Word: reichsbanker
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...will now become a country squire and raise pigs. . . . My resignation as President of the Reichsbank is absolute and final." Thus to flabbergasted Berlin reporters last week spoke Germany's famed "Iron Man," her financial champion at every Reparations conference in recent years, Dr. Hjalmar Horace Greeley Schacht...
Instant results: The whole list of stocks on the Berlin Borse went off an average of six points, shares of the Reichsbank itself tumbled 15 points. Strongest industrials could not resist the blow. Salz-detfurth Potash lost 13 points, and the gigantic firm of Siemens & Halske (comparable in Germany to U. S. General Electric) was knocked for a loss of twelve. If the Director of the Reichsbank did not sell short before he handed his resignation to President Paul von Hindenburg, he resisted titanic temptation, proved himself indeed an "Iron...
Last week dramatic Dr. Hjalmar Schacht, President of the Reichsbank, announced to reporters in his home, which occupies the top floor of the Bank Building (he walks up three flights) that he has solved the problem...
Today the Reichsbank stock with its 8% plus is speculative. Dr. Schacht proposes to give it almost the stability of a bond by substituting for 8% plus a flat 12%. In lean years this 12% dividend would be maintained by drawing on the Reichsbank's large reserve, which up to now has absorbed 20% per annum of the profits. Under the Schacht Solution only 10% instead of 20% would go into the reserve fund, and after deducting 12% for the guaranteed stockholder's dividend almost the whole remaining net profit would be turned over to the German Treasury. Estimators figured...
...calling the Schacht Solution "fair" Berlin commentators pointed out that the profits of the Reichsbank have largely arisen from its right to issue paper money ?a right conferred by the State. In the present Socialist temper of Germany a general belief that the original subscribers to the bank stock were "profiteering" on their 8% plus dividends might easily lead to a situation in which the Government would be forced by public opinion to curtail the Reichsbank's profitable right of issue. Under the new plan imputations of profiteering can hardly arise, yet the stockholders will receive?if they agree...