Word: schram
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...business is essentially the same ... As long as you keep your eyes open, know what's going on and keep your nose clean, you get along all right." On such a homemade maxim, big (6 ft. 1 in.) Emil Schram has gotten along fine. He was a successful farmer, irrigation expert and president of RFC when he became president of the New York Stock Exchange...
...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...
After thinking over President Truman's Point Four program for backward nations, New York Stock Exchange President Emil Schram spotted a big flaw in the idea. Point Four would wrap a protective government guarantee around private funds invested outside the U.S. What irked Schram was that there was no program for improving "the shabby treatment of capital at home...
...Point Four program by itself, said Schram, "is unsound and illogical" because "it sings the virtues of new investments so long as they are made outside the U.S." What's needed, said he, is a Point Five-"tax changes that will apply the principles of a 'bold new program' . . . both here and abroad...
...York Stock Exchange President Emil Schram also took a cautious view. He saw "encouraging signs" of an uptrend, but he also called at the White House to tell President Truman how production and new investment could be stimulated by tax cuts. Among his recommendations...