WALL STREET: We the People

Who are the speculators in Wall Street and on the commodity exchanges? Merrill Lynch, Pierce, Fenner & Beane, known to Wall Street as "We the People,"* last week announced that the speculators were indeed "We the People." The world's biggest securities and commodities brokerage house thought it had enough information in its files (150,000 customers) to correct the Truman Administration's impression that commodity speculators were a small bunch of cold-eyed moneybags profiting on human misery.

Merrill Lynch reported that its customers range from Steelworker Clifford Blackmore of Pittsburgh, "an active member of his C.I.O. local," to Cinemactor Ronald Colman. Customer...