Word: mcchesney
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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...
...gossips had been busy since January. At first the rumor was that William McChesney Martin, 60, wanted to retire when his current four-year term as Chairman of the Federal Reserve Board expires March 31. Shortly after that was denied, word got around that President Johnson did not intend to reappoint Martin. Last week a Pebble Beach, Calif., bankers' conference hummed with talk that the President had finally made up his mind. He had written Martin, so the story went, asking him to serve a fifth term as chairman...
Next day, from the same witness chair, Federal Reserve Chairman William McChesney Martin jabbed back. "The markets don't wait for kings, Presidents, Secretaries of the Treasury, chairmen of the Council of Economic Advisers-or even the chairman of the Federal Reserve Board," said he. As for Fowler's imputation that the board failed to mesh its policies with those of the White House, Martin disclosed that he had tried from September 1965 on -three months before the board finally acted to tighten money-to persuade the Administration to go along. After that, according to secret minutes also...
...shut off the Federal Reserve's discount window as a source of money for any banker who hoped to increase an already high volume of commercial loans. "Credit conditions have changed," said last week's notice from the seven-man board of governors headed by William McChesney Martin...