The Pittsburgh Press (April 16, 1941)
$48,000-A-YEAR MAN GOES TO ARMY AT $252
William McChesney Martin Jr., 34, gave up his $48,000-a-year job as president of the New York Stock Exchange today to accept one for $21 a month with the U.S. Army. Mr. Martin is shown at left being fingerprinted at the 71st Armory Induction Center in New York City this morning.
New York, April 16 (UP) –
William McChesney Martin Jr., 34-year-old president of the New York Stock Exchange, packed a small duffel bag today and took a job with the U.S. Army at a cut in salary of $3,979 per month.
Mr. Martin was philosophical as he walked from the comforts of the Yale Club to the induction center across town. He said he had cleaned out his desk at the exchange, where he became the first paid president at $4,000 a month three years ago, and had recovered from a long round of duinners and hand-shaking. According to him, his pay for the month was:
…pretty large. I’ve saved some money but not a hell of a lot.
He added that his personal opinion was that this country would go to war, that he did not know who would succeed him as exchange president, that he did not mind resing at 6 a.m. and that his “chief worry” had been that he might be rejected because of poor physical condition resulting from overwork.
He said:
I wish I had one.
He goes to Camp Dix this afternoon as a private.