Word: mcchesney
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Dates: during 1950-1959
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Your cover story on William McChesney Martin Jr. was perused with a great deal of interest. It is hoped that not a few economics instructors will make it required reading for their classes. It will make them think, if nothing else...
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...
Young Turk. To the money market born, Bill Martin is a son of the late William McChesney Martin Sr., longtime president of St. Louis' Federal Reserve Bank. After a sheltered upbringing in upper-crust West St. Louis. Martin entered Yale at 17, and after graduation got a $67.50-a-month clerk's job in his father's bank. When President Martin found out where Junior was working, he eased him out and young Martin went to work for a small St. Louis brokerage house. After two years he became a partner and went to Manhattan...
Most bankers are confident that inflation can be pinched off without killing the boom. Says Federal Reserve Board Chairman William McChesney Martin Jr.: "I have faith in the future of this country. The road ahead is clear. The only question is: Shall we be irresponsible and drive along that road at 90 m.p.h. with one hand on the wheel? Our recent action was one of a series of moves indicating our faith in the economy, but warning some people not to go too fast...
...Argus Corp.), chairman of the board of governors, University of Toronto. C| Carlos E. Allen Jr., 51, was appointed $50,000 a year president of the Chicago Federal Reserve Bank, succeeding Clifford Young, who retired earlier this year. His selection ended months of joint search by FRB Chairman William McChesney Martin and the Chicago district for a strong president capable of commanding the respect of affiliated bankers, yet not so independent-minded as to cause the Washington FRB difficulties. Illinois-born and Dartmouth-educated, Allen was president of Campbell, Wyant & Cannon Foundry Co. of Muskegon, Mich, which was acquired...