Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-01-15
MEN AND MONEY
BY NJ. S. Rukeysey,
(COpyright. 1927

Wall Street is fast being stripped of
its air of mystery.
The leaders of the Street have been
trying to get out of their shells and
tell the world about themselves. As
result, Wall Street and Main street
are getting better acquainted, and, al
though deriding the place where the
money grows still has its political ap
peal. 1t Is becoming less sure.fire stun
The New York Stock Exchange has
taken the leadership in admitting the
sunlight of publicity. Before the war
newspaper reporters were considered
obnoxious intruders. In recent years
the exchange has become progressive
ly more friendly toward the press
which. incidentally, keeps public inter
est in securities alive by printing each
day full reports of every transaction
on the board. The stock exchange
maintains a special room for report
ers, and to an increasing extent is
adopting the late President Wilson :
formula Of open covenants openly
arrived at"
Moreover, thousands of visitors-un.
attached individuals and students from
schools and colleges, employees OF
banks and industrial corporations
come every year to view from the
gallery the clashes Of buying and sell.
Ing forces on the floor of the New
York Stock Exchange, where the
prices for Americas leading corporate
stocks and bonds are determined and
where the general tone of prosperity
and depression is first to be sensed.
Going Into Hinterland.
Besides, officials of the exchange
are carrying their message to the
hinterland.
A quartet of able speakers Is more
or less regularly throughout the year
bringing the voice of Wall Street into
every part of the country. f. H. II.
Simmons, president of the exchange,
who Is following the newer publicity
policies of his able predecessor, the
late Seymour Cromwell, the first of
the new school Of progressives to take
over leadership Of the Stock Eek.
change, heads the list. He has the
courage to discuss controversial eco.
nomic questions and the talent OF
making the dismal science seem vivid.
interesting and alive.
Jason Westerfield, director Of pub.
licity, is spending even more time In
the field, frequently visiting smaller
places not on the presidents circuit.
Mr.. Westerfield goes into the corn
belt of Iowa, into North Dakota and
into other centers of luminosity toward
Wall Street and in his charming,
suave manner corrects false impress.
sions and Stays the dragon of fear
and suspicion.
Cameron Beck, personnel director
speaks at schools and boy welfare
societies on the attitude OF the Stock
Exchange toward it 1000 employees,
His oratory is designed to inplant
the idea that brokers are human
beings--not the demons that used TO
be depicted in cartoons and in the
word pictures OF rural politicians.
j. Edward Meeker, formerly Of the
faculty of Yale University, is econo.
| mist of the Stock Exchange-the head
Of the intellectual forces at the ex.
change. He occasionally makes
speeches himself and does reasearch
work for his colleagues.
Have Significant Effects.
These newer activities of the Stock
Exchange have significant enonomic
and sociological effects.
They are making new friends fo,
Wall Strickland for the security mar
kets. Friends in a political sense. and
friends In q business way. Security
operations are based on faith. and
these newer activities of the Stock F,x
change. which has strongly allied
itself with the whole better business
| movement, are building UP confidence
in places where only Suspicion used tc
Turk. The long-term effect of these
changes will depend on whether the
Stock Exchange deserves a higher
place in public esteem-in other words
on whether good words are backed
through the coming years by good
works.
In this connection it is part Of the
| record that during this period of in
creasing publicity the Stock Exchange
has to notable extent frightened ur
its own rules, which are designed tc
assure honest execution of orders re
ceived from the public.
The truth is that legitimate Wall
Street is perhaps the most highly or
ganized and delicately balanced mar
ket place In the world. The public
should remember that brokers and
bankers are not altruists, but are &C
j tuated by profit motives. Lasting bust
ness rewards, however, the better ele
| ments find, are won by fair dealing
which builds good will for the future
THE BUSINESS OF GETTING
| AHEAD.