Norton was born in Blountsville,Alabama,in 1892. He had earned his bachelor's degree from Birmingham-Southern College and a doctorate in law from the University of Alabama. In 1915,he had started at the Munger family of companies as a private secretary to R.S. Munger of Munger Realty and,in 1924,he was promoted to executive vice president. In 1926,he became executive vice president of Munger Mortgage Company. In 1939,he left the mortgage company to accept his appointment as chairman of the board of the Birmingham branch of the Federal Reserve Bank of Atlanta.[1]
At one point prior to his Federal Reserve Board of Governors position,he held the following positions:[2]
President of the Birmingham Baseball Club
Chairman of the board of the Florida Broadcasting Company of Jacksonville,Florida
Career
Norton was appointed to the Board of Governors by President Harry Truman in 1950. He later resigned in 1952 to pursue business interest. The following is this letter to the president:[3]
My dear Mr. President:
Certain personal business obligations make it necessary for me to submit to you my resignation as a member of the Board of Governors of the Federal Reserve System,effective February 1,1952. This matter has been discussed with Chairman Martin.
Since you are the inspiration or source of my appointment to the Board of Governors,I feel deeply indebted to you,and I covet the opportunity to reciprocate.
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