reason to feel impatient at any
delay in the correction of this all
important matter and to insist upon
the speedy passage of legislation to
effect the desired changes. A make
shift revenue measure, such as is now
IN process Of construction, is not salts
factory and should be condemned.
| Those men in Congress who use their
position for the furtherance of selfish,
political ends, and refer to those of
/ both parties, TO the detriment of their
country, are traitors to the cause Of
good government and should be so
sternly rebuked from home that they
Protection of Investors
Out OF the welter of three days Of
discussion regarding economic prob
lens which affect the safety of invest
ment securities, the question of better
protection of the investing public
against the wiles of the swindler and
the mis- -brander stood out. Rov c.
Osgood, retiring president, in conversa-
tion with The Tribune correspondent,
remarked that the chief impulses of
the delegates were associated with this
heightened realization of the ethical
responsibilities of the investment
banker He leans to the view that the
Federal Reserve Board and the Treas
ury Department should more actively
enlist their expert knowledge and
reputation for disinterestedness in the
campaign against fake stock vendors.
Beside Mr.. Beebe, the following were
elected to office in the association:
Vice presidents, Thomas s. Gates. Drexel
q Co, Philadelphia; n Penrose Hallowe9l
Lee Hfgginson 6 Co. fsoston; Rudolph s.
Hecht. Hibcrnla Securitiea Company New
| Orleans; John a. Prescott. Prescott &
Snider. Kansas City, and Eugene NJ. Stew
ems, llinois Trust a nd Savings Bank, Chi
eago; treasurer. Mcpherson Browning De-
trolt Trust Company; secretary Frederick
Z. -Fenton. Fenton. Davis q Boyle, Chi
cago; governors efun thrse-year term,
Joseph A Rushton Babcock, Rushton q
Co; Herman Clifford. Blair & Co. Inc. Chi
cago; J. r. Edwards. Fifty third National
r. =. foA o; d %, Mliwauhee: }. " Hornor
X 9illon; Read q Co. New York John
~. FrenSiss. Hornoiower d Weeks, New
York Thomas n. Dysart. William r.
! Compton Company, st. Louis and Thomas
! B. Gannett jr., Parkinson g. Burr. Boston
| governors lto fill pired terms ending
| 1920. Ray Norris. Brown Bros &. CO.
New York; Julian X. Harris, Harris
Small d Lawson, Detroit and John w
MaeGregor. Glover O. MacGregor Pitts
blrgh-
On the links all the entrants were
delegates. Chick" Evans, who sells
bonds IN Chicago, captured first honors
and possession for one year of a cup
presented by the bankers of New
I Orleans.
Mr.. Evans, of the firm Of King.
HoaglaRd & Co., of Chicago, had a
net score of II. R. A Gardner was
second, IA; G. V. Rotan. rs; II. R.
Johnston, rs; Robert Harrison, II.
| Myriads OF others, wo are more dis
tinguished for eminence in banking
rather than golf, ran behind these
leaders despite handicaps.
yrsI:xxs Il avsn~ EarueI