HUNGARY: Panic, Peace

On the eve of the successful conclusion of negotiations for a loan to Hungary under the auspices of the League of Nations, the crown descended from about 20,000 to the dollar to 140,000 and was temporarily stabilized at about 85,000.

This—in a land where "suicides of bank directors, speculators and other financial lame ducks have averaged three daily for a week"—created a tremendous panic. Food prices trebled themselves in as many days and the public were considerably agitated by the false reports of speculators.

Leading banks went to the help of the Government...

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