National Geographic : 1912 Dec
The Investment Banker's Obligation to his Clients The following is quoted from N. W. Halsey & Co.'s copyrighted book let, "Service to Bond Buyers," which will be sent gratis upon request. " Investment banking is a serious responsible business. The banker ought to be exceedingly careful of the J character of the bonds he sells. People buy of him for investment; they are not speculating and they cannot afford to lose. Many of his clients are absolutely dependent upon the income from the securities they buy for the wherewithal with which to live. If any of the securities turn out to be worthless some of the holders may actually suffer for the necessities of life. The investment banker, therefore, who has a proper appreciation of his calling will make the matter of safety of the securities he handles his chief concern. He will bring to his aid all his skill, judgment, and experience, to assure himself of the soundness of the bonds he offers. If the banker is lacking in skill, if his judgment is faulty, or if his experience in his profession has been limited, disaster is almost certainly in store for him and his clients through the purchase of unsound securities. The responsibilities of the banker in dealing in Cor poration bonds are particularly heavy. As the banker usually buys an entire issue, the bonds are held exclu sively by his own clients, and he must not only be convinced that the bonds are safe, but he must make a market for them as well, in order that his clients may borrow on them or convert them into cash, if they find I it necessary to do so. The best evidence any bond organization can offer as to the scope and quality of its service is its record during the years it has been in business." If the investment service suggested above is the quality of service you desire, you are cordially invited to address our nearest office for a complimentary copy of the complete booklet. Ask for Booklet A. N. - 76 N. W. Halsey & Co. NEW YORK PHILADELPHIA CHICAGO SAN FRANCISCO 49 Wall St. 1421 Chestnut St. La Salle and Adams Sts. 424 California St. K -j I-IlitIIII "Mention the Geographic-It identifies you."