Evening star., 1936-05-17
BY THOMAS CoMPERE.


" cation to facilitate their trans
4 actions, conducted beneath an
historic buttonwood tree on lower
Manhattan, has an educational pro-
gram so progressive and comprehen-
sive been adopted by the New York
Stock Exchange as the one now be-
ing put into effect. Because of this
new policy, the illusion that the New
York Stock Exchange was ques-
tionable fraternity of millionaire
spectators. isolated from the invest
ing public by an impenetrable wall of
secrecy and tradition, is being dis
PEELED.
This institution, which is the clear
ing house of investment opinion in
every Main Street under the United
States flag, probably has been mis-
understood and misrepresented more
generally than any other major unit
in our complex economic system. 1t
has been regarded by many as a
gambling hell by others as a place
where vague they ran the stocks
up and down, making millions and
breaking the small investor in the
process. A great number of others
blame the Exchange for depressions
and booms. holding the barometer to
account for the hurricane.
year ago, a mild-mannered
neighborly fellow, who had risen by
his own industry, thrift and intelli-
gence from a S3a-week job as Office
boy to the presidency of the Ex-
change, set out to CounteraCt these
widespread misconceptions. He was
Charles r. Gay, a modest, efficient
broker, who would rather putter
about in his Brooklyn home with his
extensive Photographic equipment
than watch the ever-Changing ticker
tape. He made his position clear
without pulling punches when the
progressive element of the Exchange
elected him to the presidency. He
said:
I'VE have not been frank enough
to admit our mistakes =. We have
been forgetful that millions of people
mistrust the Exchange because they
do not understand it :. We have
been too proud to plead our cause"
Takes Case to Public.
"lOAl NLldI dClCl lSIiC SIl6ERY he mas
put his ideas into effect. He took his
case directly to the country, making
speaking tours into New England, the
Middle West, the Pacific Coast, the
South and Southwest. Private cars.
batteries of secretaries and press
agents were conspicuous by their alb
sence. The impression was established
that there was none of the stuffed
shirt or silk-stockinged tradition
about him. In Dallas he wore a ten
gallon hat and had good time do
ing it.
Newspaper photographers were
amazed no little in Philadelphia. when
they gathered to take his picture. He
talked their own language and obvi-
ously knew nearly as much about pho
tography'as the seasoned professionals.
He took one Of the cameras and turned
the tables on the photographers. Mr.
Gay was good amateur photographer
while some of those camera men were
IN sWaddling clothes. and he has a
collection of thousands of first rate
pictures.
Some years ago it was more difficult
to get an audience with the president
OF the Stock Exchange. Mr.. Gay
changed all of that. He talks with
newspaper men freely. The financial
writer's like this rather tall pleasant
6O-year-old flnancier. They think he
Is square shooter
MIR. Gay SHES from personal pub
hcity. Before his election to the pres
tdercy OF the exchange, his name al
most never appeared in print, although
for years he had been an influential
hgure there. Even now he is not listed
IN the current Who's Who in Amer
. lea He seeks publicity for the ex-
change, not for himself.
His speeches are models for clear
ness, even when dealing with complex
problems. His language is crisp, con-
else; his message clear: mo nation
that abandons thrift and saving and
investment can avoid a reversion to
Bavagery. If the American people will
look into Wall Street as into a mirror
shey Will see their own image"
Becomes Real Celebrity.
AS an orator, Mr.. Gay is not CAL
houn, a Clay or a William Jennings
Bryan. but his delivery improves every
time he makes speech Almost his
only experience as a speaker until a
year ago had been as a teacher of a
Methodist Sunday school class in
Brooklyn.
He got his first real taste of being
celebrity on his speaking tours. So
many people In Seattle wanted to see
and hear him that the ticket scalpers
got to work and clipped a profit.
To him there is no more mystery
about security markets than the but
ter and egg business. He is convinced
that they are merely organized meet
Ing places for those with funds to
invest and those with securities to sell
BY performing this service, the ex-
changes have mobilized the financial
forces which have made great material
expansion possible. Without the sery-
Ices OF the exchanges, he feels, our
present economic structure could not
exist, mass production would be i'm
possible, working hours would be
longer and we would be poorer as
Nation.
He points out emphatically that the
exchange itself does not buy or sell
securities; that 1t does not have any,
, thing to do with causing booms and
depressions. He says that "the in
dividual who fails to realize that rising
prices are the result of the optimism
OF q thousand Main streets all over the
land, again fails to realize that declin-
ing prices are the result of the pes
simism Of the same Main streets"
Mr.. Gay believes that a person buy
ing stocks should use the same kind of
caution and common sense that he
employs In purchasing house or a
suit OF clothes. With frankness that
has amazed many veterans of Wall
Street, he has propounded the sound
advice that the prospective purchas-
krS investigate a cOnnpanv caref,,lIy