Evening star., 1942-05-18
Stock Exchange Marks
150th Anniversary
AT Huge Rally
Roosevelt FeIicitotes
Brokers and Points to
VituI War Role
Ey the Associated Press,

BY the Associated Press.
NEW YORK, May 18.-Felicitated
by President Roosevelt and other
high Government officials, the New
York Stock Exchange today had its
sesquicentenial celebration In con-
junction with Wall Streets biggest
war bond rally.
To promote attendance at the rally
it drew huge throng-the stock
exchange suspended trading from 10
noon E. w. IT, to pm, and bank
ing and brokerage firms and other
exchanges in the financial district
gave employees time of to partici-
pate
Ceremonies were held in the
shadow of the Washington statue on
the steps of the Subtreasury across
the street from the exchange.
An Army band, artillery detach-
ments from Forts Jay, Totten and
Hancock lent martial air.
President Pleased.
In letter to Emil Schram, presi-
dent of the stock exchange, Presi-
dent Roosevelt referred to some of
the Institutions historic highlights
and said:
TT has been gratifying to me that
the hysteria of the First World War
has not been repeated and that our
market places this time have re-
manned open.
The members of the exchange,
like millions of their fellow citizens,
find their normal business life af-
fected by stresses and strains OF
worldwide character. Yet it is i'm
portant that we do not permit these
difficulties to disrupt our security
markets unduly
The continuation of an orderly
market will be Of vital Importance
both during the war and during the
period Of readjustment that will fol-
low
You have an opportunity for
great service and I am confident
that in this you will not fail"
Praised by Morgenthau.
Secretary of the Treasury Henry
Morgenthau, jr., telegraphed good
wishes and told Schram in all its
long and crowded past the ex-
change has never been of greater
public service than it is today"
Secretary Of Commerce Jesse H.
Jones and Gov. Herbert H. Lehman
were among others who sent con-
gratulatory messages.
Postmaster General Frank c.
Walker, the principal Government
spokesman at the rally, said:
I'VE can all be proud of the fact
that in the last IL months the people
bought more than $1,000 900 900 of
War bonds, but with the war costing
s125,000,000 every day even this i'm
pressive total is not nearly enough.
I'VE have got to swing into all-out
action on the home front to sub
scribe at least a billion dollars a
month by July. Most of that must
come from current income rather
than accumulated savings if We are
to avoid a rising cost of living.
The Treasury has set It's goal at
10 per cent of each persons income
for every working day. That IL a
most reasonable price to pay for the
freedom that we shall preserve and
the security That we shall obtain"
Stresses War Needs.
Presiding at the rally, Schram
said that although you are honor
ing us by your presence, the real
purpose of this assembly is not to
! commemorate the anniversary OF
the New York Stock Exchange, but
to express devotion to our country
in the most practical way possible
by pledging utmost support Of the
Governments victory finance pro-
gram"
Asserting that the financial in
dustry has become part Of the
securities distributing organization
of the United States Treasury, he
declared I'VE have double
barreled privilege-to invest in War
bonds and sell them as we'll"
Other speakers included VIM
throp Aldrich, chairman of the
Chase National Bank. and Newbold
Morris. president of the City
Council.