Historical Echoes: Meet William McChesney Martin Jr.   Liberty Street Economics
Liberty Street Economics

« Consumer Goods from China Are Getting More Expensive | Main | Can Speculative Trading Magnify Financial Market Co-movement? »

September 09, 2011

Historical Echoes: Meet William McChesney Martin Jr.

New York Fed Research Library

William McChesney Martin Jr. (1906-98) was chairman of the Board of Governors of the Federal Reserve System from 1951 to 1970, serving under five U.S. presidents. (His father, incidentally, was president of the Federal Reserve Bank of St. Louis.) In 1938, at the age of thirty-one, Martin was elected president of the New York Stock Exchange, becoming the youngest salaried president of the exchange.

    Martin was a teetotaler who never drank anything stronger than hot chocolate. He was also an arts patron; indeed, he furnished funds for the production of Dilly Dally, a musical review.

    This film clip of William McChesney Martin’s address to the NYSE—delivered after becoming chief—is the first newsreel footage shot on the exchange floor. The absence of sound does little to diminish the sense of frenzied activity exhibited by the traders. Note the hats hanging in the oval area that seems to mark the pit—a bygone era—before the adoption of business-casual dress and the introduction of electronic trading.

    For more about “Mr. Chocolate” and other 1930s key players on Wall Street, check out the cover story in the August 15, 1938, issue of Time.


Disclaimer
The views expressed in this post are those of the author(s) and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the author(s).
Posted by Blog Author at 10:00:00 AM in Historical Echoes
About the Blog
Liberty Street Economics features insight and analysis from economists working at the intersection of research and policy. The editors are Michael Fleming, Andrew Haughwout, Thomas Klitgaard, and Donald Morgan.

The views expressed are those of the authors, and do not necessarily reflect the position of the New York Fed or the Federal Reserve System.


Economic Research Tracker

Liberty Street Economics is now available on the iPhone® and iPad® and can be customized by economic research topic or economist.


Useful Links
Comment Guidelines
We encourage your comments and queries on our posts and will publish them (below the post) subject to the following guidelines:
Please be brief: Comments are limited to 1500 characters.
Please be quick: Comments submitted after COB on Friday will not be published until Monday morning.
Please be aware: Comments submitted shortly before or during the FOMC blackout may not be published until after the blackout.
Please be on-topic and patient: Comments are moderated and will not appear until they have been reviewed to ensure that they are substantive and clearly related to the topic of the post. We reserve the right not to post any comment, and will not post comments that are abusive, harassing, obscene, or commercial in nature. No notice will be given regarding whether a submission will or will not be posted.‎
Disclosure Policy
The LSE editors ask authors submitting a post to the blog to confirm that they have no conflicts of interest as defined by the American Economic Association in its Disclosure Policy. If an author has sources of financial support or other interests that could be perceived as influencing the research presented in the post, we disclose that fact in a statement prepared by the author and appended to the author information at the end of the post. If the author has no such interests to disclose, no statement is provided. Note, however, that we do indicate in all cases if a data vendor or other party has a right to review a post.
Archives