Free The Go-Go Years by John Brooks Page A

in pointed detail; and at last Reilly was goaded to a reprisal that stands unique in the annals of Wall Street.
    It was October 18; Reilly had just learned that Jackson had talked frankly again, this time to Robert E. Bedingfield of the Times , and that the result would be printed within a couple of days. During that day’s trading the following notice was distributed on the floor:
    TO THE MEMBERS:
    The Chairman of the Board will address the membership today, October 18, 1961, at 4:00 o’clock P.M.
    In view of the importance of the subject, members are requested to remain on the trading floor for the Chairman’s statement.
    Charles E. McGowan, Secretary
    What subject? The day’s trading ended as usual at 3:30; the members, or most of them, stayed on the floor instead of going to their lockers on the floor below to change their coats and shoes and exchange gossip before going home. Right on time, Reilly appeared on the podium. Whether by intention or coincidence, a brand-new hi-fi public address system had just been installed. Only one newspaper reporter was invited—a man from the old Herald Tribune whom the Amex administration considered to be relatively sympathetic to it. On the stroke of 4:00, Reilly’s rasping, tough-guy voice, duly amplified and faithfully reproduced by the shiny new speakers, began to be heard, and spoke in part as follows:
    MEMBERS :
    Although I have frequently faced troubled waters since I became Chairman in 1960, nothing has disturbed me more than the painful task I feel it is my duty to perform this afternoon.
    My heart is heavy as a result of the news articles in the Wall Street Journal and the subsequent coverage by other newspapers. Since I have accepted your mandate to lead our Exchange I … permit you to judge a man who has made our Exchange a public spectacle.
    I know Mr. Jackson, along with others, gave interviews. I also understand Mr. Jackson was asked to correct the latest story before it was printed. He refused! As long as he was so glib with his tongue he should at least have checked his handiwork since those news articles shook the very foundation of our Exchange. I hope Mr. Jackson realizes now that the caption could have read:
    â€œYoung Turks led by David Jackson publicly assassinate the American Stock Exchange.”
    Whether or not he or Mr. Segal was the leader is not important! Since Mr. Jackson sought the fame I will give him the title.
    How he or anyone else can judge any official or the governing Board without knowing the full record and before the facts, goes beyond my comprehension. How he, through thoughtless action, can re-open the wounds caused by the Re case, goes beyond human understanding.…
    I have been asked since the articles appeared in the newspapers to recommend that measures be taken against the members involved. I will refuse to do so unless I am commanded by the proper Standing Committee or the Board of Governors, because, in my opinion, any member or members who personally indict their own weak characteristics by causing these disturbances must be going through a greater punishment than any that could be levied by the Board of Governors.
    I would like it thoroughly understood that it is my belief that members should have the right to protest any weaknesses that develop on our Exchange whether they be of an operational or administrative nature. Common sense also dictates that in order to overcome such weaknesses—if they exist—members must have the right to express their opinions and politic amongst themselves seeking stronger candidates to make the necessary changes. But while I wholeheartedly endorse such action I must remind all that you have signed our Constitution—agreed to abide by it, and all amendments thereto. Therefore, all expressions should be made to the proper Committee provided for that purpose; that is, the Nominating Committee. And, as in the past, if you are not satisfied with the candidates