GERMANY: Titan v. Titan

In Berlin it is sometimes popularly supposed that the titanic rivals in U. S. finance are J. P. Morgan & Co. and Dillon, Read & Co. Last week, pink-cheeked, socialistic, optimistic Finance Minister Rudolf Hilfer ding found himself short of cash for year-end budget requirements. He hastily sought to arrange an $100,000,000 loan with Dillon, Read & Co. by cable.

For 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...

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