Word: billing
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Dates: during 1930-1939
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This made things all the tougher for Chairman Landis' successor, terse, left-wing William O. Douglas. Damned as a radical and faced with the continuing slide of the market, Bill Douglas took over in September, soon let it be known that so far as he was concerned regulation had only begun. After three years on the SEC in lesser jobs, Chairman Douglas was all too familiar with the Exchange's standard method of passing the buck. Under the influence of Richard Whitney, no longer president but still boss of the board of governors' Old Guard majority...
...Symbol. Bill Douglas says that even without the Whitney scandal, the day had been carried. But the Whitney affair washed the slate clean. All resistance broken, the Exchange voted immediately for reorganization and for a new board of governors which included not a single Old Guarder, not even much-maligned Charles...
...Bill Martin had not been conspicuous enough to irk the Old Guard, had simultaneously earned the warm regard of liberals by his solid good sense, extraordinary knowledge. Obvious choice for chairman of the new board, he soon became the obvious choice for president. At first it was planned to give this vital job to some high-powered bigwig. But as the new management completed the reorganization, it became apparent that no better symbol of the new day in Wall Street could be found than 31-year-old Bill Martin. Six weeks...
...Froth. About the only objections anyone in Wall Street had to making Bill Martin the first paid president of the Exchange were his extreme youth and the fact that he never wore a hat. Nothing could be done to increase his years, but as a condition of his election he was led aside, told he would have to wear a hat. That he now does as punctiliously as he does everything else...
...graduation only three of his classmates thought him "most likely to succeed." Having majored in English literature, Bill Martin had ideas of teaching, instead became a clerk in his father's bank at $67.50 a month. Thence he moved to the St. Louis firm of A. G. Edwards & Sons as a statistician, in 1931 was sent to Manhattan as its Exchange member. Immediately intrigued by the machinery of the Exchange, he often stood, mouth agape, watching speculation flow around him on the floor. Soon he was an expert at all phases of the market, could quote the capitalizations...