Word: baden
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Dates: during 1920-1929
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...famed "Iron Man," Dr. Hjalmar Horace Greeley* Schacht, to read entirely through before he would sign, last week, the Charter and Statutes of Europe's new Bank for International Settlements (TIME, Sept. 23 et seq.). The official text, adopted after a six-week negotiation by world potent bankers at Baden-Baden, is in English. Delegates from the U. S., Britain, France, Italy and Japan signed without conning over a document with which all, including Dr. Schacht, were excessively familiar. That made six signatures. The seventh?Belgium's?was not affixed last week. The Belgian delegates huffed and withdrew (TIME...
Last week's pen-squiggling was provisional. Potent though they are, the bankers must submit their handiwork to statesmen of the Great Powers and small Belgium at a Second Hague Conference, expected to convene within six weeks. Last week, however, the Baden-Baden bankers did what they could to make their signatures imposing. They had no Great Seal. They could not use the seals of their own banks, sacred to commerce. But the smart Chicagoan secretary of the conference, Dr. Lichtenstein, had a watchcharm seal: "W. L." Pressing this upon a hot red splotch of wax, Mr. Lichtenstein* sealed with...
...padlocks. Thirteen of the 60 articles in the Statute were drawn wholly or in part to protect the U. S. Federal Reserve, which, under Article Twenty, has power to veto any dollar transactions contemplated in any country by the Bank. Getting this clause adopted was the major triumph at Baden-Baden of the two U. S. representatives, short, stocky Jackson Eli Reynolds and lanky, drawling Melvin Alva ("Mel") Traylor, presidents of the First National Banks of New York and Chicago, respectively...
Finally the Bank is to have nearly all the powers of a clearing house for funds and credits of every kind,* but scarcely any of those exercised in general business financing by an ordinary bank or bank-of-issue.? Jealously decreed these prohibitions. They were forced upon the Baden-Baden bankers by the European banks of issue?especially the Bank of England? which feared the competition of anything like a "World Bank." The new Cash Register thus does not measure up to the original grand conception of Owen D. Young and the drafters of the Young Plan (TIME...
Chairman? Chairman? As the delegates left Baden-Baden, New York's Jackson Eli Reynolds, though he had served as Chairman of the Conference with brilliant, driving power, was not mentioned as prospective Chairman of the Bank. Taciturn in the extreme with correspondents, he had earned their ire. He would not even give out the text of the Statutes, forced them to get it from Germany's offish Schacht, usually the closest oyster at any conference. Perhaps in irritation the newshawks made little of the fact that Mr. Reynolds went straight from Baden-Baden to Paris for a conference with representatives...