The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-19

the public IN matters a1ectlng Secur
You suggest that the New York
Stock Exchange might find it prof
liable to establish a separate depart
ment to take over the work of edu-
eating the public in stock market
procedure. Lecturers could be ap-
pointed and given the widest train
ing and schooling in the subject
they are to discuss. 1t might even
be possible for the exchange 10
erect miniature sets showing just
how the Stock Exchange operates"
The difficulty with that PROPOSE
ton is to educate the educators.
Men on the floor of the exchange
and the men insthe offices who are
familiar with brokerage practices
and floor technique also, could not
possibly be spared to do this work.
On the other hand, it would take
a long time to educate set of lay
men lecturers, and it would always
be a question whether these men
would themselves imbibe an under
standing of the full details of the
of the market place.
Problem Is Difficult
It is not an easy subject and 1t
would be better to leave the public
in ignorance than to advise them
wrongly or so specifically that their
last state might be worse than their
first.
But, even assuming the possibility
of creating a corps of lecturers,
there is one thing that you as
man will readily realize.
Should we turn loose on the public
this group of. educators. 1 do not
doubt for a minute that in many
of the newspapers, and in the halls
of Congress, our work would be
denounced as propaganda and we
would be summoned forthwith to
explain our attempt to educate the
public into gambling" methods.
The program proposed by you un-
doubtedly would meet a different
reception, although its purpose
would be constructive and decidedly
important. as you say, from an eco
nomic standpoint. Therefore it
would require serious consideration
before we could embark on any such
even though I admit
the desirable results to be obtained.
Education by Motion Pictures
We have two motion pictures, one
called The Nations Market Place"
and the other THE Mechanics of
the Nations Market Place" During
the past year these pictures have
been shown to a million and
quarter persons throughout the
country, and to more than seven
million people during the last five
or six years. There has been under
consideration by one of our COM
mittees the desirability of a new
film, but we have not reached a
decision in that matter yet.
There is no doubt that the motion
picture is a splendid means of edu-
cation and if it would be possible
to combine the motion picture and
the lecture, fine results might be &C
complished. 1t is something that
we have in mind.
Every One Wants "ScapegOat"
Every man who lost money IN
Wall Street between 1929 and 1884
is a critic of the market place and
does not take into consideration his
own fallibility or the unacceptable
results of economic typhoons. I find
that men of education, intelligence
and understanding are often as
clamorous to find scapegoat when
they lose, as men who are less men
tally equipped. This means a Sit
uation extremely difficult.
Let me thank you again for your
interesting article and good letter,
and I shall appreciate it if you will
give me the benefit of your sugges-
lions or criticism at any time. You
will find us cooperative, but there
are certain restrictions and limita-
lions on our work which hope you
will recognize.
Faithfully yours,
(Signed) RICHARD WHITNEY,