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By virtue of and pursuant to the authority
vested in me by Section 10 of the Federal Reserve Act
(38 Stat. 260), as amended by Section 203 (b) of the
Act of August 12, 1935 (49 Stat. 704), I hereby designate
William McChesney Martin, Jr. as Chairman of the Board
of Governors of the Federal Reserve System to serve as
such for a term of four years,, unless and until his services
as a member of said Board shall have sooner terminated.
Harry S. Truman
The White House
April 2, 1951
[Handwritten note: Orig. to Mr. Martin 4/2/51 copy to Federal Reserve System 4/2/51]

For Mr. S h o r t

The White House

Mr. Perlmeter:
Biography of William McChesney Martin, Jr.
Mr. Martin was bora December 17, 1906, in St. Louis, Missouri, the son of
William McChesney and Rebecca (Woods) Martin. He was graduated from Yale
in 1928 and did part time post graduate work at the Benton College of L - aw
in St, Louis and at Columbia University.
He served in the bank examination department of the Federal Reserve Bank of
St. Louis during 1928 and 1929. In 1929 he joined A. G. Edwards and Sons, St. Louis,
He became a partner in this firm in May, 1931.
He was a member of the NY Stock Exchange from July, 1931, to July, 1938, and
was a Governor of the Exchange from 1935 to 1938. He was Chairman of the
Exchange Committee on Constitution during 1937 and 1938 and was Secretary of
the Conway Committee setup to reorganize the Exchange. From 1932 to 1934 he
published and edited the Economic Forum.
During May and June, 1938, Mr. Martin was. Chairman of the Board of the Exchange,
and its President pro tem. In July, 1938, he was appointed President of the
Exchange and served in that capacity until 1941, when he was drafted under
Selective Service Act as a private in the United States Army,
He was commissioned First Lieutenant of Infantry February 4, 1942, and went
through successive steps to the rank of Colonel, holding positions with the
Munitions Assignment Board and serving as Assistant Executive, of the President's
soviet Protocol Committee.
He was appointed by President Truman as Chairman of the Board of Directors of
the Export-Import Bank on November 26, 1945. In February, 1946, he was designated
as Chairman and President of the Export-Import Bank and served in that capacity
until he became Assistant Secretary of the Treasury February 8, 1949.
In addition to his duties as Assistant Secretary of the Teasury[Treasury],he has served
as United States executive director of the International Bank for Reconstruction
and Development. He was appointed to this post in January, 1950.
As Chairman of the Export-Import Bank Mr. Martin served on the National Advisory
Council on International Monetary and Financial Problems, He has attended, in
an advisory capacity, all meetings of the Board of Governors of the International
Monetary Fund and the International Bank for Reconstruction and Development, He
was among United States representatives at the Ninth International Conference of
American States, Bogota, Colombia, April 1948.
His clubs include the West Side Tennis, Yale, Metropolitan (Washington) and
Chevy Chase (Washington).
Mr. Martin and Cynthia Davis were married April 3, 1942. They have two
daughters, Cynthia and Diana, and a son, William, III. They reside at 286l
Woodland Drive, North West, Washington.
As assistant secretary, he has supervised and directed the Office of International

In July, 1950, President Truman appointed him a member of the Senior Staff
Group of the National Security Council.
In January, 1951, Secretary Snyder designated him as representative of the
Treasury Department on the Interdepartmental Committee on International
Security Affairs,
Also in January, 1951, he was designated as treasury representative on the
Advisory Committee on Export Policy of the Commerce Department.
Also in January, 1951, he was designated as treasury representative on the
Committee on Foreign Supplies and Requirements, set up at that time in the
Office of Defense Mobilization.
Before he became the "baby" president of the New York Stock Exchange, Martin
was known to the public as a star tennis player and a candidate for the Davis
Cup Team.
His election to the Mew York Stock Exchange followed a housecleaning and
reorganization after the conviction of former president Whitney. His war
record of rising from private to colonel was one of the most rapid of any
man in service.
Rise was largely due to his becoming one of the top most experts on munition
needs of lendlease countries, particularly Russia,.
Martin's father was president of the Federal Reserve Bank of St. Louis and
so Martin has been familiar with Federal Reserve since childhood*

End of biography