Evening star., 1941-04-15
Selection Of Sfoft
Cheers Liberals Of
Stock Exchange
41-Yeur-OId Broker
Expected to Bnek
Martin Policies
d. The Associated prAsk-

~ the Associated Press.
NEW YORK, April 1S.-Another
comparatively young man came to
the front in Wall Street today as
leader in the adjustment of the
financial districts affairs to Federal
control and world economic up
heaval.
He is 41-year- Robert l.. Stott,
Brooklyn-born broker, nominated
for chairman of the Board of the
New York Stock Exchange.
Usually nomination by the off,
cial Nominating Committee is equiv
alent to election, although the slate
is put before members at the an
nual election May IL for approval.
Younger looking than his years,
modest-mannered Stott was regarded
in brokerage circles as a leader in
the so-called liberal" wing which
ousted the "old guard" from ad-
ministration of the exchange three
years ago and installed as the first
paid president William McChesney
Martin, jr., then only 81 years old.
Martin Clears Desk.
Today Martin was clearing up his
desk, telling friends and associates
good-by and making his last rounds
of the big securities market at
Broad and Wall streets before re-
porting tomorrow for military
service.
AS q private in Uncle Sans Army
he would get $21 month instead
Of the $4,000 he draws as president
Of the Stock Exchange.
Martin came into Office with def
mite ideas about accepting Federal
control of security exchanges, CO.
operating with the Securities and
Exchange Commission and accept
ing the new order" of reform grow
ing out of the depression and revela-
tions of speculative abuses ending
in the 1929 stock market crash.
At the same time, he wanted to
see the Stock Exchange live and
perform its function as a kingpin
in the system of free capitalistic
enterprise.
Considered In Harmony.
stott's friends consider him well
IN harmony with views Of Martin
and Martins chief hackers. As
chairman of the board and member
of a special committee seeking a
capable man to take the presidency,
Stott presumably would have a lot
to say in the exchanges future af-
fairs, including pending proposals
for further reform of the manage
ment to place it almost wholly in
the hands of professional admin
istrators.
Named with Stott among 13 gov
ernors nominated for posts on the
32-man governing board were men
mostly between ages of 40 and so,
with a strong representation of
office partners of commission firms
and out-oftown houses. Included
were Allan H. Crary, Los Angeles;
Charles G. Renshaw, Chicago, and
James j. Minot, Boston.
The governors will have final say
on a new president after a choice
has been made by the committee
looking over the field for an execu-
tive head.
Started Work i'm 1918.
Stott, a black-haired, medium
statured man who went to work in
Wall Street as a clerk in 1918 after
finishing high school, thinks he can
bring back to the exchange some of
the millions of dollars worth of
business lost in recent years by
shrinkage in public interest in trad =
ing and shift Of dealings to the So
called over-the-counter market.
He wants to build up a combina-
ton of the dealer system used In
London and the auction market es-
tabliSned in Wall Street, with full
disclosure of transactions and prices.
Il don't yet know how we will do
1t, but I am convinced it can be
done" he said.
Stott is a partner in the firm of
Wagner, Stott & Co., which acts as
specialists" on the exchange floor
in several issues and does little busi-