Word: snyder
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Dates: during 1940-1949
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Among the designers of the Colmol was Sunnyhill's 37-year-old President Clifford H. Snyder, who started in business with a $75 second-hand truck. He now runs a company that grosses $25 million a year. Along with Co-Inventors Arnold E. Lamm, Sunnyhill's executive vice president, and V. J. McCarthy, a coal man of Youngstown, Ohio, he built a prototype of the machine around an old army tank, worked out the bugs in a company warehouse, that was guarded day & night...
...annoyed citizen, an advertising man named William von Zehle, wired Secretary of the Treasury John Snyder, asked him to mint 2?, 6?, and 7? pieces...
...Louisville, Secretary of the Treasury John W. Snyder, who evidently does not share President Truman's fears that a Republican administration would cause a depression, told a bankers' meeting that he expected continued prosperity for years ahead. Said Snyder: "We have only begun to tap the billions of savings built up during the war years...
...intentions were toward deflation-just a little deflation. Treasury Secretary John Snyder upped to 1¼% the 1⅛% interest rate on short-term Government bonds. lie expected, rightly, that banks would follow the example and raise interest rates, thereby curbing the inflationary expansion of credit. By midweek, some bankers announced plans to boost basic lending rate from 1¾% to 2% (for borrowers with the highest credit rating) and to adjust other rates accordingly...
...thought that the results of Snyder's action would prove much of a damper on the inflated market. The cost of borrowing would have to be much higher to be effective. As for the rediscount rise, its effect would only be psychological. Borrowings by member banks from the Federal Reserve Banks are relatively insignificant, at less than $300 million. With excess reserves of over $1 billion, member banks were not likely to raise the volume by much, nor feel any actual pinch because of the higher charges...