Personnel

Last week the following were news: The president of the New York Stock Exchange serves for one year, the governors for four. Last week the nominating committee posted its slate for the May elections. Though talk of revolt against the Stock Exchange's die-hard policies had filled Wall Street for months. Richard Whitney was named for his fourth term and seven of the ten retiring directors were renominated. Nomination for president is tantamount to election. Nevertheless, it was clear that what for the Stock Exchange was a major shake-up had occurred. The three governors not renominated were all members of the committee on publicity, including the chairman and the vice chairman. Until President Whitney boldly stepped to the head of the drive against the Stock Exchange Bill last February, the New York Stock Exchange had the worst press of any major institution in the U. S. It was understood last week that the Stock Exchange now plans the unprecedented: an advertising campaign to be launched as soon as all danger of Senatorial misinterpretation has passed.*

P: In 1924 Railroader Leonor Fresnel Loree bought control of Missouri-Kansas-Texas Lines ("Katy") which he planned to merge with his Kansas City Southern and with St. Louis Southwestern. The Interstate Commerce Commission refused to approve the merger, forced Railroader Loree to dispose of his holdings, resign the chairmanship of Katy. Last week his successor, Board Chairman & President Michael Harrison Cahill, also resigned, for personal reasons (wife's illness). Katy directors left the presidency vacant, elected as chairman bold, shrewd Matthew Scott Sloan who abruptly resigned from the presidency of New York Edison Co. in 1932. "Matt" Sloan, whose first job was removing dead bugs from street lamps and who was not above inspecting ash pits when he reached the top (see cut), was still a major executive without an executive post when he went on Katy's board of directors last year. With him went William Marcus Greve, onetime president of New York Investors, Inc., now in receivership, who is under indictment for using the mails to defraud. Arthur Atwood Ballantine, President Hoover's able Undersecretary of the Treasury, was elected a director of New York Life Insurance Co. Harvard-graduated, an expert on taxation, he remained at the Treasury at the request of President Roosevelt until last May, backstopped Secretary Woodin in the opening months of the New Deal.

* When the Stock Exchange Bill was introduced, Big Board seats were selling at $190,000. By the end of March they had dipped to $83,000. Last week, with the bill looking less toothy, a seat sold for $140,000.

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