National Affairs: Right Hand

The new acting head of the U. S. Treasury, Henry Morgenthau Jr., was not trained as a banker. Last week, one of his first official acts was to appoint a brilliant financial technician as his right hand man: Earle Bailie of Manhattan. Although really shouldering the job of Undersecretary, Earle Bailie was named merely a "special assistant." Hence he does not have to be confirmed by the Senate which might not look with favor on 1) a partner in the private banking firm of J. & W. Seligman; 2) the creator and head of...