Emil Schram (November 23, 1893 – September 18, 1987) was the president of the New York Stock Exchange from 1941 to 1951. In the wake of the Great Depression, Schram helped restore confidence in investment and stocks.[1] Before his appointment, Schram did not own any stocks and had never been a Wall Street trader, making him the first outsider to become president of the exchange in 155 years.[2]
Emil Schram | |
|---|---|
| President of the New York Stock Exchange | |
| In office 1941–1951 | |
| Preceded by | William McChesney Martin |
| Succeeded by | G. Keith Funston |
| Personal details | |
| Born | November 23, 1893 Peru, Indiana, U.S. |
| Died | September 18, 1987 (aged 93) Peru, Indiana, U.S. |
| Spouse(s) | Mabel Miller Margaret Beauchamp. |
Early life
editSchram was born in Peru, Indiana, where he attended local schools through high-school. He was accepted into Harvard and Wharton, but couldn't afford tuition.[3] Instead, he went to work in a timber and coal company with local offices. At age 21 he proved himself to be an effective farm manager, making investment decisions that dramatically increased the output of a local farm under the firms control.,[1]
Career
editSchram's early success in farm management led him accept a position as chairman of the National Drainage Association, an agricultural trade group. While working for the Association, Schram applied for loans with the Reconstruction Finance Corporation which was a Depression/New Deal era government corporation tasked with making loans to infrastructure projects and businesses and helping banks resume normal operations.
In 1933, Schram joined the Reconstruction Finance Corporation. In 1939 he became the Chairman of the Board of Directors of the RFC.[4] His chairmanship was short lived, however, because less than two years later he was offered the position that would define his career.
In 1941 the New York Stock Exchange was still feeling the effects of the Great Depression. Trade volume was very low, seats were sold cheaper than in previous decades, and the exchange had been the target of political attacks. A selection committee was formed to find a new president, and they selected Schram. Before his appointment, Schram did not own any stocks and had never been a Wall Street trader, making him the first outsider to become president of the exchange in 155 years.[2]
Schram reformed the management structure of the Exchange, removing many of the traditional committees in favor of a top-town approach. He spent $500,000 per year on nationwide advertising programs encouraging the public to hold on to war bonds in an effort to keep small-time investors out of the market.[1][2] Under Schram's leadership, the NYSE recovered, and public confidence was restored.
Later career
editIn 1951, at age 58, Schram retired from the Exchange and returned home to Peru, Indiana. Schram was succeeded by G. Keith Funston.[5] In his later life he remained active in civic organizations including the local council of the Boy Scouts of America and the U.S.O.[3]
Personal life
editEmil Schram's first wife was Mabel Miller, with whom he had three sons, Robert Schram, Daniel Schram, and James Schram. Mabel died in 1969,[6] and Schram later married Margaret Beauchamp.[1]
Schram died in 1987 in Peru, Indiana.[1]
Honors
editIn 1968, Emil Schram was awarded an honorary doctorate from Indiana University, Bloomington.[7]
References
edit- ^ a b c d e Flint, Peter B. (1987-09-19). "Emil Schram, Ex-President Of Stock Exchange, Is Dead". The New York Times. ISSN 0362-4331. Retrieved 2017-09-17.
- ^ a b c Inc, Kiplinger Washington Editors (1947). Kiplinger's Personal Finance. Kiplinger Washington Editors, Inc.
{{cite book}}:|last=has generic name (help) - ^ a b "Emil Schram Collection" (PDF). Indiana History.
- ^ Preliminary inventory of the records of the Reconstruction Finance Corporation, 1932–1964 (PI 181, Record Group 173), National Archives and Records Service, 1973.
- ^ "Presidents and Chairmen of the New York Stock Exchange" (PDF). Archived from the original on 2009-04-21.
{{cite web}}: CS1 maint: bot: original URL status unknown (link) - ^ "Mrs. Emil Schram" (PDF). The New York Times. 27 May 1969. Retrieved 17 December 2019.
- ^ "Honorary Degrees: University: University Honors & Awards: Indiana University". honorsandawards.iu.edu. Retrieved 2017-09-20.