Evening star., 1936-09-09
INVESTMENT SALES
GROUP ORGANIZED
TO SET STANDARDS
5000 Bankers and Dealers
Expected to Join Self.
Government Body.
FEDERAL COOPERATION
ARRANGED BY S. E. C.
Lands Hopeful Of Assistance in
Problems-Y. E. Booker Heads
Local Area Unit.

| SeLtlng up permanent natlonal
organization, with headquarters in
Washington, investment bankers and
over-the- counter securities dealers
have established Investment Bankers
Conference, Inc, for the double pur-
pose Of "self-government and CO.
operation with the Federal Govern
ment."
With Offices in the Denrike Build
ing, at 1910 Vermont avenue, the new
organization already has started q
movement to bring into its member
ship all the 5000 investment bankers
and over-the counter securities deal
ers who are registered with the Sc
curities & Exchange Commission.
| Investment Bankers Conference,
Inc, Of Delaware is an outgrowth of
the former Investment Bankers Code
Authority and the later Investment
Bankers Conference Committee. Of
f1cial announcement Of the new per-
manent organization was made by
B. Howell Griswold. jr., of Baltimore,
who has been chairman Of the In
vestment Bankers Conference Com
mittee. He Is senior partner of Al
exander Brown g. Sons.
Ex-Compliance Officer In Charge.
At the national headquarters, Wal
lace H. Fulton has been placed in
charge as director He was formerly
compliance officer for the Investment
Bankers Code Authority. but had re-
turned to private business in Cali
fornia. He was recalled to Washing
ton for this work. Frank L. Scheffey
Of New York is also a director of the
new organization.
Prominent in the new set-up To-
cally Is Y. E. Booker, president of the
Washington Stock Exchange. who is
chairman Of the committee in charge
Of this region. Booker has sent out to
members of his committee, represent
ing four States and the District Of
Columbia, letter outlining the plans
for the new organization and laying
preliminary plans for the regional
outfit. The section headed by Booker
has for its jurisdiction the District Of
Columbia, Maryland, Virginia, West
Virginia and North Carolina.
James M. Lands, chairman of the
S. E. c., In statement issued through
the new I. B. c., predicted that the
successful functioning of this or
ganIzation along the lines indicated
would rebound to the benefit both
of the public and the investment
bankers and dealers of the country In
many ways"
Purposes Outlined.
Specifically, some of the more i'm
| portant purposes of I. B. c. are set
forth in its charter, as follows:
ITO promote, through cooperative
effort. high standards of commercial
honor and integrity and public conf
dence in the investment banking and
securities business.
| ITO provide a medium through
which its membership may be ena-
bled, through representatives, to con-
fer, consult and cooperate with gov
ernmental and other agencies in the
solution of problems affecting the
public and the investment banking
and securities business.
ITO promote effective cooperation
among members and to investigate
| and adjust grievances between the
public and members-and between
members"
Local and regional organization
are to be set up, such as that now
headed by Booker, throughout the
country.
"The new organization" said
Lands, will be requested by the
S. E. c. to conduct hearings involving
complaints Of unfair practices, of the
type which do not call for reference
directly to State or Federal authori-
ties, between and against investment
bankers and security dealers who are
members of the conference"