Events in the Life of William McChesney Martin Jr.

New York Stock Exchange,1931-1941

1931William McChesney Martin Jr. receives A.G. Edwards seat on New York Stock Exchange, sponsored by A.G. Edwards.
February 27, 1932Glass-Steagall Act expands powers of Federal Reserve to extend credit.
June 6, 1932Revenue Act increases U.S. income, estate, excise, and corporate taxes.
November 1, 1932St. Louis voters pass a $4.6 million relief bond issue to combat the Depression.
November 8, 1932Franklin Delano Roosevelt is elected President of the United States. He serves 1933-1945.
March 6, 1933Bank holiday is declared by proclamation two days after Roosevelt takes office.
March 9, 1933Emergency Banking Act allows a plan that closes insolvent banks and reorganizes and opens those strong enough to survive.
March 19, 1933Civilian Conservation Corps, a work relief program for young men from unemployed families, is created by President Roosevelt.
May 12, 1933Agricultural Adjustment Act, in an attempt to stabilize the farming industry, allows the destruction of existing crops and livestock to reduce surpluses and raise prices.
May 19, 1933Eugene R. Black becomes Chairman of the Board of Governors of the Federal Reserve. He serves until August 15, 1934.
May 22, 1933Federal Emergency Relief Act is created to alleviate adult unemployment by providing state assistance for the unemployed.
May 27, 1933Securities and Exchange Commission is created to enforce financial disclosure, promote investor information, and prohibit fraud in the securities markets.
June 16, 1933National Industrial Recovery Act authorizes the President to regulate business and promote fair competition, increase employment, and provide economic stimulus. It establishes the National Recovery Administration and Works Progress Administration.
June 16, 1933Banking Act of 1933 (second Glass-Steagall Act) separates commercial and investment banking.
1933Unemployment in St. Louis exceeds 30%.
January 30, 1934Gold Reserve Act nationalizes gold. It allows Roosevelt to peg the value of gold and U.S. dollar.
February 2, 1934Export-Import Bank of Washington is established under District of Columbia Charter.
October 9, 1934St. Louis Cardinals win the World Series over the Detroit Tigers.
November 15, 1934Marriner S. Eccles becomes Chairman of the Board of Governors of the Federal Reserve. He serves as Chairman and Chairman pro tempore until April 14, 1948, and a Board member until July 14, 1951.
February 1935A second St. Louis bond issue for $7.5 million is passed to combat the Depression.
1935William McChesney Martin Jr. is elected to the New York Stock Exchange Board of Governors.
August 23, 1935Banking Act of 1935 amends the Federal Reserve Act to reorganize the Federal Reserve System and creates the Federal Deposit Insurance Corporation.
July 1, 1938William McChesney Martin Jr. is elected president of the New York Stock Exchange. He becomes the first salaried president of the Exchange at age 31.
September 29, 1938Munich Pact — signed by representatives of Britain, France, Italy, and Germany — transfers the Sudentenland to Germany and gives Germany control over Czechoslovakia as long as Germany agrees to expand no farther.
August 24, 1939Molotov-Ribbentrop Pact, a non-aggression pact between the Third Reich and the Soviet Union, is signed.
November 1, 1939"Black Tuesday" in St. Louis caused by coal pollution: Newspapers report that no one knew what time the sun had risen.
1940Admiral riverboat is completed and launched for tours up and down the Mississippi.
February 27, 1941William McChesney Martin Jr. receives draft notice.
March 5, 1941William McChesney Martin Jr. resigns as President of the New York Stock Exchange.