Word: truslow
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Confidence in the Future. What the bull wagon needed, if it was going to get rolling, was a public push. The "little fellow," who traditionally gets in the market just in time to get cleaned out, was not taking any big chances yet. Said Francis Adams Truslow, president of the New York Curb Exchange: "Investors have been hesitating for the past several years. They are just beginning to exhibit their confidence in the future...
...some pious arguments in favor of it: a big bull market, for one thing, would not only fatten brokers' commissions, but would permit industry to raise some of the capital, through stock issues, that it badly needs for expansion. One simple recipe, favored by both Schram and Truslow to attract more investors: cut margins...
With the drop in trading, the exchanges argued that that was all they could afford. To pay even the bonus, said Curb President Francis Adams Truslow, he would probably have to dig into the Curb's cash reserve. Keefe threatened to strike, shrewdly waited till the market was on its way up-and brokers had their hands full with heavy trading-to call his members out. But even with the lusty help of the seamen, he fell far short of crippling the citadel of speculation...
...Their places were taken by brokers and exchange members. Robert A. Magowan and Norman Smith, partners in Merrill Lynch, Pierce, Fenner & Beane, helped run messages on the floor of the Stock Exchange. Vice President John Haskell headed a detail that cleaned up the exchange at night. Curb President Truslow and Chairman Edward C. Werle padded around as night watchmen. In a, day or so, the exchanges were operating almost normally, though the makeshift staffs sweated to keep up with the heavy trading...
...Including governors of seven states, 17 university presidents, Henry L. Stimson, Harold Stassen, Jim Farley, Joseph C. Grew, Banker A. P. Giannini, Author John P. Marquand, the Right Rev. William T. Manning (retired Episcopal Bishop of New York), ex-G.I. Cartoonist Bill Mauldin (see PRESS), and Historian James Truslow Adams...