Word: funston
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When he became president of the New York Stock Exchange in 1951, George Keith Funston said, "I'll try to be a salesman of shares in America...
...primary sales experience had been as a marketing man for the American Radiator & Standard Sanitary Corp. and as a fund raiser for Connecticut's Trinity College, of which he had been president. But he did splendidly as the No. 1 drummer of U.S. everyman's capitalism. Funston's zeal helped raise the number of American shareowners from 6.5 million to 21.5 million. Last week, declaring that "I think I deserve a rest," Keith Funston, 55, announced that he would step down when his term expires next September-or earlier if the exchange finds a successor before then...
Though long expected, word of his retirement caught Wall Streeters unprepared. Throughout almost all the long postwar bull market, Funston has been the symbol and champion of the New York Stock Exchange's Corinthian-columned citadel, a man who helped change its image from that of a clubby, tricky place to that of a respectable and generally profitable market for everyman. After his announcement last week, a score of names were bruited about as possible successors; they ranged from Richard M. Nixon to Walter...
...anyone who really qualifies for the job can probably earn more in corporate life than the flat $125,000 that the Big Board presidency pays. Franklin Roosevelt once described the post as "the worst job in the world next to mine." In financial circles, it is commonly said that "Funston has 1,366 bosses," a reference to the exchange's 1,366 often warring members. The exchange's constitution allots so much power to its board of governors that the president is often regarded as merely a figurehead...
...graveyard, George Washington, and even Pirate William Kidd, whose affiliation is commemorated by a plaque in the luxuriously carpeted vestry room. Later, such wealthy worshipers as John Jacob Astor contributed more marketable assets than whales to Trinity. Today, a vestry that includes New York Stock Exchange President Keith Funston and George A. Murphy, board chairman of the Irving Trust Co., carefully shepherds an investment portfolio that helps pay the salaries of a 150-man staff, including 25 priests...