Word: money
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Dates: during 1920-1929
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What the "peculiar conditions" were he did not say. But they obviously included the English situation, easier credit needed for moving the fall crop. Stock Market excesses, high call money rates. For Governor Young to have been explicit would have been untraditional. Because it is impossible to make a complete statement taking into consideration every factor discussed, the Federal Reserve Board makes no explanations, merely presents the simple fact of its decisions...
...MONEY AND MOTORS?Theodore F. MacManus and Norman Beasley?Harpers...
...people were talking about steam and electric transportation. Those who were foolish enough to think of gasoline got what they deserved. They had faith in the ex-superintendent of the Detroit Edison Company, who promised to build ten cars for $10,000. He spent $86,000 of their money and they thought they were lucky to get him to resign. The urchins were right when they chased the gas buggies through the streets and shouted, "Hire a horse...
...cost $554 complete and $594 with a tonneau and sold for $750 and $850. Ford himself got $3,000 a year, but Frederick J. Haynes, later president of Dodge Brothers, refused to work for Ford at $2,500 a year, because he was not sure where the money would come from...
Many of the automobile pioneers were frostbitten, ugly, rough-tongued, heavyhanded, but they spent nights in their half-built factories tightening nuts on rush orders with their own hands, and days in the offices of friends, trying to raise money and postpone payments. William Crapo Durant, twice head of General Motors, left a room full of irritated financial patrons to eat apple pie, and, mouth full, to roar full-chested laughter at a squib...