Word: mcchesney
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Dates: during 1960-1969
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Humphrey's was not necessarily the most compelling Washington presence on Wall Street last week. One guest in 1942 had been First Lieut. William McChesney Martin Jr., who had been installed four years earlier-at 31-as Big Board president, and had left that post for the Army. Now, even more illustrious as longtime chairman of the Federal Reserve Board, Martin returned to get a nervous welcome from his old colleagues; a Martin jeremiad two years ago against excessive speculation touched off a drop that became known as "the Martin Market...
Equally happy was the Fed's Chairman William McChesney Martin, who had informally interviewed the prospect over dinner the week before. Sherrill did not understand Bill Martin's interest in him until two days later, when he was called off the golf course and told of the President's announcement. Quipped the new board member: "It was my second round of golf in a year and the President had to catch...
...Reserve sliced required bank reserves to make money more available. The Administration pushed the reinstatement of the 7% investment credit on corporate capital spending, pumped money into a drooping mortgage market, stepped up highway and other construction spending, including $1.14 billion more released last week. Federal Reserve Chairman William McChesney Martin and his governors also took a major step last week. The seven-man board voted unanimously to reduce the discount rate-the interest rate charged banks that borrow from the Federal Reserve-from 41%, where it has stood for 17 months...
With a sigh of relief, moneymen from Wall Street to Main Street heard last week that President Johnson had appointed William McChesney Martin, 60, to his fifth four-year term as chairman of the Federal Reserve Board. "This bank is delighted," said a Chase Manhattan senior vice president. So was First National City, whose president, George S. Moore, said of Martin: "This is a time when his experience is needed." No less enthusiastic were foreign bankers, who also see Martin as a staunch defender of the sound dollar that is so necessary to their economic wellbeing...
...indicators that are going up today?" asked Delaware's Republican Senator John Williams last week of William McChesney Martin, chairman of the Federal Reserve Board. As it happened, Martin was stuck for an answer. Whereupon Nebraska's Republican Senator Carl Curtis sniped: "Yes, the deficit...