Evening star. [volume] (Washington, D.C.) 1854-1972, 1938-05-10
EXCHANGE NAMES
NEW GOVERNORS
Martin Elected Chairman
of Board With Big Vote
Registered.

NEW YORK, May 10-The New
York Stock Exchange yesterday car
ried its program Of internal reor-
ganization to stage of virtual COM
pletion by electing a new Board of
Governors headed by 31-year -old Will
liam McChesney Martin. Mr.. Martin
will serve as board chairman, a newly
created Office.
Members cast an almost unprece-
denied vote in favor of the % nomi-
nees. The new board comes into
power next Monday. Ballots came
from 924 of the 1875 registered men,
bers. Exchange spokesmen said it was
probably the largest vote recorded in
any uncontested annual election.
The makeup of the new govern
ing board. according to Wall Street
opinion, bears testimony to the ag-
gressiveness with which a large body
of the membership campaigned for a
thorough "housecleaning" in exchange
administration.
More Than Half New.
OF the % elected more than half
are complete strangers to the ex-
changes higher administrative cir
cles Some are members of the pres
ent Governing Committee. which as a
factor in exchange control makes its
exit next Monday. But they are said
to bear the label of progressive as
distinguished from the so-called "old
guard" element which, some members
held, had long dominated the ex-
change management.
Sixteen of the new Governing Board
are exchange members, six are part
ners in member firms located in the
New York metropolitan district and
another six are partners OF member
firms located outside the New York
district. The present Governing Com
mittee of so has only non-members
and no representation of stock ex-
change firms with headquarters out
side New York
To round out the new deal" or
ganization, as provided by the new
constitution adopted by the exchange
last January, the newly elected gov
erning board, once it starts to func-
ton. will go about the business of
selecting a salaried president and
three new members who will be
known as public representatives "
The latter will have no exchange
Affiliations. When completed the gov
erning board will consist Of 80 men,
bers, including president and CHAIR
man.
Change Endorsed.
One of the important items at
stake in the neutrality-suspicious.
for out -of-town firms-received sweep
ing Endorsement as New England and
Western men monopolized top-vote
totals, a tabulation of ballots showed
At the same time, it was noted
some Of the most active of the New
York members in advocating reform
moves in the exchanges organization
were conspicuously far down in the
list.
The tellers' report of the votes cast
showed Richard Pigeon of Estabrook
g. Co.. Boston, was high man, getting
922 of the 924 ballots
Ralph S. Richards of Kay Richards
& Co.. Pittsburgh, and Paul H. Davis
of Chicago. with 92l votes each,
boosted the second largest number.
William McChesney Martin, jr.. 81
year-old candidate for chairman OF
the board \. and member of the St
Louis firm of A. G. Edwards & Sons,
received 913 votes, running fifth on
the ticket.
The remaining out-of-town candi-
date, William Cavalier of William
Cavalier & Co., San Francisco, was
we'll up with the leaders, with gil
votes.
Far down the list stood Paul Shields
of Shields 81 Co., and Sidney Vein
berg of Goldman Sachs g. Co., both
New Workers and both active for
months in fomenting the membership
revolt against the so-called "old
guard"