[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.
Trade volume was very low, seats were sold cheaper than in previous decades, and the exchange had been the target of political attacks.
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.