In his Phi Beta Kappa address, President Charles F. Thwing of the Western Reserve University saw a transition where the individual had become larger in national life and the state had become smaller.  Business and the Stock Exchange, where individuals flourish, were, he said, often more powerful than the Congress.  Certain men who sought no office were nearly as influential as the President of the United States. A result that demanded attention was that popular respect was shifting away from the formal leaders to what President Thwing called “informal governors.”     The New York Times