Word: funston
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...officer-and universities likewise know that a learned business leader may be just the man to head up a college. Fifteen years ago, when the New York Stock Exchange was searching for a new face to give some depth to its public image, it chose as president George Keith Funston, then head of Trinity College. Last week the pendulum swung the other way when Connecticut's Wesleyan University announced that its new president will be Edwin Deacon Etherington, 41, president of the American Stock Exchange...
...School. Etherington served for a year as clerk to a judge on the U.S. Court of Appeals, later went to work for a Wall Street law firm that specialized in investment problems. Eventually he moved on to serve as secretary and vice president of the Big Board under Funston. He was named head of Amex...
Etherington's acceptance of the Wesleyan presidency came as a surprise to Wall Street, which considered him the man most likely to succeed Funston, who is expected to retire from the Big Board in the fall. Etherington, however, says that he has always been interested in education, and sees no radical discontinuity between investment and learning. He left law practice to join the exchange in the firm belief that its "whole raison d'étre is public service.'' Education, he adds, is simply the highest type of service...
Exchange President Keith Funston denounced the tax as "discriminatory -even at the present rate," which collects an average of .2% on each transaction and nets the fiscally hard-pressed city $100 million a year; argued Funston, 70% of the N.Y.S.E.'s $73 billion annual business comes from out of state...
Offers poured in from more than 40 cities, as close as suburban Greenwich, Conn, (where President Funston lives), and as distant as San Francisco, all eager to grab the nation's largest securities market. Even if the city calls off the tax increase, the exchange seems inclined to move at least part of its operation. With computers, such work as data processing, stock clearing, accounting and records storage can be located anywhere...