Evening star., 1932-04-13
RICHARD WHITNEY WON FAME
BY WORK TO HALT 1929 PANIC
Present Head of Stock Exchange Youngest
President Big Board" Ever Had-Is
Known as Morgan Man

way he smiled, the look in his eyes
his merest 'w!secracks-all were to be
noted and related.
The hero of the day looked per-
fectly the part, as perfectly as if he
had been selected with care out of an
army OF Hollywood extras. He dresses
mpeccably; he is big man physically
over s feet tall and 210 pounds in
weight, weight which he carries lightly
with the tread of a former Harvard
athlete.
In Line Of Business.
His features are large, regular and
somewhat handsome; the brow square
surmounted by jet-black hair barely
beginning to turn gray; the eyes keen
and dark, deep-set under prominent
downward-slanting brows.
This hero, If one had been able to
catch up with him during those turbu-
lent days, would have explained that
ne was no hero at all. After a thought
1ul, deliberate pause, he would have
pointed out that he had acted only in
the line of business, that he had
bought merely on behalf of a banking
eonsortium. Furthermore, he would
have pointed out that published reports
were wrong. He hadn't bought $4,000
Steel, or anything like that amount.
When Mr.. Whitney bid for Is 1000 Steel.
that stock shot to 2061a. so hopeful
were the spectators, and he actually
oought only 200 shares at his price
The grandStand play worked-for two
days. On Saturday things looked SO
good that Mr. Whitney caught an early
train for New Jersey, where he presided
over a race meeting, something !
really liked" The next week the panic
was back.
There were a thousand and one
things for the young acting president
to think about. Confusion and fatigue
haraSSed the Street.
Those who saw Mr. Whitney closely
admired him for the way in which he
Shouldered enormous responsibility and
burden of detail, for the skill with
which he carried out plans for restrict
ing hours of trading, calling holidays,
sparring for time.
Get Your Smiles On"
Frightened financiers listened to him,
leaned upon him. 1t is still hard to tell
which was more terrified-the stam-
peded public or the camp of insiders
WIlO SITuBSleQ 10 avert QlSdSJBE. Ole
day Mr.. Whitney and a group of col
leagues were issuing from a secret con-
ference at % Wall Street AS they
neared the door, Mr. Whitney exclaimed
to the others: Now get your smiles on,
boys!" Thus, with their hearts almost
dead within them, the plutocrats Of
stocks and bonds marched docilely be-
hind their chosen captain, across
crowded Broad street and into the Ex-
change.
When a turn in the market came
November IA, amid rumors of new
Whitney buying for Morgan and Rookie
feller buying of large blocks of shares,
cheer upon cheer rose from the Ex-
change floor. Wall Street claimed
credit loudly for bravely staying open,
for conducting business as usual in the
face of the worlds selling. Its ma
chinery had bent, but not broken"
Mr.. Whitney was covered with glory
he had shown the qualities of a true
leader of finance: GOODNESS. discretion
ability to talk freely without saying
anything, to handle the biggest deals
with an absolutely unromantic poker
face, save when the situation was SC
bad that it called for broad smile.
Mr.. Whitney's rise to leadership and
power in the Street was no accident
He was long and carefully trained. 1t
was as If he had been selected early
by some eugenic process and groomed