Word: schacht
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Dates: during 1920-1929
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...several days the wires hummed merrily about millions. Then suddenly jovial Dr. Hilferding was jerked up short by brusque Dr. Hjalmar Schacht, President of the Reichsbank. A watchman of Germany's cash drawer, Dr. Schacht barked that he would not O.K. the loan. Scareheads in the Berlin press screamed that Dr. Hilferding would have to resign because now his budget would not balance. There were predictions that the Cabinet was due to fall...
...Schacht, having upset the applecart, set about picking up the apples. Within 24 hours he announced that he (i.e., the Reichsbank) would supply the needed cash. The political neck of Optimist Hilferding seemed saved and the whole affair might have passed off as a teapot-tempest, except for the famed Berliner Tageblatt whose editor announced that he possessed the inside story, upset the apples again...
...soon after the Young Plan comes into effect (TIME, June 10, et seq.), Tageblatt intimated that should Dillon, Read beat their "rivals" to the Stock Exchange with an $100,000,000 German loan, subsequent Morgan pickings from Reparations Bonds might verge upon the loan. According to the "dope" Dr. Schacht was persuaded to obstruct the loan by Seymour Parker Gilbert, whose post as Agent General of Reparations will automatically be abolished when the Young Plan comes into effect. For years Germans have been hearing that Mr. Gilbert will then become a Morgan partner...
Earlier in the week Dr. Schacht intervened in negotiations by the City of Berlin with Dillon, Read & Co. for a $14,400,000 loan, squashed it. Berlin understands"that the City was about to hire the money from Dillon, Read for 8.6%, that Dr. Schacht offered to supply it from the Reichybank...
...tariff man, a quiet optimist, a vigorous advocate of more and still more loans from abroad, "loans which fertilize German industry as the waters of the Nile fertilize the parched soil of Egypt." As a "borrowing man" he enjoys the thoroughgoing contempt of Reichsbank President Dr. Hjalmar Schacht, always a "bear" on German futures, who constantly grumbles that the Fatherland has already borrowed far too much...