Word: reichsbanker
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...must reopen fully for business this week. That would be releasing the bull's tail with a vengeance. A new decree was placed on Old Paul's desk, and promptly signed, continuing the partial closure of the banks indefinitely. Foreign exchange can be bought only through the Reichsbank. Penalties for violating the new banking laws include confiscation of property and ten-year jail sentences...
...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...
Hans Luther, President of the Reichsbank, sent a seven-page cable to the heads of all the important central banks in the world begging a credit truce for Germany. This was the recommendation of the London conference three weeks ago; most international bankers have already agreed to it in principle. Dr. Luther wanted a definite statement that foreign banks would not withdraw for six months credits with German banks and industries outstanding on July 13. Wall Street quibbled...
Finally the conference recalled that two weeks prior, just before President of the Reichsbank Luther made his historic rundfahrt begging loans for Germany, 1,000 German firms had offered the German Government a credit of some $125,000,000 (TIME, July 20). The conference suggested this as "a sound basis for the resumption of the normal operation of international credit...
...great German Dye Trust, sly Schmitz organized a holding company in Basle, Switzerland, nearly a year ago, allowed dye trust stockholders to exchange their German shares, payable in marks, against Swiss shares, payable in francs. The reformed Schmitz's emergency measures were sufficiently successful last week for the Reichsbank to announce that its slender gold coverage had increased...