Word: wiggineers
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Banker Albert Henry Wiggin last week made an announcement the world has been expecting for a month: the "Stillstand Agreement" concluded in Basle last August, by which repayment of $1,500,000,000 of German private short-term loans was frozen for six months, will be prolonged for another year. Points: ¶ The agreement will expire automatically should Germany declare a moratorium...
Banker Albert Henry Wiggin went to ground somewhere in Germany where he has been working for the past month, and successfully avoided all efforts of news hawks to locate him. A decision on payment of Germany's private debts was momentarily expected. As for Reparations the choice seemed to be postponement with Bruning or postponement with Mussolini. At the last minute France carried the postponement idea one step further. Premier Laval issued a statement begging postponement of the entire Lausanne Conference: "The opinion is be coming more and more general that it is impossible to arrive...
...Melchior of Hamburg, partner of the German Warburgs, handed out a voluminous memorandum to show that no matter what happens after the Hoover Moratorium, Germany can never again pay Reparations under the stiff schedules laid down by the Young Plan. He had figures to show that the Albert Henry Wiggin Report of last August underestimated Germany's foreign debts by nearly a billion dollars. He admitted that Germany had at the present moment a favorable trade balance of about $83,000,000 a month, but it could not last. German exports are bound to fall because of competition from Great...
...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...
...Berlin, Banker Albert Henry Wiggin led another group of eminent bankers in a conference to consider resumption of payment of short-term borrowings. Everyone looked extremely serious; nobody had anything to say for publication. Faced with a direct question on what the Berlin conference's position would be if Germany must default either on her Reparations or her private debts, their only answer was that Germany has not yet defaulted on anything, that the conference was not assuming that she would default...