In the sombre old Governors' Room of the New York Stock Exchange, young William McChesney Martin Jr.about to retire after three years as presidentstood before 700 members last week and delivered what he called his valedictory address. The market had just closed with a day's sales of only 290,000 shares; the month just ended had been the worst February in 26 years. The Exchange itself had lost $981,348 in 1940 on top of 1939's $1,149,373 deficit; its broker members, who live on volume, presumably had lost a lot more than that. Thus...
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