Evening star., 1935-06-14
.L.B.A. WANTSCOD
RULES RETAINED
Booker Reveals Attempts 70
Keep Provisions After
June is.
BY EDWARD C. STONE.

6OuGIlShSCCIu EJcBlOL1h1 SOQc SOtuHllO-
tee of the Investment Bankers Asso-
ciation, announced today that special
efforts are now being made to keep
the provisions of the investment code
effective after June Is, when the code
becomes unenforceable on account Of
the recent Supreme Court N. r. A.
decision.
Rollin A. Wilbur, managing direc-
tor of the National Code Committee,
has sent a letter to all registered in
vestment bankers asking if they wish
to continue the provisions of the orig
inal code under a voluntary agree
ment. His letter says in conclusion:
'"The Code Committee believes 1t is
important to the interests of the in
veStment banking business and the
public that there should be no lessen
ing of the observance of the high
principles set forth in the code for
the protection of investors and pro-
viding standards of business integrity,
and that the Code Committee should
attempt to find some sound legal basis
upon which it can propose to REIN
state registration whereby investment
bankers may cooperate with the Gov
ernment in determing and regulating
their practices and ethics.
ITO this end, it is not only desir-
able. but necessary, that the present
code organization, reduced, of course,
in personnel be continued in order to
carry on its negotiations in Washing
ton, to continue the contacts of
regional committees and to determine
whether or not it Is possible to work
out for submission to registered in
vestment bankers a plan for vol
untary code or guild. regulated and
administered by the investment bank
ers themselves under supervision of
the Securities and Exchange CommiS-
sion.'
That there is a very general feel
ing in favor of the investment code
Is shown by the fact that more than
200 kilograms and letters were receiv-
ed at headquarters here. after the de-
cision against the N. r. A, urging
that the fair practice provisions be
perpetuated in one form or another.
Bond Experts Visit Baltimore.
James H. Lemon. president of the
Bond Club of Washington, announc-
ed today that the local club is send
ing its golf team to the inter-city golf
team match to be held by the Bond
Club Of Baltimore this afternoon at
its annual field day at Five Farms.
The local Bond Club will be repre-
sented by George Ferris. Corcoran
Thorn, jr:. Haywood Newbold. Jasper
Duhose, Richard Dunn and Thomas
c. Montgomery, secretsry-treasu;er, in
the three -cornered match between the
Bond Clubs of Philadelphia, Baltimore
and Washington.
Carl r. Kurtz, vice president; James
P. Nolan, former president; Y. E.
Booker, Myles H Quail and JAMES M.
Johnston of the Bond Club of Wash
ington will also be present at the
outing.
Big Bank Offers Small Loans.
One way of setting idle banking
funds to work. says the Bankers
Mags zine, is by extending loans to
those not generally locked on by the
larger banks AS desirable borrowers.
Following this policy the Manufactur-
erS' Trust Co. Of New York mas an
that it will inaugurate
loan service consisting of ex-
loans, chiefly on the nasis OF
in amounts ranging from
$50 to $4,000. Such loans will be
made at the rate Of 6 per cent, repay
ments to be required in monthly in
stallments over the period Of year,
and these payments will be deposited
in q thrift account where interest
will be paid at the prevailing rate OF
the bank on thrift accounts, this in
terest to be credited tn the borrower.
There are several influences tending
to cause bankers to look with more
eye on the small personal
Ioan than they have done in the past
With the Government doing so large
! share of the large-scale lending the
banks must, to some extent, se2E else
where a fresh outlet for loans If they
are to continue to operate at 8 profit.
The banks, having large excess re-
serves, cannot forever remain lndif-
Ierent to the comparative lack Of de-
nand for loans.
IF the larger banks can safely and
oroftably extend loans to more nu-
nerouS classes IN the community,
benefit may accrue to borrowers and
he popularity of thi: class of institu-
ions correspondingly increase" the
adds.
Exchange to Drop d. C. Office.
New York Stock Exchange officials
announced today that Washington
headquarters, at PALS Tracy place. will
probably be abandoned after July /,
when the present lease expires Dur
Ing the past year exchange officials
have made so many visits to the Cap
ital that they rented the house on
Tracy place, where many conferences
were held and close touch kept with
Security d Exchange Commission
leaders.
Charles r. Gay, newly elected pres
ident Of the exchange, was in WASH
ington today for a meeting with the
Security g. Exchange commissioners.
Mr.. Gays visit was for the purpose of
becoming personally acquainted with
the members of that body.
1t was stated that President Gay
will invite the members of the Ad-
visory Committee of 10 non members,
who sit in on exchange Governing
Committee meetings and also serve on
various standing committees, to con-
tinue their work after July /, when
their appointments expire.
Ready for Banking School.
Washington bankers will 60 to New
N. j., early next week for
the opening Of the graduate school
Of banking at Rutgers University.
Among those who have enrolled for
the advanced work are Nelson B.
O'Neil, assistant vice president; r.
Earle Haycock, auditor, and H. T.
Bisselle, assistant cashier, all Of the
Riggs National Bank; Ralph Endi-
colt and George Fisher, assistant
treaSurers of the Washington Loan
g. Trust Co., and Horace F. Stokes,
assistant cashier of the National