Word: martines
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Dates: during 1950-1959
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...sensation. It was provided by one Count Foucou de Gines. Europe's decaying aristocracy has produced some exotic late blooms, and in its gaudiest days Vichy has seen the most flamboyant of them. But Count Foucou was something special. He arrived in his bright new British Aston-Martin sports car with a squeal of tires and a flourish of gravel, flanked by a pretty blonde wife and a secretary. He wanted to buy a chateau, he said, and the dazzled real-estate agent showed him the historic Chateau de Theillat. The count took one look, declared he would take...
Squarely in the center of the argument over the nation's money supply is 49-year-old William McChesney Martin Jr., $20,-500-a-year chairman of the Federal Reserve Board of Governors, known to bankers and other moneymen simply as the "Fed." It is Chairman Martin who, with his six-man board and twelve Federal Reserve Bank presidents, has the overall responsibility for regulating the nation's flow of money and credit, the lifeblood of an expanding modern economy...
Like a Schoolteacher. For the Fed's part in tightening credit, Martin has been bitterly assailed. Says Economist Arthur Smith, vice president of Dallas' First National Bank: "I think they're tightening the screws far too close. In some areas of the consumer-credit picture there are undoubtedly abuses. But the Fed is behaving like a schoolteacher who punishes the whole class because two to three children are bad." Says Trust Co. of Georgia Board Chairman John A. Sibley: "When money is scarce, it's the little man who suffers...
...rhymes with high C), president of the Bank of America, biggest U.S. bank (1955 installment loans: more than $1 billion), feels that there is "insufficient evidence that there are not enough funds to finance necessary capital outlay. There are enough long-term loans available and enough equity loans." Bill Martin himself summed up the controversy last week: "Thoughtful people, who take the long view, approve. People who are pinched naturally say it will only bring on a depression...
...tools have been jealously guarded and sharpened since Bill Martin succeeded Thomas McCabe as head of the Fed. A banker's banker, Martin has educated a whole new generation of Federal Reserve officials in the classic function of U.S. central banking: keeping money in balance with production with as little direct Government interference as possible. Says FRB Governor (and Truman crony) J. K. Vardaman: "Martin has a better mastery than any man I know of the intermingling of private enterprise and federal supervision in this mixing bowl of the system. He has done more than any man to ensure...