Word: schram
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...Jones friend and a Jones man, Schram was fast becoming also a Jones rival. At first, like other Jones men, he remained anonymous. He never held his own press conference, never sent out his own press releases. Even after the President gave him the RFC chairmanship (which Jesse wanted to keep in his own collection of titles), Jones was still his boss. Schram's thwarted feeling probably mounted during the Bolivian tin negotiations, which Jesse handled in such a way that Bolivian tin is still not being commercially smelted...
Jesse himself, no lover of rivals, apparently saw it would not last. Early this year (TIME, March 17), he tried to make Schram $35,000-a-year president of Chicago's Federal Reserve Bank, failed when local patriots revolted. At a press conference a few days later a reporter needled Jones about the Chicago fiasco. Waving at Schram, whose RFC salary is $10,000, Jones cracked: "He's a farmer; when somebody dangled that big money in front of him, he jumped...
...Stock Exchange's $48,000 was likewise inviting, since Schram has a wife and three sons to plan for. But even more inviting was the prospect of being a real boss. He refused the offer until he was promised that the Exchange's creaky operating machinery would be overhauled to make important committees responsible only to him, not to the board of governors. So when Schram packs his autographed picture of Roosevelt, his grotesque wood carvings (he hails from a woodcarving family), and leaves his RFC office* on or before July i, he will take over a real...
...year presidency of Federal Reserve Bank of Chicago, which fell vacant last month. Jesse already had the nucleus of a good organization built around Cummings (a Reserve Bank director) and First Vice President Howard Payne Preston, an RFC alumnus. For president he wanted his present RFC head, Emil Schram...
Chicago revolted. When Director Cummings marshaled the Jones forces for the first ballot, he found that instead of the five he needed, he had only four. The missing vote was vacationing in Florida. When Cummings offered a proxy for Schram, acting President Clifford S. Young, himself the and-Jones candidate for the job, declared it no election. At this point, the news leaked out to a Chicago Tribune reporter, who rushed it into print. Angry telegrams began burning up the wires to FRB in Washington, begging them to call off RFC's dogs. There was so much talk that...