Federal Reserve: Neither Tight Nor Easy--for Now

Normally opposing factions were unanimous last week in praising President Johnson's appointment of 40-year-old Federal Deposit Insurance Director William W. Sherrill to the Federal Reserve Board. Texas Democrat Wright Patman, an easy-money champion, predicted that Sherrill would be a "fine member," and Charls E. Walker, executive vice president of the American Bankers Association, praised the appointee's "competence and integrity."

Equally happy was the Fed's Chairman William McChesney Martin, who had informally interviewed the prospect over dinner the week before. Sherrill did not understand Bill Martin's interest in him until two days later, when he was called off the golf course...

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