Foreign News: Badly Run Down
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Yachtsmen remember the Westward, once the largest yacht in British waters, Hatry's dives from her bowsprit, his remark: "Swimming is the only sport that I, personally, enjoy."
Shrewd fellow-promoters remember that "Clarence" made his first killing in silk, recouped the ensuing bankruptcy in insurance, found the War a golden chance to profiteer, emerged in 1921 the respected director of 15 corporations. Then three years later his Commercial Corporation of London failed for $3,750,000. but Hatry was able to shoulder and pay off this debt. Early this year he worked out his greatest project, a merger of steel and iron concerns into the $40,000,000 United Steel Companies. Just as this deal was to be consummated the Stock Exchange Committee caught him borrowing a paltry $1,000,000 on worthless paper.
*In an effort to check the world trend toward abnormal credit inflation forced by the rapid post-War expansion of business, nearly all the great central banks of issue have raised their discount rates in 1929. Federal Reserve, 5% to 6%; Bank of England, 4½% to 6½%; Reichsbank (Germany), 7% to 7½%; Banca d'ltalia, 6% to 7%; Austrian National Bank, 6½% to 8½%; The Netherlands Bank, 4½% to 5½ the Bank of Poland, 8% to 9%; National Bank of Hungary, 7% to 8%; National Bank of Rumania, 6% to 9½%; National Bank of Bulgaria, 9% to 10%; National Bank of Belgium, 4% to 5%; the Danish National Bank, 5% to 5½%; the Bank of Norway, 5½% to 6%; Bank of Sweden 4½% to 51/2½%.
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