Word: anstalt
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...other European countries, where free enterprisers have long livened the state-controlled air (and reaped the income of commercials). Example: French broadcasters have set up a commercial station beyond the reach of French regulation in tiny Andorra. Free Enterpriser Fogh incorporated himself in Liechtenstein as "Internationale Merkur Radio Anstalt," bought an ancient, 100-ton freighter and fixed her up with Panamanian registry, a 36-kw. transmitter, a towering g8-ft. antenna. He tapes programs in a suburban villa near Copenhagen, ferries them out to sea in his own cabin cruiser...
Died. Baron Louis de Rothschild, 72, sportsman, patron of art and science, former head of the Austrian branch of the international banking family; of a heart attack; in Montego Bay, Jamaica. When the Credit Anstalt, the family's Vienna bank and Central Europe's biggest financial house, failed in 1931, Rothschild handed over $10 million of his private fortune to the Austrian government to help cover losses. Held for a year by the Gestapo after Hitler's Anschluss, he was released after payment of a $21 million "ransom...
...percent of all of Austria's industry, including the Zistersdorf oilfield, Credit-Anstalt bank, factories making electrical machinery, tools, locomotives...
...crash of 1929 his world came unstuck. In May 1931 followed the failure of the Credit Anstalt in Austria. In September 1931 Britain herself was driven off gold. Desperately Norman tried to glue his world together. He worked with New York. He journeyed to Berlin to see Hjalmar Schacht. And steadily Montagu Norman the man became Montagu Norman the legend...
Thirty-three countries protested, then took revenge by erecting their own trade barriers. Austria's Credit-Anstalt failed. Foreign credits began to be called. U.S. gold imports increased. The Republicans lost their House majority for the first time in 14 years. The Young Plan fell apart. England abandoned its historic free-trade policy. European nations set up quotas, licenses, exchange controls, other trade barriers. The depression was immeasurably deepened...