Evening star., 1952-12-03
Humphrey Selection
And Snyder Record
Hailed by Bankers
By Donold B.. HadIeY


The enthusiasm of bankers over
Gen. Eisenhower's selection of
George M. Humphrey of Cleveland
as Secretary Of the Treasury
stems not only from outstanding
qualifications of the Secretary
designate.
It also comes from a conviction
that the new Secretary will be
able to work in a better climate"
than his predecessor. John w.
Snyder.
Mr.. Snyder has been a very
good Secretary. bankers will tell
you. Off the record. they iken
him to Horatio at the bridge.
They feel he performed invaluable
services to the Nation in heading
off unsound economic theories in
an exceedingly difficult period.
Praised by Fleming.
The bankers admiration for
both Mr.. Humphrey and Mr.. Sny-
der was voiced here today BY
Robert v. Fleming, president and
board chairman of the Riggs Ma
tional Bank, who has worked
closely with both.
'Mr. Humphreys selection Isl
outstanding" said Mr.. Fleming
'He Is man Of great personality
and character, has a keen mind
and is as fine a Secretary as we
could have"
At the same time. Mr.. Fleming
paid tribute to Secretary Snyder,
friend Of many years.
"1n my opinion, Mr.. Snyder has
made an excellent secretary under
the most trying conditions of the
postwar period, especially since the
outbreak Of the Korean conflict"
he said.
Mr.. Fleming's opinion Of the two
men is widely held in banking
circles, but because of the bankers
innate caution about discussing
current history which affects them,
the full story behind it will not be
told soon.
Lawyer Also Esteemed.
However, it is no secret that,
during an administration which
much of the time was cool toward
bankers. Mr.. Snyder was regarded
by the bankers as a friend in court.
Secretary of Commerce Sawyer
also was so regarded.
Economic theories and legisla-
tion the bankers regarded as un-
sound and some times dangerous
received ready support in some
quarters of the Fair Deal. The
bankers credit their friends" in
the administration with quietly
but effectively opposing them.
Many of these proposals were de-
layed or shelved.
Mr.. Snyder had most OF the
financing after World War II and,
in addition, carried the RESPONSE
bilities of financing the defense
program. which was more diff
cult because of the absence of
emotional appeal engendered by
wartime conditions. He has been
hard-Working Secretary and has
kept in close touch with bankers
and their problems.
Bankers also recognize Mr..
Humphrey as a kindred spirit |
His financial accomplishments
have matched his industrial lead
ership. AS head of the M. A.
Hanna Co., giant holding COM
pany, he put together the Pitts
burgh Consolidation Coal Co., the
Nations largest coal producer.
Hope for Solutions.
Apparently they also are con-
fident that the new administra-
ton will bring an abatement, if
not the complete elimination, of
what they call socialistic or rad
ical proposals from within the
Government, and that the way
will be paved for positive and
constructive steps toward a solu-
ton of the Nations fiscal prob
lens. They are doubly cheered
by the selection of secretary
of Mr.. Humphreys caliber.
Mr.. Fleming has been in an
unusual position to assess the
records of both Mr.. Snyder and
his successor. The Washington
banker is completing term as
vice president of the Federal Ad-
visory Council to the Board of
Governors of the Federal Reserve
System.
He also has worked closely with
Mr.. Snyder as chairman of the
Government Borrowing Commit
tee of the American Bankers
Association, Of which he is past
president.
He became a member of the
Business Advisory Council of the
Commerce Department in 1887
and first became acquainted with
his fellow member, Mr.. Humphrey,
who served as chairman of that
group in 1867.
EuqIe Nest 18 Feet Deep