Three for the Money

NEW ADMINISTRATION Three for the Money

One of the soggiest spots in the New Deal and Fair Deal Administrations was the fiscal area, where both Franklin Roosevelt and Harry Truman were prone to appoint professor-type economic theorists and ward-type politicians. Last week there were clear and specific indications of a solid change in attitude under the new Administration. They came as Dwight Eisenhower's New York headquarters announced the appointment of three men as top assistants to Secretary of the Treasury George M. Humphrey. Flanking the new Secretary, who has demonstrated his own ability in the field of fiscal policy, will be three topflight working economists from the fields of business, law and banking, all with experience in government. The three:

P:Marion Bayard Folsom, 59, of Rochester, treasurer of the $464 million Eastman Kodak Co., who will be Under Secretary, giving particular attention to tax policies. Folsom served (1934-35) on the council which developed the Social Security program and on other business advisory groups appointed by Franklin Roosevelt and Harry Truman. Since 1950 he has been the brilliant chairman of the Committee for Economic Development, a private, nonprofit research organization. P:Horace Chapman ("Chappie") Rose, 45, Cleveland corporation lawyer, who will be Assistant Secretary. Rose's firm (Jones, Day, Cockley & Reavis) represents Humphrey's mammoth M. A. Hanna Co., and his estate in the Cleveland suburbs neighbors Humphrey's. No stranger on the Washington scene, Rose served as secretary to Supreme Court Justice Oliver Wendell Holmes after he graduated from the Harvard Law School in 1931, was stationed in the Pentagon as an Army colonel during World War II, served as director of war contract settlement for the Government in 1946.

P:Warren Randolph Burgess, 63, chairman of the executive committee of the National City Bank of New York (the nation's second largest bank), who will be consultant and special deputy on debt management and monetary policies. Burgess was vice president of the Federal Reserve Bank of New York before he went to National City in 1938, and for eight years (1930-38) handled the open market operation in Government securities which his reserve bank ran for the Government. He wrote The Reserve Banks and the Money Market, a book widely recognized in the financial field. A fiscal conservative, he has said that the nation's long-run monetary policy should aim toward a return to the gold standard.

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