Business: Morrison Out

Last winter when President Roosevelt assigned his new Federal Reserve Board appointees to the staggered terms provided by law, he gave the shortest term (two years) to Ralph Waldo Morrison, a husky Texas utilitarian who had contributed $25,000 to the Democratic National Committee in 1932. Mr. Morrison's tenure proved shorter than the shortest term. Last week, after only four months in office, he sent his resignation to the White House. In his home town of San Antonio Mr. Morrison offered no explanation for his resignation, simply issuing this statement: "The obligations of the...