Turndown

From the moment last fall when Secretary of the Treasury Douglas Dillon signified his intention to resign, President Johnson has been after Donald C. Cook, 55, president of the American Electric Power Co. A former chairman of the Securities and Exchange Commission, Cook is a close friend; during last year's presidential campaign headed the Citizens for Johnson and Humphrey organization. But Cook decided that he did not want to become Treasury Secretary; he had already spent 16 years in public service, and he figured that was enough. There were other explanations for his reluctance: his pen sion would suffer; Treasury's top job pays only $35,000 a year compared with Cook's present salary of $135,000; his wife does not like Washington. '

Cook advanced all these excuses, and more. Johnson was at his most per sistent, but even his famed persuasiveness was not enough. Last week came word that Cook had finally handed him a flat refusal.

Dillon is already cleaning out his desk to leave by month's end, and three other top Treasury posts--Under Secretary, Assistant Secretary for International Affairs, and General Counsel--are also vacant. Unless Johnson appoints some money men soon, the Treasury may be virtually empty at the top during a serious period for the dollar. There is the usual flock of other nominees--all of whom privately say, "Not me!" And some White House men insist that the President has not yet given up completely on Cook.

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