Word: reichsbanker
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...international exchange the German mark rose approximately to par* last week for the first time since last May. During the July crisis, when President Hans Luther of the Reichsbank flew like a distracted June bug from Berlin to London to Paris to Basle seeking funds (TIME, July 20), the mark knelt at a low for the year...
...creditors of Germany. The latter, of course, are a drain on Germany, not a gain. The exports to Russia are a story in themselves (see p. 20). Unlike other German exports they were sold on the longest of long export credits. To furnish these credits, German banks and the Reichsbank in particular have been drawing on available credit resources to the limit. Last week the Reichsbank's resources of gold foreign exchange further declined...
...before England suspended gold payments Sept. 21. Legal minimum is 40%. In four weeks the U. S. lost $649,000,000 in gold, largest monthly drain on record. Previous record was a loss of $99.300.000 in June 1928. Last summer when Germany and England were experiencing like movements the Reichsbank lost $247,000,000 in seven weeks, the Bank of England $779,000,000 in a fortnight. If last week's rate of decline in the Reserve ratio were maintained the legal limit of 40% would be reached in the next four weeks. Were the legal minimum exceeded there...
...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 returned to the Reichsbank...
...items of good news crept into the German Press: 1) After a week of credit restrictions the Reichsbank boasted a net gain of $23,000,000 in gold reserves and foreign exchange. 2) While the U. S. auto trade struggled through the doldrums, exports of German automobiles for the first five months of 1931 showed considerable increase over the same period of last year...