Evening star., 1939-05-13
|. B. A. Board Meets
For Annual Spring
Conference
Capital Is Represented
By Y. E. Booker and
james Parker Nolan
BY EDWARD c. STONE.

Between 300 and 400 members of
the Investment Bankers Associa- |
tion are attending the annual spring |
meeting of the Board of Governors |
which opened at White Sulphur, |
w Va, today. The meeting is open
to officers of the association, chair |
men of standing committees and to |
former members of the Board of |
Governors. Washington is repre- |
sented by Y. E. Booker head of the |
investment firm bearing his name,
and by James Parker Nolan, partner |
in the firm of Folger. Nolan e. Co.
This is considered the most i'm |
portsnt meeting of the year except /
the annual convention. The Ma
lonev Act will again furnish one of |
the vital topics of discussion this |
measure relating to regula ton of |
over-the-counter trading. The act .
Is to be put into practical operation
shortly Investment bankers have
long been cooperating with the |
Securities and Exchange Commits /
sion in working out satisfactory
methods of meeting all legal re-
qurementS.
The present investment situation |
will be considered in detail Mu-
nlclpal bonds, railroad investments, |
new financing and many other Sc
curltv problems have been the OBJ
tect of special study by important |
committees. The results of these |
studies will be presented at White
Sulphur along with brief forecasts. |
The dearth Of new issues, low yields, /
the fact that so many issues are
being sold direct to insurance COM
panieS. and world conditions make .
the present session one of rare i'm
portance to all investment dealers. .
las Bond Club Reservations.
The success of the annual out |
Ing of the Bond Club of Washing /
ton is already assured. Harold c. /
Patterson reporting today that los .
reservations for the Manor Club .
frolic had been received. This is .
practically the dinner seating Ca
pacitv of the clubhouse.
The stock exchange seats have |
already been sold, this attraction .
always proving the biggest event .
of the outing. Prizes are to pe Of /
fered in connection with the varied .
events, new automobile heading |
the list A similar prize was award .
ed last year.
President Chauncey G Parker, .
tr, looks for one of the best out
ings in years, and Myles H. Quail, T
chairman of the Arrangements
Committee. backs up this view. The
date is next Friday.
Investment Experts Meet.
The third annual meeting of the
Investment Counsel Association of 4
America took place recently at the
Waldorf Astoria. New York Among
the. subjects discussed were Stock .
Ownership by Management of
Leading U. S. Corporations"
Methods of Determining Bond
Quality" "A Mining Engineers Ap- .
praisal of Gold and Silver" and
Investment Counsel Qualifca-
tions,"
The speakers included Dr.. David
Friday, economist, of Washington,
who spoke on The Function of
Investment Counsel in a Changing
Economy" Among the members
present was Lawrence M. Proctor of F..
this city, who was with Alexander
Brown & Sons for many years, and
now has an office of his own.
Some speakers laid stress on the /
Importance of looking for new
factors in appraising every new in (.
dustry. Each industry that comes
along, such as the airplane industry, |
or the air-conditioning industry,
has certain new elements that did |
not appear in the growth of earlier |
business enterprises. Ability to see
these changes in advance makes for /.
investment counsel success, mem
bers were told
Dairy Products Drive Planned.
A drive to push the consumption |
OF milk and dairy products will be .
launched on June l and continued |
for month by all the leading chain |
store and mail-order houses. Al |
ready 85 leading concerns have an
nounced their cooperation and it /
Is anticipated that this number will !
be swelled to more than 100 by the |
opening date of the campaign. The |
companies now pledged have nearly
500 900 employees, operate more than
$1,000 outlets, coast forecast, and do
an annual business of over $780,
600 900.
Consumption of milk and dairy
products will be pushed by the
participating concerns through
store displays, newspaper advertis-
ing, radio and every other practi-
cal promotional medium possible on
a Nationwide basis.
Among IS concerns to take part
are F. w. WoolWorth a. Co. Sears, |
Roebuck e. Co., and Montgomery.
Ward & Co.
Heard in Financial District.
Secretary of Commerce Hopkins
will make the leading address May
Is at the world trade dinner in
New York, which will climax the
observance of national foreign
trade week. The dinner is spon-
sored by so organizations. includ-
ing the National Foreign Trade
Council. Chamber of Commerce and
American Arbitration Association.
The Standard Statistics Co. re-
Gently took look at movements
Of the New York stock market in
the past Is years. from 1924 to
1898. Only in 1884 were stock values
lower at the end of the 1O-Week
summer period than at the begin
ming. In 1880. 1881, 1882 and 1887.
which were classed as bear mar
kets gains were scored. The move
ments were based on 400 stocks.