Word: danat
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...first two or three days correspondents were proudly told that deposits were actually larger than withdrawals. German statesmen played their hand shrewdly. During the three weeks that Germany has been under partial moratorium the Government investigated every bank that seemed to be in serious trouble. Deposits of the closed Danat Bank were guaranteed. The Government bought 75%, of the stock of the great Dresdner Bank. As a last move to prevent runs 8% was promised on all new deposits. That did the trick. Tellers reported no more business than usual on a midsummer day; huge bundles of unused banknotes were...
...loan to the Dresdner Bank to stave off a threatened run. The loan will be made by buying three-fourths of the bank's outstanding stock. At the same time it was definitely announced that whenever German banks do reopen, that other D bank in distress, the Danat, would reopen too, the Government guaranteeing depositors' funds. Correspondents realized that with the Reichsbank dictating to all German banks, with the Government owning two of the greatest remaining private banks, state capitalism is now a fact in Germany...
...banks signed a one-for-all-all-for-one agreement, pooled their resources to form a $47,600,000 emergency Acceptance & Guaranty Bank which can be drawn on by any bank in trouble. One of the first jobs of the A. & G. Bank will be to help reorganize the Danat Bank, whose closing three weeks ago is generally admitted to have been a political move...
Germany was not the only country affected by her economic plight last week. All banks closed in Hungary for three days. In Vienna the great Mercurbank, largely owned by Berlin's closed Danat, shut its doors and begged for a six-month moratorium. Other banks suspended in Danzig and in Riga. The fire was coming dangerously close to France's allies in Central Europe: Poland, Jugoslavia, Czechoslovakia, who must be saved to preserve French military supremacy. Had France overstepped the mark by demanding, as the price of a further loan, political concessions from Germany which no German Cabinet...
...professional firebrands, Fascist Adolf Hitler and his backer Alfred Hugenberg. These two made no move to start trouble last week but contented themselves with harmless mutterings about what they would do when they got in power. Suddenly the news spread that Hugenberg owed $5,000,000 to the Danat bank which failed fortnight ago. Then was seen some of the shrewdness of the old man in the President's Palace and his keen-eyed disciple. By letting Danat fail, Brüning and Hindenburg had muffled Hugenberg. Munich authorities, on orders from Berlin, suppressed Hitler's paper...