Word: schram
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Dates: during 1950-1959
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...seeking a successor to Emil Schram as president of the New York Stock Exchange, the Board of Governors sifted through more than 100 candidates who knew their way around the Street. Last week, when the governors made their final choice for the $100,000 a year job, they picked a man who is a stranger to most Wall Streeters. The new stock-exchange head: George Keith Funston, 40, president of Hartford's 128-year-old Trinity College, a small Episcopal college little known outside Connecticut...
...time, Wall Street was suffering its worst trading slump in 23 years. Many brokers thought it was caused by too much federal regulation, and felt that a New Dealer like Schram could ease the controls. Schram was convinced that the public, still remembering the '29 crash, had to be sold the idea that Wall Streeters were not a pack of wolves who lived on lambs...
...help sell the Street, Schram stumped the U.S. His plain, corn-fed manner convinced many a U.S. citizen that the stock market was a good place to invest money. Schram campaigned to cut the tax on odd-lot transactions (mainly for the benefit of small investors), helped persuade Congress to write a more liberal capital-gains...
...Schram met plenty of opposition from old-line brokers who scoffed at his $500,000-a-year advertising budget, sniped at his $100,000-a-year salary. As late as last November, a group of floor traders tried to cut down his authority, give some of his powers back to Exchange-member committees. Schram quelled the revolt by pointing out that it was just this "old, discredited committee system" which had given Wall Street its bad name. A month later, 56-year-old Emil Schram was struck down by a heart attack...
Last, week he said he would submit his resignation on Sept. 14 as president of the Stock Exchange. "I feel fine and I want to stay that way," he explained. Schram may continue as an adviser to the Exchange at $25,000 a year, but he will spend most of his time running his two farms in Indiana and Illinois (total acreage: 2,200). This month, Stock Exchange Chairman Robert P. Boylan will appoint a committee of Stock Exchange members to look for a new president...