Word: szymczak
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Dates: during 1940-1949
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...Acceptance Corp. last year advanced $411 million on the sale of automobiles and other GM products: "It behooves . . . banks and other financing agencies to use their heads as never before." At a meeting of the District of Columbia Bankers' Association the Federal Reserve Board's M. S. Szymczak warned that if bankers permitted the credit structure to get topheavy, as it had in the '20s, "you will again be the scapegoats...
...Jack Straus called on all businessmen to "fight for a lower level of prices." Murray Shields, vice president of the Bank of the Manhattan Co., declared that "recent developments have increased the risk that we shall experience an economic setback." Said the Federal Reserve Board's Menc S. Szymczak: the U.S. is now facing "the cataclysmic consequences of runaway inflation...
Then the Jones crowd sought a compromise candidate who might get a unanimous vote. At length they hit on quiet, popular Menc Szymczak (pronounced Simchak), a Chicagoan who serves on the Federal Reserve Board in Washington at $15,000 a year. But after a tussle with his conscience, Menc Szymczak refused the $35,000 presidency. He feared being taken for a Jones...