Word: funston
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...Exchange, the citadel of American capitalism, is a happily extraverted man in a grey (or sometimes blue) flannel suit who seems little different from the hundreds of other commuters who ride the 8:09 (or sometimes the 8:17) from Greenwich, Con., to Manhattan every weekday. But George Keith Funston is a man with a mission; he wants to make every American a capitalist. His method: persuade every American who can afford it to buy stock in: corporations, thus share in the amazing yet steady growth of the American economy...
President Funston seems preordained for his evangelist's job. He is in the prime of life (45), tall (6 ft. 3 in.), ruggedly built (200 Ibs.), and he has a boyish smile and an easy friendliness that make him at ease with Kansas dirt farmers, Milwaukee matrons or millionaire Texans. He is not interested in who sells the stock-or in what companies-so long as the stock is sound. Says he: "A very small amount of personal savings goes into direct stock ownership. I'm not interested in how we split the pie. I want a bigger...
Last week Wall Street was baking a pie much suited to Funston's taste; it was getting ready to float the first public stock issue of the Ford Motor Co. (TIME, Nov. 14). To Funston, this was a "landmark in the history of the ownership" of American business. To brokers, it was the biggest stock pie they had ever seen ($400 million). And everyone seemed to want to buy a bite. Orders flooded in by mail and phone; thousands of people who had never ventured inside a broker's office got ready to shell out their savings...
...Bank of America. Other co-managers: ¶Goldman, Sachs & Co., headed by Investment Banker Sidney Weinberg, 64, who knows Washington (where he has served for 22 years in half a dozen big jobs) as well as he knows Wall Street, and who has had a guiding hand in Keith Funston's career...
...Good Coexistence." One of the first trips was to Wall Street, where New York Stock Exchange President Keith Funston explained to the visitors how Americans can own the tools of production simply by buying stocks. When one Red journalist jestingly pointed out that Anatoly Vladimirovich Sofronov is a prosperous playwright as well as editor of Ogonek, one of Russia's most successful magazines, a nearby broker quickly handed Sofronov his card, just in case he wanted to invest his money. At the Metropolitan Museum of Art, the journalists paid scant attention to the pictures. Instead they hobnobbed with...