Word: mcchesney
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Wearing a dark suit and a cautious smile. Federal Reserve Board Chairman William McChesney Martin went before a joint congressional committee last week to testify on the state of the U.S. economy. After Martin explained how the FRB was "feeling its way" in the current credit situation, neither easing nor tightening credit, Illinois' Democratic Senator Paul Douglas tried some specific questions: DOUGLAS: Do you have any worries about the automobile industry...
...came from Federal Reserve Chairman William McChesney Martin Jr., who was anxiously watching the zooming expenditures for plant expansion, increasing business inventories, the high levels of mortgage and retail credit-all potential inflationary spots in 1956's economy. Yet, said he, there are still some businessmen clamoring for fewer Government credit controls every time "sales do not exceed expectations or fail to set a record." For 1956 the need was for tighter, not looser reins on inflation through the FRB's checks on bank reserves and interest rates. Said Martin: "If it were possible to have good times...
...alarming concentration of financial power in the hands of a few banks." Celler is busily pushing a bill to restrict mergers, and has lined up top Administration support behind it. Both Trustbuster Stanley N. Barnes, who has investigated some of the mergers, and Federal Reserve Board Chairman William McChesney Martin have come out in favor of the bill. While they feel that the mergers probably have not caused any lessening of competition, they fear that some of the huge banks are now in a position where they might be able to squeeze competitors if they wish. On the other hand...
Authorized by the Federal Reserve Board and its chairman, William McChesney Martin Jr., the Federal Reserve System's districts across the U.S. started boosting the rediscount, i.e., interest, rate to banks who borrow money from the Federal Reserve. Within 48 hours, ten Federal Reserve Banks announced increases in their rates of ¼ to a total of 2% on loans. In Cleveland, where autos, steel and machine tools are rolling along at record rates, the increase was a full ½, up to 2¼%. Private bankers quickly passed on the new rates. By week's end virtually every...
...Wrong. The week's first witness was Chairman William McChesney Martin Jr. of the Federal Reserve Board, watchdog of the nation's credit and onetime president of the New York Stock Exchange. Previous witnesses, notably Harvard's Galbraith, had testified that margin requirements should be raised, perhaps as high as 100%. Did Martin agree? He did not, since credit denied to the market would just move into other fields...