The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
NOMINATION OF C. CANBY BALDERSTON HEARING BEFORE THE COMMITTEE ON BANKING A.ND CURRENCY UNITED STA.TES SEN.A.TE EIGHTY-THIRD CONGRESS SECOND SESSION ON THE NOMINATION OF C. CANBY BALDERSTON TO BE A MEMBER OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM AUGUST 5, 1954 Printed for the use of the Committee on Banking and Currency UNITED STATES GOVERNMENT PRINTING OFFICE SH14 WASHINGTON: 1954 Digitized by Google COMMITTEE ON BANKING AND CURRENCY HOMER E. CAPE;HART, Indiana, Chairman JOHN W. BRICKER, Ohio BURNET R. MAYBANK, South Carolina IRVING M. IVES, New York J. WILLIAM FULBRIGHT, Arkansaa WALLACE F. BENNETT, utah A. WILLIS ROBERTSON, Virginia PRESCOTT BUSH, Connecticut JOHN SPARKMAN, Alabama J, GLENN BEALL, Maryland J. ALLEN FREAR, JR., Delaware FREDERICK G. PAYNE, Maine PAUL H. DOUGLAS, Illlno!s BARRY OOLDWATER, Arizona · HERBERT H. LEHMAN, NewYorlr:: IRA DIXON, RAY II s. Chief Clerk DONALDSON, Staff Director NOMINATION OF O. CANBY BALDERSTON TJIUBSDAY, AtJG1JST 6, 1964 UNITED STATES SENATE, Co~nEz ON BANKING AND Cu1;lRENCY t.... Washington, u. 0. · The committee met, pursuant to call, at 10:10 a. m., in room 300, Senate Office Building, Senator Homer E. Capehart (chairman) presiding. Present: Senators Capehart, Ives, Bennett, Bush, Beall, Payne, Goldwater, Maybank, Fulbright, and Lehman. · The CuAiRMAN. We will now consider the nomination of C. Canby Balderston to be a member of the Board of Governors of the Federal Reserve System for the remainder of the term of 14 years from February 1, 1952, to fill an existing vacancy. Mr. Balderston, will you be seated, please? We have the unanimous endorsement of the two Senators from PeDI1SYlvania, Senator Martin and Senator Duff. '\\'ithout objection,. · I will place in the record Mr. Balderston's biography. (The biographical sketch referred to follows:) BIOGRAPHICAL SKET"CH OF C. CANBY BALDEBBTON Dean, and professor of industry, Wharton School of Finance and Commerce, . Univend!y of Pennsylvania. Born Kennett Square, Pa., February 1, 1897; son of John L. and Anna E. (Marshall) Balderston; married Gertrude Emery, July 28, 1922 (deceased); children: Frederick E., Robert W.; married for the second time, Ida Roberts i,medley, November 21, 1942; stepchildren: Walter, Henry, Alice. Schooling: Westtown School, 1912-14·i Pennsylvania State College, 1915-17; .. B. S. in economics, University of Pennsy vania, 1921; Ph.D., 1928. ·Member, board of directors, Federal Rese~ve Bank of Philadelphia, April 8, 1943, to December 31, 1953; deputy chairman, Federal Reserve Bank of Pb.il&de1.f!!!• March 18, 1949, to December 31, 1953. · tant professor of industry, University of Pennsylvania, 1925-31 i. professor . since 1931; dean, Wharton School of Finance and Commerce since 11141; chief, War Department Wage Administration Agency, and of Wage Adininistration. Section, "Headquarters, Army Service Forces, 1942-45; president, Leeds & Lip· pincott. Vice president and director, Philadelphia Chamber of Commerce; trustee: Bryn Mawr College Industrial Relations Counselors; chairman of .board, National Bureau of Econoinic Research; former president, American Association, Collegiate School of BusineBB; chairman of investment committee, Westtoltil · School; member board of managers, Friends Hospital, Frankfol"d. Member: American Management Association, American Economic Association, Society for Advancement of Management, Theta JC:i, Beta Gamma Sigma . . (president), Society of Friends. .· · Clubs: Franklin Inn, Rolling Green Golf, Lenape, Ozone. Author: Managerial Profit Sharing, 1928; Profi~Sharing for Wage . Earnen, 11937; Group Incentjves, 1930; Executive Guidance of Industrial Relatioris, 1935; · '. Wage Setting, 1940. 1 Digitized by Google 2 NOMINATION OF C. CANBY BALDERSTON Coauthor: Wages-A Means of Testing Their Adequacy, 1931; Management of an Enterprise, 1935; Management of a Textile Business, 1938. Home: Penncrest, Media, Pa. The CHAIRMAN. Are there any letters.for or against this gentleman? Is there anyone .here who wishes ,io ,testify against this. gentleman? Is there ariyone ·here who wishes, to testify for him? I see the Chairman of the Board of Governors of the Federal Reserve System is here. STATEMENT OF WILLIAM Mee. MAR.TIN, CHAIRMAN, BOARD OF GOVERNORS, FEDERAL RESERVE SYSTEM Mr. :fyiARTIN. I am very glad to testify for Mr. Balderston, to expref;i, my pleasure at his nomination and to express my confidence in th~ belief that the capacity and character of the Board is being en1l,~e:ed by his appointment. The CHAIRMAN. Senator Bush, do you have any questions? Senat;qi: Payne? Senator Maybank? ' Senator MAYBANK. I don't have any questions, but I do think the r,ecord-0f a confirmation of this kind, should show a statement by Mr. Balderston as to how he feels about the Federal Reserve Board, and what his attitude has been as a member of the Federal Reserve Sys. tem, as I understand it, in Philadelphia. It has always been customary to have such a statement by the individual himself, as Mr. Martin well knows when we confirmed him. , The CHAIRMAN. You have been a member of the Federal Reserve bank in Philadelphia? STATEMENT OF C. CANBY BALDERSTON, NOMINEE AS MEMBER OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Mr; BALDERSTON. Yes . . The CHAIRMAN. Do you believe that the Federal Reserve System should be just as independent as is humanly possible for good governmental operatioti? It isn't entirely independent of the Secretary of tb.e Treasury and the President of the United States. Mr. BALDE~STON. I recognize that it is an agent of the Congress. I recognize that it occupies a position of trusteeship to many interests. I believe that its mission can be accomplished best if it is independent. · The CHAIRMAN. I presume you recognize that there must be a certain amount of cooperation and coordination between all governmental agencies? Mr. BALDERSTON. Yes. The CHAIRMAN. The whole matter has to be coordinated. It just can't run wild. There has to be a certain amount of coordination and cooperation. Are there any other questions? Senator MAYBANK. I have one statement, Mr. Chairman. He is taking the place of a former member of the Board who was from ~tlanta; am I wrong? Mr. MARTIN. No, he is taking Oliver Powell's place, who was from Minneapolis. Senator MAYBANK. There is no one from Atlanta now? , •1••M'f; MAR't:tN;' 'No. ' Digitized by Google NOMINATION OJ' C. CANBY BALDERSTON 3 Senator MAYBANK. There is no one from Dallas, Tex.? Mr. MARTIN, No. Senator MAYBANK. There is no one from the South, is there? There has been no one from the time that Carter Glass formed the Board. Senator PAYNE. And nobody from New England. Senator MAYBANK. That is right. It is a lot closer from New York and New England than from Dallas. I just wanted the record to show that in case there should be another ap~intment, the President should consider someone from that area. The CHAIRMAN. Thank you very much. We appreciate your appearing. We will now go into executive session. Then at 10:30 we will have a public hearing on the FHA investigation with Mr. Geo_!ge Marcus, attorney from New Jersey. (Whereupon, the committee went into executive session.) X . Digitized by Goog Ie
@FedFRASER