When the U.S. Treasury and the Federal Reserve Board patched up their long feud a fortnight ago, the peacemaker was Assistant Secretary of the Treasury Wiliam McChesney Martin Jr., 44, onetime Joy wonder of Wall Street and the Fair Deal. Because both Treasury Secretary ohn W. Snyder and Federal Reserve Chairman Thomas B. McCabe had taken such well-entrenched positions that neither could beat a graceful retreat, Snyder had asked Martin to help work out a compromise.
The solution which Banker Martin persuaded Snyder to accept was a victory for the FRB, since it established...
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