Philadelphia (Aug. 7)
Frank L. Newburger, senior member of Newburger, Henderson and Loeb, was today named president of the Philadelphia Stock Exchange by the board of governors. He succeeds M. F. Middleton, Jr., who resigned. Mr. Newburger has been vice-president of the Exchange. As one of the organizers of his firm he has been actively engaged in a general brokerage business in Philadelphia for 30 years.
He is well known in financial circles and his election is due to the high respect his associates have for him as well as the recognition of his executive ability. Mr. Newburger, who is 57, is a native Philadelphian. He has been engaged in the banking and brokerage business here since he was graduated from the University of Pennsylvania. He is active in various Jewish affairs and is a generous contributor to Jewish philanthropies.