Word: wiggins
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Dates: during 1930-1939
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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...
...payments will be made first to those countries which have received the least. ¶ Still to be settled is the interest rate on these frozen loans. Foreign banks protest that they cannot charge less than they must pay their own domestic borrowers. All these interest rates vary. ¶ Banker Wiggin's international committee was most anxious to persuade creditors to convert cash advances to German banks into ten-year 6%, notes. As bait, German banks have agreed to deposit special security with a trustee to protect these notes...
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...
...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...