Evening star., 1941-03-20
Big Board and Curb
Chiefs Deny Plans
For Merger
Joint Statement Says
Consolidation Is Not
Being Considered
. the Associated Press.


NEW YORK, March 20.-A joint
statement by heads of the New York
Stock Exchange and the New York
Curb Exchange today denied a
merger of the organizations was
under consideration.
The statement came from William
McChesney Martin, jr., president Of
the stock exchange, and George p.
Rsa, the curbs president. In taking
eognizance of the numerous late
rumors. they said no such proposal
had been made in official quarters.
Election Fight Faced.
Wall Streets search for an able
man to manage the New York STOCK
Exchange in its wartime crisis threat
ened today to reopen fight between
the so-called "old guard" and mem
bers who believe the exchange must
find a leader oriented primarily to
national affairs rather than to the
financial district.
Lines for a resumption OF the
tussle between the "old guard" and
liberal wings, informed members
said, were emerging from the
nomination of IL new members for
the 32-man governing board.
The partly made-over board Will
have final say on the selection OF
q president to succeed 34-year-old
William McChesney Martin, jr., who
became the first paid executive head
in a sweeping reform of the ex-
change administration three years
ago. Martin has indicated he would
resign in May to answer a call to
military training.
Want Biggers Type.
Some influential members who
had a large hand in the 1888 swing
away from the private club" at
mosphere of the stock exchange are
campaigning for Government
business leader of the type of John
David Biggers, an aide to Defense
Production Chief William S. Knud-
sen.
Biggers, a Toledo glass manu-
facturer, is known to many in the
downtown financial area as man
who can work with Washington"
and understands the ''semi-public
function" of the exchange.
He was offered the job three years
ago at a 100000 salary yearly, it
was learned, but declined. His name
persists, however, as prototype of
a business leader "in tune with the
times" for those who think the eX-
change must adapt itself to Govern
ment control, particularly with the
wartime drift of power toward
Washington and the White House.
Since he turned the offer down
three years ago, Biggers was con-
sidered out of the picture now.
However, the field was being can
vassed for other men of his stature.
Mentioned in certain important
Wall Street quarters as men capable
of filling the liberal conception of
an exchange leader were Ernest
Martin Hopkins, president of Dart
mouth College, Hanover, N. H, and
Kenneth c. Hogate, president of the
Wall Street Journal, a native OF
Danville. Ind.
Many Others Suggested.
Many other names representing
extremes of business association
and out-and-out political fame were
on the tongues of brokers warming
up to the fight for further reform.
Wendell L. Willkie and Herbert
Hoover were among political figures
mentioned, although their willing
ness to serve was acknowledged
doubtful.
The showdown, it was said, would
come when a five-man committee,
named by Martin recently to find
a president submits its recommended
tions to the board after the annual
May II election of the new COVER
nors.
Meanwhile, the preliminary ma
neuvering was over nomination OF
the new governors. A nominating
committee has been at work and is
scheduled to present its slate April
"A.
The reform element has been in
control of the exchange since the
1888 upheaval, but opposition was
said to have increased during the
wartime shrinkage in dealings to
the smallest in history in relation
10 shares listed.
The Martin regime, on basis of
experience, proposes further
"streamhning' of the management
By reduction in the governing
board to 16 members and elimina-
ton of most of the remaining COM
mittees. However, the naming of
the president was seen as the focus
of the board struggle over the ques-
lions Of cooperation with Wash
ington, rigid banning of market
manipulation" through any devices
and a long-term program OF culti-
waiting national good will to erase
the memories of 1929 and depression
scandals.