Evening star., 1932-04-13
BY MATTHEW JOsEPHSON.

Special Dispatch to The Star.
NEW YORK. April 13 (N.AN.A).-
Fame is something frankly not relished
by the great men of Wall Street. Its
owners would gladly yield up the credit
end the glory; they would appear III
informed, undistinguished, sluggish while
quietly manipulating themselves INTO
directorships of 60 corporations:
Yet fame has attached itself to Ger
tain men in spite of themselves
Richard Whitney, who has been at
the head of the New York Stock EX-
change from the moment things went
blocey, and who has been figuring SO
prominently the last few days as wit
ness before the Senate Banking and
Currency Committee in washington,
owns a paradoXical fame. One after
uoon he became known everywhere that
telegraph wires go as "the man VINO
halted the stock panic OF 1929. IL
turned cut that he had halted 1t only
temporarily but fame had already at
tached itself to him.
Known as Morgan Man.
Mr.. Whitney has been a popular
president of the exchange ever since he
took the Office May II, 1880, at the
financially tender age Of Al, the
DIGSlQGIlI VIC CNCi AloA VA NAA~
big board" He has been honored by
the resolutions of his fellow brokers
upon his courage, re5ourcefulness, and
rare qualities Of leadership. one
noted grayhead among the flnanclers
has called him "a knightly gentleman
who knows the ideals of the Stock EX-
change, knows its foes, its caIumnl-
ators'
On the other hand some factions
among the 1857 member brokers have
considered him high-handed in Ger
tain of his emergency policies. Mr..
Whitney is known in the Wall Street
grapevine as Morgan man, verltable
field marshal of the far-fung interests
of the House of Morgan.
When the worlds greatest financial
bubble burst in the Autumn Of 1929, no
one was more irritated and f1ustered
than the little group of dealers in
money who had been called "our lead
ers in business and economic life to-
day"
Could the market, sinking away at a
speed never seen before, be shored up
with any amount of money they could
raise among them? These questions
were not answered at the first f1urried
conference, or at those that Immediately
followed it. Really only one thing was
agreed upon in these early sessions:
Above all that precious. elusive thing,
confidence. must be restored.
Whitney on the Job.
Wednesday, october %, the market
had fallen into the depths of the abyss
On the morning of black Thursday"
the bottom of the abyss gave way and
the market plunged into a new abyss
which was right below the first one
The experienced president of the Ex-
change, E, H H. Simmons, was away,
but the vice president, Dick Whitney,
was on the premises, hopeful and ready
to go. OF the legends that have been
told of devilish or angelic apparitions
that arose over the field of economic
carnago, the most glamorous clings to
his person.
At 1:30 pm. on October "a. 1929,
Dick Whitney. Morgan man, was seen
running across the floor of the ex-
change toward post g. According to
one fevered report he charged into the
crowd like a bull. roaring: Il bid 205
for $4,000 Steel" Instantly Steel
steadied. The market rallied. Steel
went to 206h.
Mr.. Whitney had become the man Of
the hour and all that he did henceforth
was to have touch of magic. The