Word: martinisms
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Dates: during 1930-1939
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...Douglas' determination, Gay decided it was time to play ball. To the fury of the Old Guard, he appointed a genuinely liberal committee headed by a non-Exchange member, Carle Cotter Conway, dynamic chairman of Continental Can. Among the liberals on the Conway Committee was William McChesney Martin...
Carle Conway immediately trotted off to Washington to see Douglas, surprised him by asking for advice, promised to deliver the goods by January. Douglas promised in turn to hold off until then. So in Manhattan the Conway Committee set to with vim. Chairman Conway supplied the drive; Secretary Martin supplied the expert knowledge of Exchange doings; all were agreed in objective. And on January 27 they produced just such a program as Douglas wanted-complete reorganization, with a paid president, increased technical staff, various safeguards to insure democratic rule. Few days before the Conway plan came out, Douglas gave...
...enough Old Guard resentment still remained to make the elevation of Martin inevitable. Others had played a bigger part in the battle than he, but feelings were still too bitter to allow their choice...
...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...