Word: bankes
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Dates: during 1920-1929
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...reference to his family is to the liquidation of a good part of the Stinnes estate by its bank creditors. Hugo Stinnes had borrowed continuously while the mark was declining?with resulting magnification of his profits. But his successors had allowed themselves to get over-extended when deflation was begun...
...effect of this on the Stinnes fortune was exemplified last week. The Deutsche Allgemeine Zeitung was sold by the bank syndicate to whom the Stinnes family (headed by the younger son, Hugo Hermann) had given full power of attorney. The sales price was only 3,000,000 marks?about one third of the material valuation of the property, exclusive of good will. Incidentally it was rumored that the purchasers of the paper, Walter Salinger and Dr. August Weber, had secured it for the Government which intended to utilize it as an administration organ...
...Marseilles, where bank clerks have been on strike for several weeks demanding 100 francs a month more pay (they have been getting 500 and 600 francs a month), a 24-hour general strike was called. Everything in industry and transportation stopped dead. Firemen, and gas and electric workers were the chief officials. The only opportunity to ride by taxi, streetcar or bus, was in a funeral cortege, for funeral coaches were exempted. Postmen, musicians and many waiters took part in the suspension...
Last week the final preparations were made for opening on Sept. 1 of a new government bank of issue, with a capital of 100,000,000 pesos ($50,000,000) which will circulate paper money. Hitherto practically all business transactions in Mexico have been made with gold or silver coin. In the financial district of the capital, messenger boys run from bank to bank carrying clinking bags of coin...
...bank which will issue paper money will be opened in the Mutual Life Insurance Company's building. The Government will furnish 51% of the capital