Evening star., 1940-06-25
ForrestaI Appointment
Called Good Sign
For Wall Street 3
o.
Regarded as indication
Of Administrations
FriendIier Attitude
BY PAUL d. GESNER,
Assnciafed Press puxtnass xxrriAap

eSSA"sse I ASeo SuoAAACoc VIlLCt
NEW YORK, June 25.-since the
Roosevelt administration came into
power in 1888 Wall Street has re-
ceived only a few calls from Wash.
ington for the loan of its talent and
brains for help In solving national
problems.
The New Deals GOODNESS toward
most of the better known figures OF
the money street long ago led many
in the financial district to para
phrase the 1882 campaign cry and
tag the bankers and the brokers as
the Nations real forgotten" men.
This mood of being unappreciated
has been softened little by Presi-
dent Roosevelt's recent appointments
OF James Forrestal, head of the Wall
Street investment firm of Dillon,
Read & Co., as an administrative
assistant. The banker will have a
part in expediting the national de-
fense program.
Prejudices Missing.
More than soothing to the streets
feelings has been the fact there has
thus far been no outcry in Washing
ton against the naming of Forrestal
because of his Wall Street connec-
tions. The apparent spirit of &C
ceptance likewise has been taken In
financial circles as a sign that sec
tional prejudices are to be showed
aside in the interest of national
unity.
The old antagonisms were more
alive when the President, several
years ago, called Earle Bailie, an
other Wall Street banker, to Wash
ington to act as a temporary special
assistant to Secretary Morgenthau.
Bailie's assignment by anti-WalI
Street political figures in Congress,
ana his stay in the Treasury De-
partment was comparatively brief.
AT his leaving, however. it was an
nounced that his work had been
completed.
Inc Washington atmosphere had
changed little by the time John
w. Hanes arrived from Wall Street
10 serve as securities and exchange
commissioner. Giving I'D a partner
snip IN large stock exchange firm,
Hanes apparently found the Capital
reasonably pleasant place for work.
1or after a stay in the S. E. C. he
moved into the Treasury to helm
Morgenthau. He quit the Treasury
post less than year ago because
ne wanted to return to private
business.
Role Stirs Interest.
Wall Street associates of ForrestaI
are naturally much interested in
the scope of his probable activities
i'll his new post.
In general way they think of
him as following in the footsteps of
Bernard M. Baruch, who was sum-
moned from Wall Street by Presi-
dent Wilson in 1917 to coordinate
the vast and complex work involved
In the purchase, production and dis
trloutlon OF arms and supplies for
the American Expeditionary Force.
But based on present knowl-
edge OF Washington blueprints for
armament against possible involve
ment in the war, Forrestals friends
are doubtful that he will have
thrust upon him responsibilities
comparable with those carried nv
Baruch in 1917.
On the surface the parallel of
personalities and background is
fairly close, but Forrestal for all of
his time in Wall Street has been q
dealer in bonds and investment
securities, while Baruch, previous
to the time he entered the Govern
ment service, had been by his own
description, speculator.