William McChesney Martin, 91, who guided the nation's...

Deaths Elsewhere

July 29, 1998

William McChesney Martin, 91, who guided the nation's economic policy for nearly two decades as chairman of the Federal Reserve, died Monday in Washington.

Nominated by President Harry S. Truman to become the eighth chairman of the Fed, he began his 19-year chairmanship on April 2, 1951, and served until Jan. 31, 1970, when President Richard M. Nixon picked Arthur Burns to succeed him.

During his tenure, the longest in the central bank's history, he presided over a golden age for the U.S. economy. The United States enjoyed strong economic growth, low unemployment, low inflation and the biggest gains in living standards of any time in the post-World War II period.

His tenure also covered the longest economic expansion in the nation's history, from 1961 to 1969, a period of uninterrupted growth that ended when the central bank was forced to begin raising interest rates to fight a buildup of inflation caused by government spending during the Vietnam War.


Elaine Aiken, 71, a Method acting teacher who founded the Actors Conservatory in Manhattan, died of cancer July 12 in New York. She taught such actors as Harvey Keitel, Alec Baldwin, Shelley Winters and Brooke Shields.

David Durand, 77, a child actor in movies of the 1920s and 1930s, died Saturday in Bridgeview, Ill. Born David Parker Grey, he began his film career at age 5 with two "Our Gang" movies in 1925: "Sundown Limited" and "Uncle Tom's Uncle."

Talmage Holt Farlow, 77, a jazz guitarist who favored the clubs of the New Jersey shore after making his name as an early be-bopper, died Saturday in New York of esophageal cancer. Just two months earlier, he was inducted into the American Jazz Hall of Fame.

Pub Date: 7/29/98

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