Banking: Billion-Dollar Decision

The 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.

As far as businessmen,...

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