Business: Burns: A Tough Act to Follow

A bundle of contradictions through eight years

When Arthur Burns succeeded William McChesney Martin in 1970 as head of the Federal Reserve Board, he had a tough act to follow. After 19 years in the job. Martin had made his name synonymous with sound money management. When Burns himself steps down at the end of this month, his successor, G. William Miller, will find Burns' show quite as difficult to top. As chairman of the Reserve, Arthur Burns was final arbiter of the nation's money supply through eight of the most tumultuous years in economic history—years marred alternately, or sometimes simultaneously, by...

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