Word: baden
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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...
...bankers have left Baden, and their work awaits the decision of a second meeting of the Powers at the Hague. In the interim, persons whose knowledge of the situation is valued are plagued by the press to declare an opinion. Else where in this mornings's CRIMSON Professor Doriot has explained to Harvard readers the work which was accomplished at Baden, and has found but one criticism or cause for regret great enough to deserve his stress. Frankfort, he says, or Cologne, or some other German city might have been superior to Basel as a location for the International Bank...
There is quite a little to be said for such a location for the Bank, and no doubt the bankers assembled at Baden took care to say just that. But the reasons for locating the Bank in Switzerland are clear, and it is difficult to see how the balance could be overweighted except in favor of some other country which holds the same neutral position as Switzerland, and at the same time boasts an age-old reputation as a European banking center...
...Bankers who assembled at Baden had to rackon with the jealousy of the Powers which forbade locating the new Bank in any center where it might be suspected of coming immediately under the thumb of one or another central bank. They had to secure some centrally located spot which could focus the European money markets, and one able to recommend itself by its banking facilities. Above all they must have been moved by the strenuous fight made by the Agent General for Reparations to remove from German soil all vestiges of financial "control" and to enable the German nation...