New Britain herald., 1928-04-27

ginning. Fear and suspicion, he said, are the two demons which have caus- ed ao per cent of the misery aud suf- ferlng and strife in the world They are the o1fsprings of ignorance and superstition and can be exercised only by truth and understanding.
 Mir Wtstcrlicld spoke on Wall Street Realities" and described the part that organized finance has play ed in the development of the United States throughout the country.
 Without large accumulations of capital, easy of access and mobile in form,' he said. "the miracle of American progress could not have happened: the locomotive would have remained a laboratory dream the railroads would never have been constructed and woven into the mar Nelous network which now brings every section of the nited States into close and prosperous relationship. Our nation would have comprised 9 sparsely settled area bounded on the west by the Mississippi river and iolltt lFIt anu tHtIc i'N Il t" CllltS ~nioyin" the tenuous economic. and social intcrrclations to which they were limited by the buggy and stage coach methods of transporta- tion.
 "Production and distribution arc economic Sianlese twins, and il would ed be futile to attempt to form great corporations necessary for the oncentration of capital into great productive units unless the means for the distribution C c Dora1e securities were ready at hand. Thus has the New York Stock iLA- change. by providing the complete machinery for the marketing of corporate stocks and bonds become one of the necessities in the economic progress of the nation. By means of its ample facilities. and surrounded and safeguarded by its numerous protective regulations, American bus mess has found in Wall street and the New York Stock Exchange the means by which steady and continu- ous progress Is possible
 Mir. Westerfield referred to at tacks which have been centered against Wall street as a result of the operations of sWindlers and fraudu- lent promoters who were at no time q part Of legitimate organized fi- nance. This same legitimate business, however has for years been leader in the fight 10 stamp out dishonest practices and each year. he declared. further progress is being made. To this end the New York Stock F.N- change has eStabliShed a Fraud Bureau which works in close CO., operation with Better Business bu- rcaus and agencies of government all over the country. Moreover, he pointed out, the Exchange has tried with q large measure of success to have laid before the investors of the nation the essential facts concerning enterprises into which they propose to put their money in order that they may determine from these facts whether or not the proposed invest ment is proper one to fit their own ndi>idual needs.
 "The New York Stock Exchange" the speaker said, ''seelnS very rcnlotr ut times 10 the average man at his daily tasks. He understands we'll enough his interest in good times prosperity, and improved living conditions, but does not always asso- ciate these desirable conditions with the employment of savings in pro- ductiNc industry. Money in the hands of thrifty and prudent individuals is the main source Of supply Of fresh capital in industry. These funds are either boarded or employed accord ing to the degree Of confidence felt m the machinery of investment. Thus the effective measures adopted interest of the investing public are necessary to maintain the con stant supply of fresh funds required to provide the ever increasing farili- ties with which to meet enlarged ti,mallds'
 It, Was announced that the Con necticut State Conference will be 'eiu MAY U ftt htIlnfh. ] i' llolH- ing session will take place at the Home club while the afternoon pre- ceedings will take rE ".
 Highland Country club. T. A. D. tTad) JonrS. foUti:,l ec,tyi .l
 and Stephen |. Mill"r. ,At.ri.ci%1 manager of the National Association of Credit Men, will be the chief speakers
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