Word: stillstand
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...bankers, trying to work out an agreement between Hungarian banks and their private creditors, gave up in discouragement last week. Month ago Hungary declared a moratorium on most of its foreign debt, excepted the short term loans of foreign bankers but at the same time begged that a "stillstand" agreement could be reached to freeze these for another six months. U. S. short term credits to Hungary total about $35,000,000. New York bankers agreed to the "stillstand" provided Hungarian bankers would at least pay interest and commissions on the loans falling due in the meantime. No Budapest bank...
...slightly different angle. The problem this time was not Reparations v. War Debts (to the U. S.) but Reparations v. Private Debts, specifically the enormous short-term loans which U. S., British and other bankers have made to Germany, loans which are at present frozen under the "stillstand" agreement made by the Wiggin committee last August (TIME...
...Wiggin Committee seemed satisfied with trying to arrange what German editors called a "Stillstand Consortium," a formal agreement to leave all present foreign credits untouched in Germany for six months. France as usual objected. She thought three months was long enough, said French law does not permit a six months extension, but since France owns only about 5% of the foreign credits in Germany her objections this time did not carry the weight that they usually do. France finally agreed to a special formula for a three months renewable prolongation...
...Stillstand Moves. First step was to listen to a long elaborate explanation of Germany's present financial position from Dr. Karl Melchior. This led to a few hard words, for Dr. Melchior either did not know or would not say just what assets Germany holds abroad. Moreover, the political situation in Germany was so improved (TIME, Aug. 17) that everyone felt more free to handle the Germans firmly. There was much criticism of German domestic extravagance. From the Wall Street point of view no financial diplomat could better express the hard truth which Germany had yet to be told...