Evening star., 1926-10-13
MEN AND MONEY
BY NJ. S. Rukeyser.
Copyright. 1920

The New York Stock Exchange rec.
ogniZeS that it's success depends on
having a fair regard for the interests
of the public.
1t is not a philanthropic institution,
but its new leadership perceives intel
ligent selfiShneSS makes it wise to try
to safeguard the interests Of the little
fellow.
f. II. II. Simmons, the president,
who is nephew Of the late E. H.
Hartman, former railroad king, has
a new and broader conception Of the
public aspects of the brokerage bust
ness. With New York the new finan-
Cial center of the universe, the policies
of the principal Stock Exchange be-
come of increasing public Importance.
I asked Mr.. Simmons in what ways
the public can use the facilities of the
Stock Exchange and members thereof,
which are now neglected.
Mr.. Simmons, tall. dark individual,
with brown eyes, and youthful express
sion, mentioned two examples Of serv-
ice facilities which are frequently over
looked.
complaints by the public regarding
the way their business has been ham
died by a member brokerage house, "
said Mr.. Simmons, always receive
careful attention when referred to the
authorities of the Exchange. The EX-
change is anxious to have the cooper
alton of the public in this respect.
since its administrative tasks are in
the absence of such information nat
urally rendered more difficult Hap
PLY, the public is coming to appre-
Ciate this fact, and to cooperate with
the Exchange by bringing complaints
against Exchange firms promptly to
its attention. However, much re
mains TO be done in securing the COM
plete assistance of the public in this
connection.
Valuable Data Available.
ALSO. there is much valuable in
formation concerning companies
whose securities are listed on the
Exchange, which can be secured by
any one who will take the trouble to
ask the Exchange for it. For many
years the Exchange has gone to great
expense and trouble in endeavoring
to obtain from its listed companies
adequate information concerning their
current earnings. balance sheet items
and capital structure. When a new
security is listed this Information is
carefully published in its listing ap-
plication'; while by further require
ments of the Exchange subsequent
news regarding balance sheet posi-
ton, earnings, dividends. etc. hlust
be published in the press. The EX-
change enforces these requirements
purely in behalf of the investing pub
lie. There is nothing confidential or
exclusive about such information; as
q matter of fact, the Exchange re-
fuses to receive any information con-
cerning the investment value of a
security applying for listing which
cannot also be made available to the
companyk stockholders and to the
public at large
1.-THE unique value of much of the
corporate information thus elected by
the Exchange has frequently been re-
cogniZed by impartial students of this
subject. 1t is a matter of regret that
the public shows so little interest in
the matter. when the information can
be had simply for the asking
There should be an idea in Mr.. Sim
{ mons remarks for the small investor.
The most frequent cause of loss is
buying on hearSay, instead of on a
true understanding of the facts. 1t
is regrettable that the public will not
seek out the statistical facts before
stalking their savings.
Ignore Exchanges Plea.
Incidentally, 1t is also a matter of
regret that some of the older COM
panies. whose shares were listed be-
fore the modern standards were set
up by the Stock Exchange. ignore
Mr.. Simmons plea in a recent circular
letter TO them for fuller and more
frequent publicity as to earnings.
Wall Street is at present more dra b
and proper than it has ever been
before.
A crusading financial editor recently
complained to the Stock Exchange
that Wall Street had recently been
made so hygienically clean that there
was little left for him to write about.
When the average man first began
TO invest on a large scale in corporate
securities after the war corruption.
bucketeering and swindling ran ram
pant in the shadow of the legitimate
agencies of Wall Street.
A concerted drive, centering around
the better business movement, has
helped to clean up the street. Fakers
quickly return under different names,
however, and the country will never
be rid Of the need Of eternal vigi-
lanoAs NOneoven. fha-amall speculafaI