Word: mcchesney
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Dates: during 1950-1959
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BEFORE he left for the Middle East, Eugene R. Black, president of the World Bank, was late for a Saturday golfing date in Washington. Apologizing to the other members of his foursome-Federal Reserve Chairman William McChesney Martin Jr., Under Secretary of State Herbert Hoover Jr. and U.S. Ambassador to Saudi Arabia George Wadsworth-he explained: "I was being interviewed all morning by George Bookman for a TIME cover story...
Characteristically, the Federal Reserve and its Chairman William McChesney Martin Jr. said little about the operation, but the rest of official Washington greeted the news with cheers. Critics of FRB's previous tight policy took it as a distinct shift in FRB's thinking. Said one official: "The Federal Reserve is waking up to the facts of life. We've had too much choking off of economic activity." Actually, loans were no cheaper, but the FRB had increased the availability of credit at a time when businessmen could use more funds, notably to help pay off June...
There is no doubt that credit is tight-and getting tighter. Many banks are turning down loans that they would have gladly accepted last year. Unfortunately, the pinch is harder on small than big businesses. But, as FRB Chairman William McChesney Martin points out, to be effective, credit controls must hurt...
Full Safe. There was no doubt that the money pinch was real. Chicago's big commercial banks were slow to take on new borrowers, were only lending to prime risks. At a Pennsylvania Bankers Association meeting, FRB Chairman William McChesney Martin Jr. felt called upon to defend his policy. FRB, said Martin, has "always met business's seasonal needs and will keep on doing so." And needs were being met: even at high interest rates, commercial bank loans in Manhattan alone rose $122 million for the week, nearly five times the increase for the comparable period of last...
...opposite direction, convinced that the boom was still picking up speed so fast that it might get out of hand. Last week the Federal Reserve governors decided it was time to put more checks on credit and industrial expansion. With a flourish of his pen FRB Chairman William McChesney Martin Jr. okayed, for the fifth time in a year, an increase in the discount rate for eleven of FRB's twelve district banks, thus making it more expensive to borrow money...