Word: kreditanstalt
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Dates: during 1931-1931
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...crisis, but when crisis is past Austria's Cabinet is apt to fall. Last week Chancellor Otto Ender & Cabinet were forced to resign after averting an Austrian panic with an agreement whereby the State guarantees the liabilities of Austria's key bank, her great and almost bankrupt Kreditanstalt (TIME, June 8). Although Dr. Ender had deserved well of Austria, his friends & enemies preferred not to associate themselves with the guarantee his Cabinet had given, hence they permitted it to fall...
Chancellor Ender, although he had resigned, felt chesty. To President Wilhelm Miklas he said with a certain arrogance that he, having saved the Kreditanstalt and averted panic, would "consent" to form another Cabinet with the under-standing that he would ask Parliament to grant him "extraordinary powers...
Vienna's sensation-of-the-week was news that her Wirtschaftpolizei ("business police") were hunting Banker Fritz Ehrenfest, a former director of Kreditan-stalt. When they find him they expect to prove that he lost $15.000,000 of Kreditanstalt's funds in Manhattan's punctured stockmarket...
Because the solidarity of Kreditanstalt is thought to be inseparable from that of Austria herself. Chancellor Ender and Finance Minister Juch have been raising read)'' cash of late by methods peculiar to governments. The last balance sheet of the Austrian National Bank showed an increase in Austrian note circulation of 16% in one week and the discounted bills had increased by some $30,000,000. These emergency measures were taken, admittedly, as a stop-gap means of saving Kreditanstalt until permanent measures could be taken. Day after desperate day frightened depositors swarmed around the threatened institution, talked earnestly with each...
...Berlin, to London, to Paris hurried emissaries of Chancellor Ender, pleading for loans and credits. While he waited anxiously in Vienna the Kreditanstalt called every loan they dared. They called, for example, a large loan to one of the historic private banks of Austria, Auspitz, Lieben & Co. Promptly Chairman Stephen Auspitz went out and tried to jump into the Danube, was restrained by friends. His partner, Dr. Ludwig Schiiller, brother of the Austrian economist who negotiates most of Austria's trade treaties, went out and, unrestrained, shot himself beside the Danube. His body toppled in, was swept away...