Word: mcchesney
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...Boston Corp., a major investment banking house, Saul was president of the American Stock Exchange through mid-1971. He successfully reshaped the once scandal-racked Amex, and many Wall Streeters gave him higher marks than Haack for general performance. If the Big Board governors follow the recommendations of William McChesney Martin's recent study, they will select a full-time chairman and chief executive. That job may well go to Saul and the operating presidency to Richard B. Howland, now the exchange's executive vice president...
...Inept, Untimely." The exchange's board of governors two weeks ago named William McChesney Martin, 64, the globally respected former Federal Reserve Board chairman and onetime (1938-41) reform president of the N.Y.S.E., to spend until September studying the two basic controversies. He will also examine all exchange procedures and recommend reforms. The applause for the Martin appointment changed to tantrums last week after a special advisory committee of the exchange surprised almost everybody by endorsing institutional membership and freely negotiated commission rates...
...call a business downturn that exhibits some but by no means all of the symptoms of a recession? Economists have long groped for an appropriate label-with painful semantic results. Paul McCracken, President Nixon's chief economic adviser, has suggested "recedence," and Former Federal Reserve Chairman William McChesney Martin once spoke of an economic "slope." Now the Manhattan-based National Bureau of Economic Research, the organization that decides which business movements merit the term recession, is joining the naming game. Ruminating about the present "episode," Vice President F. Thomas luster says: "We are thinking of labeling...
Away with the Minuet. The burden of holding prices down while keeping business up falls on the Federal Reserve at a time when it is undergoing deep changes. The most apparent change was the replacement in February of William McChesney Martin Jr. by Economics Professor Burns. Chairman Burns, 66, a strong-willed administrator, has abandoned Martin's insistence on always shaping a policy consensus on the board. If he finds himself in the minority, he will not try to negotiate a compromise but will let himself be outvoted. While this practice could enable the board to move more quickly...
Nixon has good reason to be hopeful that the Federal Reserve may soon begin to loosen its rein on the nation's money supply and credit. Presidential Counselor Arthur Burns, who was sworn in last week as Reserve Board chairman to succeed William McChesney Martin, has been the chief Administration advocate of stringent federal economies. Reason: he feels that monetary policy has been bearing too much of the burden in combatting inflation...